Core Viewpoint - Guggenheim maintains a Buy rating and a $125 price target on Dollar General, indicating confidence in the stock's future performance despite its recent outperformance [1]. Group 1: Stock Performance and Valuation - Dollar General shares have significantly outperformed this year, driven by EBIT recovery linked to lower shrink expenses, yet the stock is still trading at a reasonable 8.2x Guggenheim's 2026E EBITDA estimate [2]. - The firm believes that upcoming developments, such as potentially strong third-quarter results and a raised full-year outlook, will support further upside [2]. Group 2: Earnings Expectations and Challenges - Guggenheim views Street expectations for 2026 earnings as conservative, especially with the potential for easing LIFO and interest expenses, as well as a reduced share count, even with a mostly flat EBIT margin [3]. - The firm recognizes challenges in achieving Dollar General's long-term EBIT margin target of 6%–7%, particularly after shrink normalizes in the first half of 2026 [3]. - Despite these challenges, Guggenheim retains its Buy rating until near-term catalysts are fully realized [3].

Core Insights - Wall Street anticipates a year-over-year increase in earnings for Dollar General, with expectations of higher revenues when the company reports results for the quarter ended October 2025 [1][2] - The earnings report is set to be released on December 4, and actual results compared to estimates will significantly influence the stock price [2][3] Earnings Expectations - Dollar General is expected to report quarterly earnings of $0.92 per share, reflecting a year-over-year increase of +3.4% [3] - Revenues are projected to be $10.61 billion, which is a 4.2% increase from the same quarter last year [3] Estimate Revisions - The consensus EPS estimate has been revised 1.01% higher in the last 30 days, indicating a positive reassessment by analysts [4] - The Most Accurate Estimate for Dollar General is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +5.45% [12] Earnings Surprise Prediction - A positive Earnings ESP reading suggests a likely earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10] - Dollar General currently holds a Zacks Rank of 3, indicating a potential to beat the consensus EPS estimate [12] Historical Performance - In the last reported quarter, Dollar General exceeded expectations by delivering earnings of $1.86 per share against an expected $1.56, resulting in a surprise of +19.23% [13] - Over the past four quarters, the company has beaten consensus EPS estimates three times [14] Industry Context - Dollar Tree, a competitor in the discount retail sector, is expected to report earnings of $1.09 per share, indicating a year-over-year decline of -2.7% [18] - Dollar Tree's revenues are projected to be $4.74 billion, down 37.3% from the previous year [18]

Core Points - VINCI SA conducted share buybacks from November 17 to November 21, 2025, under the authorization from the General Meeting held on April 17, 2025 [2] - A total of 464,429 shares were purchased during this period, with a daily weighted average price of €117.5292 [2] Group 1: Aggregate Presentation by Day and Market - On November 17, 2025, VINCI purchased a total of 111,083 shares across three markets, with prices ranging from €118.8618 to €119.5291 [2] - On November 18, 2025, the company bought 106,431 shares, with prices between €116.8638 and €117.2742 [2] - On November 19, 2025, VINCI acquired 110,797 shares, with prices from €116.4007 to €117.4696 [2] - On November 20, 2025, the total shares purchased were 112,107, with prices ranging from €116.8949 to €116.9362 [2] - On November 21, 2025, VINCI bought 18,011 shares, with prices between €117.1943 and €117.5715 [2] Group 2: Details of Transactions - Detailed transaction information is available on the VINCI website, complying with Regulation (EU) No 596/2014 regarding market abuse [3]

Core Viewpoint - Consumer staples stocks are not typically seen as the top performers in the stock market, yet they may present unique investment opportunities in the current economic climate [1] Group 1: Industry Insights - The consumer staples sector is characterized by its resilience during economic downturns, making it a potential safe haven for investors [1] - Recent trends indicate a shift in consumer behavior, with increased demand for essential goods, which could benefit companies in this sector [1] Group 2: Market Performance - Historical data shows that consumer staples stocks have outperformed the broader market during periods of economic uncertainty [1] - Analysts suggest that the current market conditions may favor consumer staples, leading to potential growth in stock prices [1]

Core Insights - Pzena Investment Management LLC maintains a disciplined value investment strategy with a total portfolio value of $30.94 billion as of September 30, 2025, focusing on cyclical recoveries and normalized earnings power [1] Top Holdings - Magna International Inc. (MGA) leads the portfolio with a value of $1.92 billion, representing 6.19% of total assets, despite a slight reduction of 434,000 shares (–1.5%) [2] - Baxter International Inc. (BAX) follows with $1.31 billion (4.22%), having added 18 million shares (+45.9%), reflecting confidence in its restructuring and margin recovery [3] - Citigroup Inc. (C) is third at $1.27 billion (4.11%), with a reduction of approximately 1 million shares (–7.7%), indicating a belief in the bank's undervaluation [4] - Dollar General Corp. (DG) ranks fourth at $1.21 billion (3.9%), with a minor reduction of 171,000 shares (–1.5%), aligning with Pzena's preference for cash-generating franchises [5] - CVS Health Corp. (CVS) holds $1.19 billion (3.86%), having sold 901,000 shares (–5.4%), fitting the model of steady cash flows during market pessimism [6] Other Key Adjustments - Modest increases were noted in Cognizant Technology Solutions (CTSH) (+1.5%) and MetLife (MET) (+5.8%), while Wells Fargo (WFC) and Capital One (COF) were slightly trimmed, indicating fine-tuning rather than thematic shifts [7] - Humana (HUM) remains a significant healthcare position at $1.05 billion (3.39%), with a slight reduction [7] Full Exits - The quarter saw complete disposals of smaller positions including Shyft Group (SHYF), Synovus Financial (SNV), NatWest Group (NWG), ICICI Bank (IBN), Ulta Beauty (ULTA), and Alkermes (ALK S), reflecting a consolidation towards higher-conviction U.S. large-caps [8] Outlook - Pzena's Q3 2025 update highlights its status as a deep-value investor in a growth-focused market, with significant additions to Baxter and stable positions in Magna and Citigroup, emphasizing a commitment to low-multiple, high-cash-flow companies [9]

Core Points - VINCI SA has conducted share buybacks from November 10 to November 14, 2025, under the authorization granted by the General Meeting on April 17, 2025 [2] - The transactions were executed in accordance with regulations related to share buybacks, with detailed information available on VINCI's website [3] Summary by Category Share Buyback Transactions - On November 10, 2025, VINCI purchased 2,864 shares at a daily weighted average price of €116.29 [2] - On November 11, 2025, VINCI purchased a total of 7,843 shares at €117.94, along with additional smaller transactions totaling 848 shares at prices ranging from €117.45 to €118.15 [2] - On November 12, 2025, VINCI bought 18,900 shares at €119.05, along with 1,821 shares at €119.02 and 898 shares at €118.85 [2] - On November 13, 2025, VINCI acquired 14,079 shares at €120.64, with additional purchases totaling 2,188 shares at prices around €120.70 [2] - On November 14, 2025, VINCI purchased 71,519 shares at €119.73, along with 35,145 shares at €119.62 and 5,469 shares at €119.51 [2]

Core Insights - VINCI Autoroutes and VINCI Airports reported solid traffic growth in October 2025, with VINCI Autoroutes seeing an increase of 1.9% and VINCI Airports experiencing a rise of 3.9% in passenger traffic compared to October 2024 [2][4][5][6]. VINCI Autoroutes Traffic Summary - Traffic at VINCI Autoroutes grew by 1.9% in October 2025, primarily driven by light vehicles, which increased by 2.2% [2][4]. - Year-to-date (YTD) traffic at the end of October 2025 showed an overall increase of 1.4%, with light vehicles up by 1.6% and heavy vehicles up by 0.7% [2][4]. VINCI Airports Passenger Traffic Summary - VINCI Airports recorded a 3.9% increase in passenger traffic for October 2025, continuing a positive trend from the third quarter [5][6]. - Year-to-date passenger traffic at the end of October 2025 increased by 5.4%, with notable growth in several regions, including: - Portugal (ANA): +4.6% - United Kingdom: +0.9% - France: +1.1% - Serbia: +7.9% - Hungary: +12% - Mexico (OMA): +8.9% - Japan (Kansai Airports): +8.5% - Cambodia (Cambodia Airports): +9.3% - Cabo Verde: +14% [5][6][7]. - However, there were declines in passenger traffic in the United States (-13%) and the Dominican Republic (-8.8%) [5][6].

Company Performance - Dollar General's stock closed at $103.15, down 1.1% from the previous trading session, underperforming compared to the S&P 500's loss of 0.92% [1] - Prior to the recent trading day, Dollar General shares had decreased by 1.36%, while the Retail-Wholesale sector gained 0.48% and the S&P 500 increased by 1.48% [1] Upcoming Earnings - The company's earnings report is scheduled for December 4, 2025, with projected earnings per share (EPS) of $0.95, indicating a 6.74% increase year-over-year [2] - Revenue is expected to reach $10.62 billion, reflecting a 4.25% increase from the same quarter last year [2] Full Year Estimates - For the full year, analysts expect earnings of $6.13 per share and revenue of $42.5 billion, representing increases of 3.55% and 4.66% respectively from the previous year [3] Analyst Forecast Revisions - Recent revisions to analyst forecasts for Dollar General are important as they often indicate changes in short-term business dynamics, with positive revisions suggesting a favorable business outlook [4] Zacks Rank and Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently rates Dollar General at 2 (Buy), with a consensus EPS projection having increased by 0.02% in the last 30 days [6] - Historically, stocks rated 1 have delivered an average annual return of +25% since 1988 [6] Valuation Metrics - Dollar General has a Forward P/E ratio of 17, which is lower than the industry average Forward P/E of 25.89, indicating a potential valuation discount [7] - The company has a PEG ratio of 2.19, compared to the Retail - Discount Stores industry's average PEG ratio of 2.63 [7] Industry Context - The Retail - Discount Stores industry is part of the Retail-Wholesale sector and currently holds a Zacks Industry Rank of 67, placing it in the top 28% of over 250 industries [8] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]

Summary of Key Points from the Conference Call Industry Overview - The focus on AI investments has overshadowed other potential investment opportunities in various sectors, including semiconductors, power plants, and capital goods [1][2] - Companies not directly benefiting from AI are highlighted as compelling investment options, such as Freeport-McMoRan, which has indirect exposure to AI [1] Core Insights and Arguments - A screening of Buy-rated US stocks not included in AI/power/infrastructure ETFs identified 82 stocks with positive 3-month EPS revisions and trading below a market multiple of 26x, leading to a final list of 16 equities [2] - Savita Subramanian models an 8% return for the S&P over the next 12 months, emphasizing the importance of owning average stocks rather than the index [3] - Risks associated with AI investments include potential declines in middle-income white-collar jobs, which could impair consumer spending [3] - Hyperscalers investing heavily in AI technology may face de-rating if monetization does not meet expectations, as they currently trade at high multiples despite capital-intensive spending [3] Notable Companies and Their Performance - **Amcor PLC (AMCR)**: Recent acquisition of Berry Global is expected to enhance valuation, with EBITDA projected to approach $3.8 billion for F26 [11][12] - **AT&T Inc. (T)**: Strong performance metrics with 405k post-paid phone net additions, projecting a 9% EPS growth in 2026 [15][17] - **BGC Group**: Dominates the energy derivatives market, with expected growth in volumes due to increased power consumption driven by cloud and AI adoption [18][19] - **Church & Dwight (CHD)**: Positioned to benefit from consumer trade-down trends, with organic sales growth of 3.4% in Q3 [20][21] - **Dollar General (DG)**: Improved execution and a focus on lower price points are expected to boost sales, with a current valuation below the 5-year average [23][27] - **Freeport-McMoRan (FCX)**: Anticipates a restart of the Grasberg mine, with bullish forecasts for copper prices due to supply challenges [32][34] - **Henry Schein (HSIC)**: Transitioning to a higher-margin business model, with a target of 60% operating income from high-growth products by 2027 [38][39] - **Progressive Corp (PGR)**: Strong EPS revisions and expected dividend announcements are anticipated to drive growth [65][67] - **Walt Disney Co. (DIS)**: Growth drivers intact with expectations for double-digit growth in Entertainment operating income [80] Additional Important Insights - The market is currently cautious, providing room for multiple expansions as fundamentals improve across various sectors [14] - Regulatory improvements in Connecticut are expected to enhance Eversource's valuation [28][30] - Viking Holdings is positioned for premium valuation due to its unique brand and superior margins in the cruise industry [76][79] - The overall sentiment indicates a potential for significant investment opportunities outside the AI sector, as companies adapt to changing market dynamics and consumer behaviors [1][2][3]

Core Insights - Bank of America has identified AT&T among 16 stocks recommended for investors seeking diversification away from AI-related investments [1][8] - The selected stocks are believed to be undervalued, have seen profit estimates raised in the last three months, and are trading at least 10% below their 52-week highs [2][8] Consumer-Focused Stocks - Notable companies include AT&T, Walt Disney Co., Dollar General, and Viking Holdings, which are familiar to American consumers [4][8] - Disney is expected to benefit from its sports offerings and theme parks, while AT&T has exceeded phone subscriber estimates, indicating potential growth [5][8] Financial and Logistics Stocks - KeyCorp and Progressive are highlighted, with Progressive showing strong positive revisions in earnings per share estimates [10] - BGC Group is noted for its dominant position in energy derivatives, and J.B. Hunt Transport Services is recognized for effective cost-cutting measures [11] Industrial and Energy Stocks - Analysts have identified natural gas and energy stocks like Eversource Energy and Oneok, along with Freeport-McMoRan, which is expected to recover from recent operational issues [12] - Industrial firms such as Amcor are considered undervalued following recent acquisitions and leadership changes [13]