Core Thesis - Public Storage (PSA) has demonstrated strong performance in the self-storage sector, reinforced by a robust fourth-quarter earnings report that exceeded consensus estimates for both revenue and Funds From Operations (FFO) [2][3] Financial Performance - Core FFO was reported at $4.26 per share, surpassing expectations of $4.21, while revenue increased by 3.2% year-over-year, driven by strong pricing power in urban markets like New York and Boston [3] - Management has provided a 2026 FFO guidance of $16.35–$17.00, indicating confidence in sector normalization and positioning the stock at a reasonable multiple for an industry leader [3] Institutional Investor Activity - A large institutional investor sold 1,050 March 20, 2026, $270 put contracts at $2.30 per contract, generating $241,500 in premium on approximately $28 million in notional exposure, reflecting a bullish outlook [4] - The $270 strike price offers a 7.5% buffer and a break-even level of $267.70, aligning with a recently tested technical support zone around $271 that has previously attracted strong institutional buying [4] Market Dynamics - The strategy employed by the institutional investor suggests confidence in limited downside risk as supply growth moderates in the self-storage industry and operating fundamentals stabilize [5] - Public Storage's 4.1% dividend yield and 78% institutional ownership provide structural support for the stock, enhancing its attractiveness even in the absence of significant upside [5] Previous Coverage - Previous bullish analyses on Public Storage highlighted its market dominance, strong profitability metrics, and undervaluation relative to intrinsic value, with the stock price appreciating by approximately 2.01% since the last coverage [6]

Core Thesis - Nutrien Ltd. is positioned favorably in the fertilizer market due to strong organic growth driven by rising demand and constrained supply, which enhances its pricing power [2][4]. Company Overview - Nutrien Ltd. is the world's largest fertilizer company by capacity, formed in 2018 through the merger of PotashCorp and Agrium, operating a vertically integrated model from raw material mining to direct sales to farmers [1]. - The company generates revenue from four segments: Potash, Nitrogen, Phosphate, and Retail through Nutrien Ag Solutions, which operates over 1,500 farm retail locations [1]. Market Dynamics - The market fundamentals are supportive, with low global channel inventories, particularly in China, where port inventories have decreased by over 1 million tons year-over-year [3]. - Limited new capacity additions are expected in 2026 due to project delays, which will maintain a tight supply-demand balance in the nitrogen market [4]. Financial Performance - Nutrien has delivered structural earnings growth through record upstream fertilizer volumes and improved operational reliability, leading to a second upward revision of its 2025 potash sales guidance [2]. - The stock trades at a relatively low valuation, with trailing and forward P/E ratios of 21.49 and 11.85 respectively, reflecting past revenue declines and underappreciation of defensive assets [1][4]. Shareholder Returns - Nutrien offers a ~4% dividend yield and engages in share buybacks, enhancing total shareholder return and providing a compelling opportunity for long-term investors [5].

Core Thesis - FactSet Research Systems Inc. (FDS) is positioned as a resilient player in the financial data and analytics sector, with a strong subscription-based model that creates high client retention and switching costs [2][5]. Group 1: Business Model and Market Position - FactSet offers an integrated workstation that is essential for analysts and portfolio managers, streamlining vast amounts of financial data into a reliable platform [2]. - The company's subscription model fosters a high-switching-cost ecosystem, making it difficult for clients to transition to competitors without significant retraining and workflow adjustments [2][3]. - FactSet's entrenched position in global finance provides stability and growth potential, particularly as demand for sophisticated analytics tools increases [4]. Group 2: Financial Performance and Growth Potential - The business model is margin-rich, benefiting from the scalability of cloud-enabled analytics, which allows for consistent cash generation [3]. - FactSet has demonstrated strong retention rates and predictable revenue streams, similar to the dynamics seen in other successful companies like Paychex [3]. - The company has a three-year revenue CAGR of 11.1%, indicating consistent growth despite recent stock price depreciation due to AI disruptions [6]. Group 3: Investment Opportunity - With pricing power, high client loyalty, and a strong foundation for operational resilience, FactSet presents a compelling opportunity for long-term returns [5]. - The market is expected to increasingly recognize the intrinsic value of FactSet's mission-critical platform, positioning it for potential outperformance in 2026 [5].

Core Thesis - S&P Global Inc. is viewed positively, with shares trading at $418.27 and trailing and forward P/E ratios of 36.64 and 24.69 respectively [1][3] Company Overview - S&P Global Inc. provides benchmarks, data, analytics, and workflow solutions across global capital, energy, commodity, and automotive markets [3] - The company plans to spin off its Mobility segment into a standalone public company, Mobility Global, Inc., expected to be completed by mid-2026 [3] Mobility Global Segment - Mobility Global aims to be the leading data and analytics infrastructure for the global automotive value chain, offering high-margin, recurring subscription services [4] - Key products include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan, which address critical issues in the vehicle markets [5] Competitive Advantages - CARFAX utilizes over 112,000 data sources, serving more than 100,000 dealerships and millions of consumers, creating a strong network effect [6] - The predictive Behavior Prediction Score from automotiveMastermind and Polk's extensive 30-year data set provide significant insights and enhance customer retention [6] Financial Profile - Mobility Global has an 81% recurring revenue base, adjusted operating margins of 35.4%, and operates with minimal capital requirements, leading to predictable cash flow [7] - Growth drivers include the expanding used vehicle market, brand equity pricing power, EV adoption, dealer SaaS penetration, international expansion, and a shift towards higher-margin subscription products [7] Strategic Implications - The spin-off allows for strategic autonomy, enabling focused investment in product innovation and M&A, and may lead to a market rerating as a pure-play automotive technology leader [8] - Despite potential short-term execution risks during the separation, Mobility Global's competitive advantages and scalable business model present a compelling investment opportunity [8]

We came across a bullish thesis on SolarEdge Technologies, Inc. on The Few Bets That Matter’s Substack. In this article, we will summarize the bulls’ thesis on SEDG. SolarEdge Technologies, Inc.'s share was trading at $43.07 as of February 24th. SEDG’s forward P/E was 57.47 according to Yahoo Finance. First Solar (FSLR) Rockets to Fresh High on Q3 Blowout, Upbeat Outlook foxbat/Shutterstock.com SolarEdge Technologies, Inc., together with its subsidiaries, designs, develops, manufactures, and sells direc ...

Core Insights - The article emphasizes the importance of maximizing employer contributions to 401(k) plans, which are retirement accounts offered by employers, as many workers do not take full advantage of these benefits [2][3]. Group 1: 401(k) Plans Overview - A 401(k) plan allows employees to defer a portion of their paychecks into retirement accounts before taxes are applied, with a contribution ceiling of $24,500 for the current year, higher for those over 50 [2]. - Many workers do not maximize their contributions due to financial constraints, but it is crucial to at least contribute enough to receive the full employer match [3]. Group 2: Employer Contributions - Most 401(k) plans offer an employer match ranging from 50% to 100% of the employee's contributions, typically up to 6% of their salary [4]. - Fidelity reports that employers contributed an average of $4,920 per employee last year, which is over half of the $9,080 contributed by employees, representing an effective 54% return on employee savings [5]. Group 3: Vesting and Retention - Employees must remain with the company and participate in the 401(k) plan for a sufficient duration to retain all or part of the employer's matching contributions and any investment gains [6].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased common stock of Varonis Systems, Inc. during the specified class period of the upcoming lead plaintiff deadline for a class action lawsuit [1]. Group 1: Class Action Details - Investors who bought Varonis common stock between February 4, 2025, and October 28, 2025, may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by March 9, 2026 [3]. - Investors can join the class action by visiting the provided link or contacting the law firm directly for more information [6]. Group 2: Case Allegations - The lawsuit alleges that Varonis made materially false and misleading statements regarding its ability to maintain Annual Recurring Revenue (ARR) projections while transitioning customers to a software-as-a-service (SaaS) model [5]. - It is claimed that Varonis was not adequately prepared to persuade existing users to convert to the SaaS offering, leading to a significant reduction in near-term ARR growth potential [5]. - The lawsuit asserts that the misleading statements about Varonis' business and prospects resulted in investor damages when the true situation became known [5]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions [4]. - The firm has achieved significant settlements for investors, including over $438 million in 2019, and has been recognized as a leader in the field of securities class action litigation [4].

Core Insights - The snack food industry, dominated by companies like Pepsico, Nestle, and Mondelez International, is experiencing a decline in sales, with Pepsico reporting a 0.2% revenue decrease in Q4 2024 and a 3% drop in Frito-Lay sales volume [2][3] Group 1: Pepsico and Frito-Lay - Pepsico's Frito-Lay brand has seen a significant decline in sales, attributed to inflation, higher borrowing costs, and a consumer shift towards health and wellness [2] - Pepsico announced the closure of its Frito-Lay distribution facility in Rancho Cucamonga, California, to align production with decreasing demand, resulting in the layoff of 248 employees [8][9] - Frito-Lay is also closing several warehouse and distribution facilities across the nation as part of its operational downsizing [6][7] Group 2: Other Companies in the Snack Industry - J.M. Smucker Co. has reported declining sales in its Sweet Baked Snacks business, with third-quarter results falling below expectations [3] - The CEO of J.M. Smucker indicated that the stabilization of sweet snack sales is taking longer than anticipated [4] - CandyWarehouse.com Inc. filed for Chapter 11 bankruptcy in October 2025 due to a significant revenue drop, highlighting distress in the sweet snacks sector [5]

Core Insights - Nomad Foods reported a decrease in net revenues of 2.6% to EUR 773 million in Q4, with organic revenue declining 1.3% due to volume and price/mix challenges [1][7] - The company anticipates a challenging 2026, framing it as a transition year with expected organic revenue decline of 2% to 5% and adjusted EBITDA down 5% to 10% [6][20] Financial Performance - For full-year 2025, organic sales fell 1.9%, and adjusted EBITDA declined 7.5%, aligning with management's expectations [2][7] - Adjusted EPS for 2025 was EUR 1.66, within the company's forecast range, while Q4 adjusted EPS rose 2% to EUR 0.43 due to a reduction in diluted shares outstanding [1][2] Operational Strategy - New CEO Dominic Brisby is implementing operational fixes and a cost-saving efficiency program aimed at removing EUR 200 million over three years [5][22] - Management reported a 15% reduction in adjusted operating expenses in Q4, with significant declines in advertising and promotion spending [9] Market Position and Trends - Nomad Foods holds strong brand equity, leading in brand awareness in 14 out of 15 markets, with an average market share 2.3 times larger than its next-largest competitor [10] - Category growth was reported at 2% in Q4, with full-year growth of 2.3%, consistent with historical trends [11] Challenges and Outlook - The company faced a 240 basis point compression in adjusted gross margin due to inflation, which outweighed productivity gains [8][13] - Management highlighted ongoing market share pressure, with a 30 basis point decline in value market share for 2025 [12] Cash Flow and Shareholder Returns - Nomad Foods repurchased EUR 195.6 million in shares for 2025, with Q4 repurchases totaling EUR 44.2 million [16][18] - Adjusted free cash flow conversion for 2025 was reported at 73%, with expectations for improvement in 2026 [17][26] 2026 Guidance - The company expects Q1 2026 to be the low point due to pricing negotiations and internal changes, with anticipated disruptions affecting performance [19][20] - Adjusted EPS guidance for 2026 is set at EUR 1.45 to EUR 1.60, reflecting a year-over-year decline of 4% to 13% [26]

Core Insights - Northern Oil and Gas (NOG) anticipates 2026 to be the low point of the oil cycle, with two potential paths: a gradual price recovery or a sharper decline leading to the same outcome [1][4] - The company is shifting capital allocation from oil to natural gas, aiming to preserve higher-value barrels for a better pricing environment [2][7] - Despite a weaker commodity backdrop, NOG's 2025 results showed resilience, with Adjusted EBITDA increasing by 1% year-over-year, even as average oil prices fell by approximately 14% [3][4] Financial Performance - Q4 Adjusted EBITDA was $367 million, with full-year Adjusted EBITDA reaching $1.63 billion; full-year free cash flow was $424 million [5][28] - The company reported a 2% year-over-year reduction in share count and modest net debt reduction, despite over $340 million in acquisitions during the year [3][4] - Q4 average daily production was 140,000 Boe/d, up 7% sequentially and 6% year-over-year, with full-year production averaging 135,000 Boe/d, a 9% increase from 2024 [19][20] Operational Highlights - NOG expanded its Appalachia footprint significantly with the Utica acquisition, increasing net acres by approximately 45% to around 90,000 [6][13] - Q4 gas production volumes rose by 24% year-over-year, marking a third consecutive quarter of record gas volumes [6][20] - The company added 24.2 net wells in Q4 and ended the year with 45.6 net wells in process, with a notable focus on the Permian and Appalachia regions [10][11] Strategic Initiatives - Management emphasized a strategic shift towards drill-ready projects and maintaining a sustainable dividend, designed for a significantly weaker environment [7][8] - NOG is actively engaged in business development, working on its fifth major joint acquisition and focusing on smaller acquisitions and joint development opportunities [15][16] - The company is providing two guidance ranges for 2026 due to limited visibility on commodity prices and operator behavior, indicating a flexible approach to capital allocation [25][26]