Global Community

Catalysts AI Integration (Atlassian Intelligence & Rovo) Atlassian is strongly positioned to leverage AI to increase workforce efficiency, particularly in large enterprises and is actively embedding AI across its product suite. In 2024 it introduced Atlassian Rovo , an AI teammate that uses Atlassian’s “teamwork graph” to help enterprise users find information across their tools and act on insights quickly.

EBIT-margin trajectory: Historical: 2.3 % → 3.6 % (FY 22/23) ​, down to – 2 % (FY 23/24) ​, back to 3 % in Q1 24/25 ​ Forecast: Gradual recovery to 4–6 % by FY 25/26, reaching 6–8 % by FY 29/30 Revenue growth: Historical: + 70 % (FY 22/23) ​, + 30 % (FY 23/24) ​, + 27 % (Q1 24/25) ​ Forecast: ~ 15 % CAGR over the next five years (FY 24/25–29/30) Five-year share-price goal: Current fair value: € 8.5–9.0 per share Five-year target: € 14–15 per share (≈ 1.9 bn EUR market cap) Enterprise value (EV) outlook (DCF-based): Revenues rising to ~ 1.8 bn EUR by FY 29/30 EBIT of ~ 145 m EUR (8 % margin) → NOPAT ~ 102 m EUR FCF margin ~ 5 % → ~ 90 m EUR FCF Terminal-value multiple: EV/FCF = 15 → TV ~ 1.35 bn EUR Discounted EV: ≈ 1.18 bn EUR + net cash 0.69 bn EUR → ≈ 1.87 bn EUR → ~ 14.8 EUR/share Top risks: execution delays, margin pressure from competition, raw-material cost swings, subsidy uncertainty, heavy capex needs Narrative Outlook Over the next five years, thyssenkrupp nucera is poised to leverage its unique position at the intersection of mature Chlor-Alkali expertise and rapid Green-Hydrogen adoption. After a transitional phase in FY 23/24 with negative margins driven by upfront investments, the company’s shift toward series-manufactured AWE modules and high-growth project backlog supports a steady margin recovery.

Executive Summary Based on exceptional recent execution and accelerating growth metrics, we revise our 12-month price target for PDD Holdings to $165.00, representing approximately 74% upside from the current price of $94.68. Recent Performance Highlights Q3 2024 demonstrated remarkable acceleration across key metrics: Transaction services revenue surged 72% year-over-year, significantly outpacing expectations Operating profit increased 46% to RMB 24.3 billion with expanding margins Net income growth accelerated to 61% year-over-year Cash position strengthened to $44 billion, providing substantial strategic flexibility Key Growth Catalysts International Expansion: Temu's semi-entrusted model showing stronger-than-anticipated margin improvement Geographic footprint expanded to 70+ countries with robust user acquisition metrics Customer acquisition costs decreased 22% quarter-over-quarter Platform Economics: Take rate expanded to 3.8%, demonstrating pricing power Monthly active users exceeded 900 million in Q4 2024 Merchant retention rate stable at 89% despite take rate increases Risk Assessment Near-term Challenges: EU's VLOP designation may require additional compliance investments Potential changes to U.S. de minimis import rules Intensifying competition in cross-border e-commerce Revised Valuation Analysis Given the acceleration in key metrics, we apply a 10x FY2024E EV/EBITDA multiple (up from 8x), still below high-growth internet peers at 12-15x.

DRC Systems: Significant Upside Potential (Q3 FY25 - Dec 2024 Analysis) In its recent quarterly report , DRC Systems, a software product company, indicated that it expects to bag "several million dollars" in annual contracts for its newly developed software. Given the nature of the software business—where incremental costs are minimal—this revenue could have a substantial impact on the company's bottom line.

KEY TAKEAWAYS Dividend Yield as a Core Attraction : Saudi Aramco’s 7% dividend yield makes it a compelling income-generating asset, functioning like a “convertible bond” with steady payouts and long-term growth potential. Premium Valuation Justified : Despite a PE ratio of 16 , higher than the sector average of 10, Aramco’s scale, profitability, and strategic importance justify the premium, with potential for modest upside to a PE of 20 in an optimistic scenario.

Catalysts Robust Revenue Growth : In the third quarter of 2024, SMCI reported impressive revenue growth. Their revenue reached $3.85 billion, which represents a remarkable 200% year-on-year increase .

Key Takeaways Shrinking stock buybacks will turn away investors who are seeking guaranteed capital returns. Caterpillar being late to electrify and automate their heavy machinery could see customers shift to more technologically advanced competitors.

Catalysts New Products or Services Impacting Sales or Earnings American Express has been actively enhancing its product offerings and making strategic acquisitions to drive sales and earnings growth. Here are some key points from recent earnings calls and reports: Product Innovations and Refreshes : American Express is on track to refresh approximately 40 products globally by the end of the year, including a refreshed US consumer gold card [source].

Catalysts Products and Services Impacting Sales and Earnings : CrowdStrike offers cybersecurity solutions, with its flagship product being the Falcon platform. This cloud-native platform provides endpoint protection, threat intelligence, and incident response capabilities.