https://imivani.com/home daily 1.0 2026-01-19 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/41971916-b550-4462-9b70-619085e93c6a/Slide1.JPG All Reports Preliminary Case | Hydro One https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/37a0b27a-0149-4099-b6ba-2babb2df3aeb/Slide1.JPG All Reports Markle Waste Systems https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/910b7fd3-28cc-40ea-80c7-9bed085476e0/Slide1.JPG All Reports BTMA 317 Final Report https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/eb1800a8-bd07-48d2-843d-dbd886ba028a/s1.png All Reports Spartan Delta Research Report (HFC) https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/64384b48-7868-4a62-b02b-1f6981bbe1cc/Slide1.JPG All Reports Finals Case | Rogers Communication https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1264f655-11fe-44b5-8d68-cd2aa73f534a/Slide1.JPG All Reports Diamond Standard https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1bd34aa7-aa5d-494a-9bfc-965d7831dd59/Slide1.JPG All Reports AltaGas Research Report (CFA) https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5243a730-3914-42b0-8bd3-f828a0a1a918/Slide1.JPG All Reports Lehman Brothers Collapse https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/9baec4b9-efd5-493d-8866-8d9a1587ccda/Slide1.JPG All Reports EnergyDirect Wind Farm https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/74a7c7b4-0fe9-4409-a88b-11e9e9152f9f/Slide1.JPG All Reports Governance Case Study https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/44dd5c54-8460-4336-8542-6af90b026405/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0001.jpg All Reports Sanctions, Friction & Wedges in Russia Crude Markets https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/274ff79a-ae05-4ee9-973e-60911c9f4eda/Slide1.JPG All Reports Westmills Carpet https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6a93cf5e-d526-4b65-ab98-abc74eefa1b6/Slide1.JPG All Reports Spartan Delta One Pager https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0c9cbccc-364b-4054-beac-77237168207b/Slide1.JPG All Reports An Argument for Tech Majority Rights https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e7733bb2-f5a2-4f8b-b23f-e7304e26c8a5/Slide1.JPG All Reports ETF Selection for Anna https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/28ae2ab6-8c07-4428-8578-0ce03f5cb3c4/Slide1.JPG All Reports Lakeshore Plumbing & Heating https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/012f4365-59f0-4631-bab1-b115629b6209/Slide1.JPG All Reports Ameritrade M&A Deal https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/77b35fb1-3835-4618-bcf9-951dccef53f2/1774307916273-23a798fc-18b0-438d-a4fd-aab57e77080c_1.jpg All Reports Valuing Wal-Mart https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/9976bc56-040a-4d9e-85f8-61de05ee93c5/Slide1.JPG All Reports New Earth Mining https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/85355332-5d0d-44d9-bab9-30140ab9cbc8/Slide1.JPG All Reports Parks Capital - LBO https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/73e80863-6e14-4c1f-86b7-00e3c1aba7b0/Slide1.JPG All Reports Quintessentially Canadian https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/64849912-8a52-4740-950e-d266e610fcd9/Slide1.JPG All Reports SKETCH: Financing The Future https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/296f05a2-92cb-45d8-9c78-92651923ecc3/Slide1.JPG All Reports Ashfield Weighs https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6c92c846-2ad8-4484-b5a6-f1242afb5775/Slide1.JPG All Reports NFI https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8a41b546-a8bf-478d-b177-f98752d3fabf/Slide1.JPG All Reports Weyerhaeuser https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5544ab7e-e55c-49bd-a15c-8d174304582e/Slide1.JPG All Reports Galaxy Resources https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ee16fda1-b89c-4bd1-9b40-498fe8505915/Slide1.JPG All Reports Ptarmigan Resources Inc. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3134d37d-8127-4df0-964c-5e970fae1990/Slide1.JPG All Reports Cataraqui Building Supplies https://imivani.com/rogers daily 0.75 2026-01-19 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/61f09a5c-f756-47a7-9b3e-080179fad6c0/Slide1.JPG Rogers Comm. Slide presentation titled 'The 5G Catalyst: Rogers Communication,' presented to 'Equity Research Associates' by 'Team FN1' in January 2025. The slide contains a subheading, a buy recommendation with a 12-month, $50 target price and 9% upside, and a brief objective to assess Rogers Communications Inc. stock recommendation using valuation and market context. There is a Rogers logo on the bottom left and an image of a modern building in the background. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ce5e2545-54d0-4e14-bb65-a8e08c1d7b5a/Slide2.JPG Rogers Comm. Slide from a presentation with the title 'Our coverage includes the full picture' and a list of agenda items related to industry analysis, including market overview, regulation, acquisitions, valuation, stages, risks, and implementation. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8ce99b61-30c1-47d3-89af-3f4901a72bf2/Slide3.JPG Rogers Comm. Slide presentation titled "We recommend a BUY on Rogers Communication," with financial data and recommendations. It includes sections on our thesis and valuation, showing a $50 target, a 9% upside, and details of Rogers' assets and market prospects, as well as suggested buy-side firm actions. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6974b1d5-4c5b-48fb-9a50-c9ab80aa923a/Slide4.JPG Rogers Comm. Slide from a presentation titled "As research analysts, our goal is to..." with objectives related to investment strategy, including focusing on value, investing in firms with advantages, and maintaining risk profiles. The slide emphasizes assessing risk profiles and sector allocation for the telecom industry. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/84553ef7-dd9a-465c-aa7a-47904fb48bd0/Slide5.JPG Rogers Comm. Slide presenting Canada's telecom oligopoly market, showing Rogers, Bell, and Telus with 90% market share, and stating that these three control over 90% of the domestic market with reduced competition and high barriers to entry. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8fb68dab-50b0-40a7-a2fb-14d7862ffa84/Slide6.JPG Rogers Comm. Slide titled 'Regulated by CRTC' with points about Canada's telecom industry. Contains sections on promoting competition and investment, modernizing broadcasting framework, Canadian ownership, and market control issues, with each point linked to regulatory actions or market conditions. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/23ee39a9-2275-4c82-8ffd-252232fab0d9/Slide7.JPG Rogers Comm. A timeline graph showing wireless coverage milestones from 2014 to 2026, with target set for 100% coverage by 2030. It has three points: 2014 with 79%, 2019 target of 100%, 2022 with 94%, and 2026 with 98%. There are color-coded labels for target set (brown) and milestones (blue). A red bar at the bottom states that increased coverage gives rise to market share competition. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/cb5be604-2e1a-4d09-81df-12989bd23fd9/Slide8.JPG Rogers Comm. Line graph showing mobile phone access by age group in Canada from 2015 to 2022. The age groups are 18-29, 30-49, and 50+, with increasing access over time. 72% of the 50+ group had phone access in 2022, while nearly all in 18-29 and 30-49 groups had access. The slide emphasizes reliability and innovation, with a statement that companies must invest in these areas to win market share. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/348c2091-d0c4-4b3a-ab7c-5c5b92f4b922/Slide9.JPG Rogers Comm. Bar chart showing Canada's declining population growth from Q4 2021 to Q4 2024, with rates decreasing from 0.6% to 0.6%, featuring an annotation about stricter immigration rules leading to slow and declining growth, and a red banner stating that slow and declining population growth limits market acquisition. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d8850067-7e37-46cc-9c5b-5aded303bd3b/Slide10.JPG Rogers Comm. Bar chart showing telecom capital expenditure deployments from 2019 to 2024 in billions of dollars, with text indicating the cyclical nature of capex requirements and a note about the pressure to raise capital for investments. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8c9c174c-2955-4448-b39c-8a55d98894d3/Slide11.JPG Rogers Comm. Line graph comparing Rogers stock price and long-term bond yield from 2015 to 2025, highlighting a market uncertainty dip around 2020 with an annotation stating 'Rogers was hit with mkt uncertainty.' The slide includes regression statistics such as R-squared at 9%, f-significance at 0.07%, p-value at 0.07%, and a slope of approximately 42. A red bar at the bottom states, 'Cost of debt has significant relationship with stock price, but minimal impact.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/16f0d6ec-c36a-4adc-a5ca-d1a93417b33f/Slide12.JPG Rogers Comm. A presentation slide titled 'Diversified Revenue Streams' with a subtitle 'Rogers is Canada's #1 wireless provider, with diversified streams in cable and media.' The slide features a pie chart showing revenue distribution with a total of 20.6 billion dollars, divided into Cable, Wireless, and Media. Another bar chart compares revenue and EBITDA for Wireless, Cable, and Media segments in 2024, highlighting poor media margins. The slide notes that wireless takes the most revenue with a small margin in Media and includes the text 'Wireless takes the charge, with not much margin in Media' at the bottom. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b0dd4797-cdcd-4ac5-b779-34eb432f507b/Slide13.JPG Rogers Comm. Slide showing a bar chart of Rogers' revenue and EBITDA from 2021 to 2024 with improvement annotations, and two black text boxes stating revenue growth at about 10% per year and that margins are improving, along with a red banner questioning sustainable organic growth. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ff3116b2-7ed7-4c83-9c83-3b52e06a474e/Slide14.JPG Rogers Comm. Bar chart showing wireless subscribers in Canada, with projected growth from 10.6 million in 2022 to 11.9 million in 2024, and a rising trend indicated by a 6% compound annual growth rate. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/81ee4981-db75-4ccd-854f-eb085a7852d1/Slide15.JPG Rogers Comm. Stock market analysis slide showing share price comparison of BCE, Telus, and Rogers from February to November 2024, with Rogers declining sharply in late 2024; includes headlines about Rogers falling to Telus and reasons for Rogers decline. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1af759a8-d5cf-4b18-9104-7ffde0adb985/Slide16.JPG Rogers Comm. Slide titled "Leverage is a large concern with Rogers" featuring bar charts comparing Net Debt / EBITDA ratios for Rogers in 2022, 2023, and 2024, with 2023 projected at 5.0x. The slide highlights that Rogers' net debt to EBITDA is 4.5x in 2024, following the $26 billion Shaw acquisition, and emphasizes the need for rapid deleveraging after the acquisition. Additional notes mention deleveraging being necessary and reflect capital expenditure for 5G and Shaw acquisition. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c4c3cda2-efc6-443d-81f6-7ddd0e9a8973/Slide17.JPG Rogers Comm. A presentation slide showing that Rogers owns the Toronto Blue Jays, with a comparison of sports team sales and dates of sales. It lists the New York Mets, Denver Broncos, and Washington Commanders, with sale amounts and dates. The slide highlights Rogers' ownership of a large MLB team with a significant upswing. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/aceb2de7-7391-4dad-a4bf-3a42a8989eda/Slide18.JPG Rogers Comm. Slide titled 'Comparables Criteria' showing criteria like size, industry, business model, geography, and scale marked with green checkmarks, while growth (BCE) is marked with red cross. The slide notes that all three companies offer wireless, internet, and television, but advises against using only two peers for analysis. The bottom red text box states that due to low sample size and varied growth, less emphasis is placed on comparables. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ce03419e-201c-43fd-84ca-e6ddb01ff9f7/Slide19.JPG Rogers Comm. Slide titled 'Comparables Overview' showing a comparison of three companies (BCE, Telus, Rogers) with bar charts and figures related to current and historical P/E ratios. Rogers has the highest P/E, and BCE's P/E is significantly skewed, indicating a 78% fall in earnings. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1e3cc66d-8c11-485f-ab8d-87462c9dc918/Slide20.JPG Rogers Comm. A presentation slide titled 'Historical Multiple Overview' providing financial analysis data with parts labeled for common shares outstanding, Q4 '25 EPS, and book equity, along with a bar graph comparing price/earnings, price/sales, and price/book ratios. Key figures include 533.5 million shares, $3.25 per share, and 10.4 billion dollars. The slide indicates a $65 target price, a 40% upside, and notes that prior P/E multiples suggest $65 is achievable with deleveraging and growth. The slide is from Team FN1, slide number 20. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/9502d31e-7194-4478-87aa-2289b9fffc47/Slide21.JPG Rogers Comm. Presentation slide titled 'A $7b disaster, or a positive for investors?' with a subtitle 'Rogers is structuring a sale in its telecom infrastructure.' The slide includes a comparison chart showing a transaction value of $7 billion, discussing factors like deal structure, probability of deal close, credit rating reactions, and classifying the transaction as debt or equity. The slide indicates a current rating of BBB and suggests the deal could be positive if certain terms are met. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6d85e595-a1f4-4fa4-87d1-f3d33277aa4a/Slide22.JPG Rogers Comm. Slide 22 from a presentation titled "Our recommendation for the potential divestiture" with a list of considerations for a deal, including structured as an equity deal, Rogers having the final say, and improving investor sentiment, and a concluding statement about deal structure and decision-making. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a974567b-2c85-4547-b492-a08e6f8fafe6/Slide23.JPG Rogers Comm. Slide titled 'Credit Rating Impact' with three bullet points: 'Rogers will take deleveraging actions,' 'Monetize sports & media,' and 'Key-person risk & governance risk,' leading to a red box stating 'The deal reflects current credit rating,' and a black box at the bottom saying 'Only key-person risk & governance that can impact credit rating.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/14896e25-88a4-42dd-8c6f-f8e34f1a8f4e/Slide24.JPG Rogers Comm. Slide presentation titled 'Constant-growth DDM Overview', showing financial model assumptions including constant growth rate of 1.8%, cost of equity of 8%, and a target stock price of $33.41 based on dividend calculations. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e6921859-93d0-4105-abc6-4e546b3010a2/Slide25.JPG Rogers Comm. Slide titled 'Multi-stage DDM Overview' with a financial model and formulas, presented by Team FN1. The slide includes data points such as Return on Equity (2024) at 16.67%, Payout Ratio at 63%, Target 6% 2-year growth, and Long-term growth at 1.8%. It also shows a formula for P0 and a target value of $33.46. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ff78e7da-bdd3-4fe8-b86c-b2e3faefa937/Slide26.JPG Rogers Comm. A financial analysis slide with the title 'Multi-stage DDM Sensitivities.' It shows two charts—one compares payout ratios at different perpetual growth rates, and the other shows dividend yields at various payout ratios. Text on the slide indicates that payout ratio and dividend yield have minimal impact on the final target stock price. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8a6238e7-3084-4c06-9c57-5af873e0a4ad/Slide27.JPG Rogers Comm. A timeline of a 12-month investment recommendation process, showing steps such as assessing risk profile, following divestiture terms, deciding capital allocation, entering at market price, following deal close, and re-evaluating at $50/share, with durations noted for each step. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/677f09d3-4f09-41cc-9627-877b3b7b5e00/Slide28.JPG Rogers Comm. Slide titled 'Risks associated with your position' showing four risk items from A to D with mitigation strategies. The risks include PE Deal fall through or classified as debt, Increased Competition from Peers, Unsustainable payout ratio, and Capex overruns on wireless infrastructure. The mitigation strategies suggest monitoring deal terms, monitoring upside on Telus/BCE, defensive portfolio allocation to Rogers, and using intrinsic DCF valuation to forecast Capex overruns. The slide is from Team FN1, slide 28, with a message to consider your risk and location to move forward with a long position. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3ea2b212-fa6c-4c26-b159-f2e942372f95/Slide29.JPG Rogers Comm. A presentation slide discussing Rogers Communication's business valuation and investment recommendations, including target figures, market analysis, and recommended actions for stakeholders. https://imivani.com/hydroone daily 0.75 2026-01-19 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/400b2486-ea9a-4138-af83-87b90c8fb033/Slide1.JPG Hydro One Presentation slide titled 'The Cost of Power: Assessing Hydro One's WACC' with a power line pole and dark sky background. Presented to Christina by Ivan and Edina of I&T Capital Advisory. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8cace5e1-2174-465c-bb89-32d729e842df/Slide2.JPG Hydro One Table of contents page of a presentation or report titled 'Laying Out the Framework of Our WACC Coverage,' with topics like executive summary, company industry context, CAPM calculation, BYPR & DDM calculation, cost of equity, debt, and capital structure, WACC, and risk implementation. There are page numbers and notes indicating sections for Ivan and Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/12d71c3c-5f91-46b5-8821-046dad96200f/Slide3.JPG Hydro One A slide titled 'Executive Summary' discussing market-aligned WACC, regulatory recommendations, and Canadian sector details. Contains data about WACC percentage, debt and equity ratios, and three recommendations labeled A, B, and C, along with organizational logos. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/99226723-0c7f-43c7-b9e2-29f770ef1353/Slide4.JPG Hydro One A presentation slide titled 'Hydro One Operates a Stable, Regulated Utility Model' discussing Ontario's hydro utility, returns, and stability with data charts and icons. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/94ab1d98-69fa-4907-9bbc-152fa6d2e721/Slide5.JPG Hydro One A financial infographic titled 'CAPM Validates a Low Risk Canadian Cost of Equity' with four sections explaining market-related concepts. Section 1 shows calculations for deriving the Canadian Cost of Equity using market-reflective inputs. Section 2 illustrates blended beta best explaining utility risk with a 50% top-down and 50% bottom-up approach. Section 3 displays a 10-year historical and forward-looking analysis aligned with Kingsland. Section 4 details MRP (Market Risk Premium) being anchored to today's environment, combining historical, survey, and forecast data, indicating a 4% market risk premium. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b47d1907-8de5-44b6-98e8-9e01bc7383b9/Slide6.JPG Hydro One Infographic titled "Bonds to Dividends: Deriving through premiums and growth" showing four sections about bond and dividend strategies, including tables, formulas, and data points related to bond yield, dividend yield, growth rate, payout ratio, and return on equity. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1e394b31-f9b5-4c18-9263-f5730311b088/Slide7.JPG Hydro One A presentation slide titled "Three Models, One Cost of Equity" comparing different financial models and methods. It contains four sections with graphs and charts on hedge estimation risk, method landings, sensitivity matrix, and regulatory vs. kingsland lens. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/dc648eda-2e11-41e0-ace6-abc2941ff2e5/Slide8.JPG Hydro One A financial infographic slide titled 'Cost of Debt & Capital Structure' with four sections explaining bond yields, market value, and debt-to-equity flips. Sections include data on 'Hydro One Yield' at 4.7%, a graph comparing yields of Hydro One and A-rated utilities, and a bar chart showing debt-to-equity ratios for Hydro One and other utilities. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5b8cef74-9797-4d96-a923-039a2eeec5cd/Slide9.JPG Hydro One A financial infographic explaining the calculation of Weighted Average Cost of Capital (WACC). It includes sections on how to calculate hydro one's WACC, the sensitivity of WACC across variables, stability and sensitivity post-2027, and key takeaways. The infographic features charts, percentages, and notes on market data and regulatory considerations. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c8f23025-7bf6-4af0-967e-e76c98d0d488/Slide10.JPG Hydro One A detailed management plan document titled 'Risk Management & Implementation Plan' focusing on valuation and uncertainty. It includes key risks with mitigations and a roadmap with steps for implementation, such as applying discount rates and staging valuation frameworks. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/72639c1a-2895-42c2-9a96-49e42c603e53/Slide1.PNG Hydro One A financial presentation slide with three exhibits and text, discussing risk-free rates for different bond durations, details about two options for a 10-year Government of Canada bond, methodology for selecting mortgage rate policies, and weighting for mortgage rate methodologies. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/155754f4-861e-4722-8f75-54bd0b00cb15/Slide2.PNG Hydro One Table and notes on financial calculations and metrics, including bottom-up beta calculation, top-down beta calculation, and company-specific risk premium. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d416a234-e4fe-4a01-8cfe-3ccdb3ec6835/Slide3.PNG Hydro One A technical finance document with three exhibits explaining sensitivity analysis for risk premium and cost of equity. Exhibit 3.1 shows top-down beta weighting across market risk premiums, highlighting the impact of 1/3 weight on CAPM. Exhibit 3.2 details size premium sensitivity on risk premium and cost of equity, noting negligible impact. Exhibit 3.3 discusses industry and market equity risk premium, including long-term returns and implied equity risk premium, calculated at 2.2%, with references to long-term market return projections. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ce3e08d2-61db-40b2-950b-c5171dc2a8c8/Slide4.PNG Hydro One A series of graphs and charts analyzing risk, valuation, and returns in financial markets. The first chart shows the sensitivity of Beta to risk premium and market risk premium at different levels. The second chart compares P/B ratios, market values, and Book values for various companies, highlighting the impact of P/B ratios. The third chart illustrates market rate-based earnings and allowed ROE for Hydro One and other companies, emphasizing the impact of regulations on profitability and return on equity. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3ee3bb39-86da-45dc-a10f-552a0a6b0147/Slide5.PNG Hydro One Bar chart showing Hydro One's market share of Ontario's transmission (92%) and distribution (75%), with Hydro One accounting for 8% of transmission and 25% of distribution. Text notes Hydro One's market dominance justifies low WACC and risk. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1d709ffb-cb04-413f-86d4-dfb02fc1fdb3/Slide6.PNG Hydro One A page of references and URLs related to financial reports and analysis, including sources from Fortis Inc., Emera Inc., Algonquin Power & Utilities Corp., Canadian Utilities Limited, Hydro One Limited, Yahoo Finance, and S&P Global. https://imivani.com/sde daily 0.75 2026-01-19 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/41890c38-77cd-45ed-8940-16a124e85389/s1.png Spartan Delta Research Report (HFC) Stock market analysis for Spartan Delta Corp., showing a buy recommendation with 55% upside, 12-month price target of $5.50, last close of $3.66, and 1-month VWAP of $3.57, with an aerial view of an industrial plant. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0ed519d7-c13b-445b-bcc8-1e4c8c6cb674/Slide2.JPG Spartan Delta Research Report (HFC) Investment recommendation slide featuring green icons and text promoting a buy recommendation for Spartan Delta Corp. with a target price of $5.50, highlighting strong management, high capital efficiency, and a low-cost market position. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f33cc001-1ec8-4428-90cc-4c4d627e9473/Slide3.JPG Spartan Delta Research Report (HFC) Company overview slide with title "A new iteration of 4 companies" showing a bar and line chart comparing equity issued, equity value at exit, and IRR for Spartan Exploration, Spartan Oil, Spartan Energy, and Spartan Delta. Text details company history, milestones, and financial metrics including enterprise value, market cap, and Q3 2024 production. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3dac4719-878b-451d-bdea-6557c751e05c/Slide4.JPG Spartan Delta Research Report (HFC) Management overview timeline for Spartan Delta Corp, featuring key team members and company milestones from December 2019 to November 2023, including founders, executives, and company accomplishments. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6f5ee4d9-fe44-4c29-b05d-7cf90f078fa8/Slide5.JPG Spartan Delta Research Report (HFC) ESG overview titled "Spartan's ESG Commitment", with three sections: Environmental, Social, and Governance. Contains a table listing company executives, their positions, base salary, risky performance compensation, total compensation, and percentage at risk for six individuals. Logos of Spartan Delta Corp and Haskayne Finance Club are at the top right. The source at the bottom reads "Team Consensus, Company Filings." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2c449a3b-455b-45f0-9cb8-83e042f591d2/Slide6.JPG Spartan Delta Research Report (HFC) A corporate slide titled 'Spartan’s fundamental three pillar strategy' displaying three pillars: Deep Basin Optimization, Deep Basin Consolidation, and New Duvernay Core Area. Each pillar includes a brief description and a large numbered circle (1, 2, 3) at the bottom, with the company's logos in the top right corner. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d8cfd4a5-c235-4f9d-b978-6ce55919d336/Slide7.JPG Spartan Delta Research Report (HFC) Map showing the natural gas core area for Spartan's deep basin, highlighting drilling locations and land areas in yellow, with key locations and data labels about production, capacity, and efficiency. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/14fcb422-897c-4637-8132-8d7bd7988d6d/Slide8.JPG Spartan Delta Research Report (HFC) Slide titled 'Deep Basin Consolidation' with bullet points about Spartan's financial position and key drivers, and a colorful map depicting the Deep Basin with labeled areas such as Westbrick, Vernon, and Spartan Delta. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a2fd477f-907b-41d6-9ecb-e2a7857281bc/Slide9.JPG Spartan Delta Research Report (HFC) A presentation slide showing data on the Duvernay core area. It includes a pie chart of reserves, a bar and line graph of acquisition and production data, and a map highlighting Willesden Green & Pembina Fairway with color-coded wells. The slide credits Company Flings and Team Consensus. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d122cbdd-9c30-4ff7-a6bc-da6209085032/Slide10.JPG Spartan Delta Research Report (HFC) An infographic explaining the Montney divestiture involving Spartan Energy, Veron, and Logan Energy. It includes logos, a flowchart of the deal, and a line graph showing share prices and shareholder returns from November 2022 to November 2024. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e6f69e21-edbb-45d2-ac09-b338d46ab135/Slide11.JPG Spartan Delta Research Report (HFC) Graph comparing AECO and Henry Hub natural gas prices from January 2021 to November 2024. The chart shows a decline in prices over time, with recent prices around $2.31 per GJ. Bar graph indicates reserve value projections, showing a 3,300 boe/d shutdown in production and a 4% decrease in overall Q2 production. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/efd44e13-611c-4ccf-b677-cc571f2bc74f/Slide12.JPG Spartan Delta Research Report (HFC) A financial report slide from Spartan Delta Corporation discussing hedge strategies against volatile gas prices. It includes a bar and line chart comparing hedged and strip prices from Q4 2024 through Q4 2025, with data points showing the hedge prices and volume hedged, as well as a pie chart illustrating quarterly production under hedged and unhedged conditions. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/495a851a-8539-474d-bef8-9828e021d3a8/Slide13.JPG Spartan Delta Research Report (HFC) A chart from Spartan Delta Corp. illustrating investment risks with a grid showing impact versus probability. The grid highlights four risks: Commodity Price Risk labeled A, Currency Risk labeled B, Operational & Key Employee Risk labeled C, and Concentration Risk labeled D. Additional risks labeled E are also listed. The chart's source is Team Consensus, Company Filings. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/550a3999-c7cf-404a-9d9e-b9005e76774c/Slide14.JPG Spartan Delta Research Report (HFC) Valuation summary slide showing a share price of $5.50 with a 55% premium to the 1-month VWAP, including bar graphs with valuation metrics such as EV/DACF comps, PDP NAV with Risked Upside, Analyst Targets, and 52-week Low-High. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/46979375-5f47-4942-b460-9f2fee8a1c7e/Slide15.JPG Spartan Delta Research Report (HFC) Spreadsheet showing NAV valuation details for Spartan Delta Corp., including unrisksed and risked values, key drivers, and a bar chart indicating valuation components and target share price of $5.55 CAD. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/dbd015ad-2823-4857-9bcb-220e2a3ea187/Slide16.JPG Spartan Delta Research Report (HFC) A financial analysis slide showing Spartan Delta Corp.'s relative valuation and peer comparison based on EV/DACF multiples, highlighting that SDE trades at a significant discount, with key drivers listed and a line graph comparing share prices over time. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a70d476a-0958-4cae-b1c1-2f0e15a4c991/Slide17.JPG Spartan Delta Research Report (HFC) Investment presentation slide for Spartan Delta Corporation highlighting energy value investing, with points on management team success, capital efficiency, and market position, and a buy recommendation with a target price of $5.50 and a 55% upside. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3c8eec35-7aa9-47e4-8536-efe595874e6b/Slide18.JPG Spartan Delta Research Report (HFC) A digital document titled 'Appendix' with multiple sections and subsections, including 'Main Deck,' 'Appendix A,' 'Appendix B,' 'Appendix C,' 'Appendix D,' and 'Appendix E,' each containing numbered links to various topics. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e72a63b4-d408-4b03-89b2-d57996fd66f7/Slide19.JPG Spartan Delta Research Report (HFC) Financial data presentation slide showing key financial outlook for Spartan Delta Corp with graphs on P/CF, EV/DACF, Net Debt/CF, oil and natural gas production, and adjusted funds flow from 2022 to 2025. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a2a7b5b1-df50-4daa-93f3-79d8d39a88bd/Slide20.JPG Spartan Delta Research Report (HFC) Chart showing Netback Waterfall, comparing light oil and dry gas netback waterfalls for 2023, illustrating the costs leading to netback price, and a graph of drilling costs by play in millions of dollars, highlighting Duvernay and Montney Oil as higher-cost plays. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e5e0016e-1b03-4099-b4c0-039c4cb6d160/Slide21.JPG Spartan Delta Research Report (HFC) A bar chart showing Duvernay lateral lengths at Willesden Green from 2019 to 2023, with production increasing from 8,000 to 11,000 barrels per day, and text explaining improvements in productivity and breakeven costs below $60 WTI. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/86e46426-d551-4f7c-a4eb-13e4dbcaa6b4/Slide22.JPG Spartan Delta Research Report (HFC) Bar chart showing Duvernay operator well costs below the average, with patterns and data points from Spartan Delta Corp, including well costs, production, lateral length, and exchange rate figures. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/7da3ff60-cb2e-4faa-a8d3-b7b8cf53e861/Slide23.JPG Spartan Delta Research Report (HFC) Slide from a presentation titled 'Next Steps for Spartan' with the Spartan Delta Corp logo. The slide discusses the company's strategy, capital outlook, and a map of drilling locations. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d8026606-2034-4c98-84e0-3a5f30daf9c7/Slide24.JPG Spartan Delta Research Report (HFC) A chart showing the growth timeline of asset acquisitions and dispositions for Spartan Delta Corp, with bars illustrating production levels and shaded areas indicating FFF (Free Funds Flow). Key acquisitions and divestitures are marked with annotations and dates. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f1457efc-9001-46dd-acf2-b1639e2d2203/Slide25.JPG Spartan Delta Research Report (HFC) Bellatrix acquisition summary slide from Spartan Delta Corp. highlights key figures, objectives, outcomes, and company background in a presentation slide. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/9fda1fdd-9e49-4b2c-92cc-eaeedda36f0a/Slide26.JPG Spartan Delta Research Report (HFC) A financial report slide titled 'Inception Key Summary' from Spartan Delta Corp, detailing an acquisition of Inception Exploration Ltd. in March 2021 for $117.4 million, with metrics on production, transaction value, and acres added. The slide includes sections on introduction, objectives, and outcomes, with a Spartan Delta logo in the top right corner. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4a018950-3761-4ae7-857d-f5b4edab0d40/Slide27.JPG Spartan Delta Research Report (HFC) A corporate presentation slide titled 'Velvet Key Summary' outlining mineral acquisition data for Spartan Delta. Includes statistics such as 24,000 boe/d production, $754.7 million transaction value, 281,700 net acres, and Montney as the primary location. The slide features sections on Introduction, Objectives, and Outcomes, with bullet points describing the acquisition, strategic goals, and benefits to Spartan Delta. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1d802a75-825e-47ef-8c3c-b3a8b3b77bf2/Slide28.JPG Spartan Delta Research Report (HFC) A financial chart showing Spartan Delta Corp.'s hedging strategy for WTI crude oil, with data comparing hedge prices, strip prices, and volume hedged from Q4 2024 to Q4 2025. The table details volume in barrels per day, USD per barrel, and total assets valued at specific points in time. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/eb9b7372-037f-4bbb-a427-6fee37df050f/Slide29.JPG Spartan Delta Research Report (HFC) A financial report slide from Spartan Delta Corp. showing total decommissioning obligations estimated at $85.6 million as of September 30, 2024, with a breakdown of $2.7 million for obligations in the next 12 months and $82.9 million for long-term obligations. The slide includes a doughnut chart and a small green Spartan Delta logo. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3efd5f4f-c6fd-4400-b761-94e6cc3dbaa5/Slide30.JPG Spartan Delta Research Report (HFC) A financial presentation slide titled "Capital Resources and Liquidity" from Spartan Delta Corp. showing their capital management objectives, a bar chart of fund allocation, and a donut chart of fund sourcing. The bar chart displays amounts for E&P CapEx, acquisitions, and lease payments, while the donut chart shows bank debt and adjusted funds flow. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/9f0e2476-c26e-490d-9a9c-1514a5709640/Slide31.JPG Spartan Delta Research Report (HFC) A bar graph showing quarterly data for Adjusted Funds Flow and Free Funds Flow in millions of dollars, with a significant drop in Q3/24. Adjacent to the graph, a key explains that yellow bars represent Adjusted Funds Flow and green bars represent Free Funds Flow, along with bullet points summarizing the financial insights and reasons for the changes. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f8aef520-bf61-442b-81c8-f382329550a6/Slide32.JPG Spartan Delta Research Report (HFC) A financial update slide showing Spartan Delta Corp.'s senior secured revolving credit facility of 260 million dollars, with a breakdown of credit facility components including operating and LC facilities, and long-term debt. The slide also provides key financial figures, such as drawn amounts as of September 30, 2024, and notes on the revolving period, borrowing review date, and interest rates. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3d384e3b-6273-41a1-bb3f-db2aaeac4614/Slide33.JPG Spartan Delta Research Report (HFC) Slide presentation titled "Spartan Delta – Value Trap?" with three sections: "Duvernay Well Results," "AECO Recovery," and "Continued Consolidation." Each section contains bullet points discussing aspects of Spartan Delta Corp's strategic plans, results, and industry positioning. The company's logo, a green Spartan helmet with the text "SPARTAN DELTA CORP," is displayed in the top right corner. The source note at the bottom left reads "Company Filings," and a "Back to Appendix" link is at the bottom right. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6175645b-c192-4a78-897b-5afcbb19ce6d/Slide34.JPG Spartan Delta Research Report (HFC) Table showing deep basin precedents with dates, buyers, sellers, total consideration in USD, production in BOE/D, and USD/BOE/D. Companies listed include Tourmaline Oil Corp., Bonavista Energy, Peyto Exploration & Development, Repsol Canada Energy, Tamarack Valley Energy, Anegada Oil Corp., Jupiter Resources, and Modern Resources. Summary statistics include low, mean, and high values for consideration and production, and an implied value for Spartan Delta. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/943575d3-c233-458e-b218-f5250b35541f/Slide35.JPG Spartan Delta Research Report (HFC) A table of Duvernay Precedents showing dates, buyers, sellers, total consideration in USD, acreage, and dollars per acre, with summaries and implied values at the bottom. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/baf0522c-7008-4f45-a6fa-d0da81002723/Slide36.JPG Spartan Delta Research Report (HFC) A line graph comparing average AECO price and Henry Hub price from January 2022 to November 2024, with annotations showing specific prices in dollars for select months. The page has sections titled 'Market Context,' 'Impact on Spartan,' and 'Industry Impact,' with bullet points summarizing data about natural gas prices, storage injections, and industry shutdowns. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f73cc376-5553-43dd-a87d-d29fda22158f/Slide37.JPG Spartan Delta Research Report (HFC) Table of oil and gas well operators with production data for Q2 2024, comments, and market context; sections on Spartan's response and forward outlook; source Wood Mackenzie. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/937222c1-c8a9-48e4-b0dd-74c04472acac/Slide38.JPG Spartan Delta Research Report (HFC) A detailed infographic displaying the long-term natural gas outlook, including supply and demand forecasts, price outlook with projected price stabilization due to LNG projects, and charts showing natural gas production growth forecasts from 2011 to 2050. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d6814838-2eb6-4c24-a89d-7c25ad9faaae/Slide39.JPG Spartan Delta Research Report (HFC) Map showing the approximate locations of upcoming and proposed LNG facilities across Canada and British Columbia with color-coded lines representing different pipeline routes, and a legend explaining the symbols and colors. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8a18c752-088b-4cd8-ae5c-ab75c0acc437/Slide40.JPG Spartan Delta Research Report (HFC) Graph showing prices of propane, butane, and condensate from 2020 to 2026, with forecast indicating stable prices and growth in North American natural gas liquids (NGL) production. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/dd0a4832-0832-4ba7-a34c-135ec2ae7258/Slide41.JPG Spartan Delta Research Report (HFC) A presentation slide showing NAV sensitivities for Spartan Delta Corp, including tables of pricing sensitivity, cash flow margin, risk sensitivity, and debt cash flow, with data based on 2024 and 2025 production, featuring green and black color schemes. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f678f22e-a0dd-4ce5-a0ad-8da106149372/Slide42.JPG Spartan Delta Research Report (HFC) A financial report with tables showing different investment sensitivity analyses including AECO, WTI, and FX Rates, each with corresponding adjusted fund flows. The report is branded with Spartan Delta Corp and includes a link to return to the appendix and a source attribution to Team Consensus. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6ad0f21a-0768-40d4-9986-1453ef084a9f/Slide43.JPG Spartan Delta Research Report (HFC) Comparison table of energy companies with financial metrics and valuation analysis from Capital IQ, highlighting Spartan Delta Corp. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8e2e8683-1819-4a99-90ef-3e848d9edead/Slide44.JPG Spartan Delta Research Report (HFC) A table comparing various energy companies on market capitalization, gas to liquids percentage, geographic focus, and rationale for comparison, with Spartan Delta Corp. logo in the top right corner. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c772c08f-4c03-4dd3-bbe4-18f60cd092a5/Slide45.JPG Spartan Delta Research Report (HFC) Financial report titled PDP Reserve Blowdown with table of key assumptions, PDP, Natural Gas, NGLs, and Production Metrics, and a Spartan Delta Corp logo in the top right corner. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/50b73acb-8b93-47aa-a175-270357e09282/Slide46.JPG Spartan Delta Research Report (HFC) A financial spreadsheet titled 'PDP Calculations' with sections for revenues, transportation costs, operating expenses, total costs, and net present value (NPV). The spreadsheet includes columns with numerical data and company branding for Spartan Delta Corp. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/47d8683d-3cbd-449f-ae82-2e72329fbcd0/Slide47.JPG Spartan Delta Research Report (HFC) A financial or production report chart from Spartan Delta Corp. showing data on light/medium oil, natural gas, NGLs, and production metrics across years from 2023 to 2035, including reserves, production, price, and revenue information. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f4c61e85-f1b9-4918-bf6e-9fd9903a31eb/Slide48.JPG Spartan Delta Research Report (HFC) A financial spreadsheet titled "DNP Calculations" on a white background, with sections for Revenues, Transportation Costs, Operating Expenses, Total Costs, and NPV, featuring dollar amounts, percentages, and a Spartan Delta Corp logo in the top right corner. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e973ba9a-bba7-4f90-ac9f-c6733d176f4e/Slide49.JPG Spartan Delta Research Report (HFC) Spreadsheet titled 'PUD Production' showing data on Light / Medium Oil, Natural Gas, NGLs, and Production Metrics from 2023A to 2035, with company logo Spartan Delta Corp in the top right corner. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6d657675-0489-43aa-8d2a-758e0ae75f6f/Slide50.JPG Spartan Delta Research Report (HFC) Spreadsheet titled 'PUD Calculations' with financial data including Revenues, Transportation Costs, Operating Expenses, Total Costs, and Net Present Value (NPV), featuring company logo of Spartan Delta Corp at the top right corner and a link to 'Back to Appendix' at the bottom right. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/42e2f6d6-a52f-427d-874d-af0dc90875b7/Slide51.JPG Spartan Delta Research Report (HFC) Financial projection spreadsheet titled 'Probable Production' with sections for Revenues, Transportation Costs, Operating Expenses, Total Costs, and NPV, including data on oil, natural gas, and NGls. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6153c954-ade1-4133-87e5-895d5010650a/Slide52.JPG Spartan Delta Research Report (HFC) Financial projection spreadsheet with revenues, transportation costs, operating expenses, total costs, and net present value for Spartan Delta Corp. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d040d808-8c43-4ec0-be52-6b7bd6512929/Slide53.JPG Spartan Delta Research Report (HFC) A financial report slide titled 'G&A Calculations' with a table of G&A and related financial figures from Sparta Delta Corp., with the Sparta Delta Corp. logo in the top right corner. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1a4cce92-4da2-4884-98e1-f1c279a12cae/Slide54.JPG Spartan Delta Research Report (HFC) A table showing net reserve breakdown for Saudi Arabia's oil reserves, including categories for Light/Medium Oil, Condensate, Natural Gas, and NGLs in 2023, with detailed reserves and percentages. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/bca6262a-b293-4f0f-bfa5-bf887167d415/Slide55.JPG Spartan Delta Research Report (HFC) A spreadsheet chart titled 'Strip Pricing Deck' shows benchmark prices and actual realized prices for oil and gas commodities, including WTI, AECO, MSW, Light Oil, Natural Gas, and NGLs, with various forecast years and price estimates. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e9f2821d-eed2-4660-8d52-569c78e6738d/Slide56.JPG Spartan Delta Research Report (HFC) A production and forecast data table for light oil + condensate, NGLs, and natural gas from Spartan Delta Corp. with green and black text and a Spartan logo in the top right corner. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6a60aec4-beac-4587-8732-7dd96ae1d6bb/Slide57.JPG Spartan Delta Research Report (HFC) Slide titled 'Management Compensation' from Spartan Delta Corp. explaining three key pillars: 1) Financial Performance Against Targets, 2) Peer Benchmarking, 3) Operational Milestones. Each pillar is numbered and highlighted in green with associated bullet points. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f7140743-a4fd-48e3-8dc8-ef073849d684/Slide58.JPG Spartan Delta Research Report (HFC) Spartan Delta Corp.'s Sparta 20% Capital Efficiency plan infographic with a black oil rig illustration, green circle with '20% Capital Efficiency', and bullet points on strategies such as longer lateral lengths, centralized infrastructure, optimized hydraulic fracturing, technological enhancements, improved water management, and high-quality reservoirs. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/621f9d89-e373-4ef9-9eb3-00525323d2a8/Slide59.JPG Spartan Delta Research Report (HFC) Summary of management successes by Spartan Delta Corp, highlighting key achievements such as dominance in liquids-rich deep basin, enhancing capital efficiencies through infrastructure footprint, sustainable production with efficient costs, minimal asset retirement obligations, proven consolidation and integration, establishing a new core growth area in the West Shale Basin Duvernay, an experienced team in capital discipline and value creation, and indigenous partnerships for sustainable resource development. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a3bbae02-7355-4902-9581-ae2b4c33bdb0/Slide60.JPG Spartan Delta Research Report (HFC) A table titled 'Change of Provisions Regarding RSUs' from Spartan Delta Corp. details stock award values vested during the year for various executives, including Fotis Kalantzis, Randy Berg, Thanos Natras, Geri Greenall, and Richard McHardy, with columns for option awards, share awards, non-equity incentive plan compensation, and total value. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/03713985-0cb1-4808-bac9-e5de9ee9f7dc/Slide61.JPG Spartan Delta Research Report (HFC) Table showing details of stock sale in event of change of control, including names, positions, percentage ownership, shares beneficially owned, and total dollar value, with the Spartan Delta Corp logo. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/802d3b24-d3f2-431f-829e-9ef4b86f35a3/Slide62.JPG Spartan Delta Research Report (HFC) Spreadsheet table showing executive compensation details for Fotis Kalantzis and Richard McHardy in the event of a change in control, including total RSUs, share value at market price, and total dollar value, with the Spartan Delta Corp logo at the top right. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/9a941e66-dbf1-464f-afe2-6cf8b8595bc5/Slide63.JPG Spartan Delta Research Report (HFC) Table listing significant shareholders of Spartan Delta Corp, including management, with columns for names, equities, percentages, and valuation in millions of dollars. Some names are underlined, representing individuals. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/744537e5-4b08-4659-bc99-067e30666492/Slide64.JPG Spartan Delta Research Report (HFC) Presentation slide showing Spartan's significant shareholders including management, with details about GPT Capital Corp, American Century Investment Management, Inc., and others. A donut chart displays shareholder breakdown: Institutions 29%, Insiders and Stakeholders 12%, Others 59%. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e5ed69ea-79a8-42a1-b0d6-89f5c2fcc93e/Slide65.JPG Spartan Delta Research Report (HFC) A slide titled 'Industry Analysis' showing data about the demand for natural gas, with a focus on Asia Pacific region being a primary driver. It includes a bar chart of growth in global gas demand for 2024 and 2010-2022, and a pie chart of global gas demand by customer, categorized as Industry, Residential & Commercial, Power, and Other. The slide features the Spartan Delta Corp. logo at the top right. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b386946c-900c-4010-bf6d-8063a93ab219/Slide66.JPG Spartan Delta Research Report (HFC) Table showing Spartan Delta Corp.'s acquisitions from 2020 to 2024, including areas, land acquired, change in production, and costs, with a company logo in the top right corner. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6b378603-329b-49a7-ad2f-c6c8076dcb69/Slide67.JPG Spartan Delta Research Report (HFC) A financial report showing foreign exchange impacts, with data for 2024 and 2023, including realized and unrealized FX gains and losses, as well as FX gains and losses overall. The report mentions exposure sources and currency exposure as of September 30. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f2d2aa63-8dfe-4c1c-a555-88a285dd077f/Slide68.JPG Spartan Delta Research Report (HFC) Table showing commodity price risk for CA$ WTI Swaps and AECO 7A Swaps, including periods, volumes, prices, and impact of benchmark price changes. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/187e2243-1156-4004-888a-961a57bd6b2d/Slide69.JPG Spartan Delta Research Report (HFC) Slide titled 'Operational Risks' from Sparta Delta Corp., showing a risk matrix with high impact and low probability, marked with a green star. Text discusses risks such as aggressive M&A strategy, transitioning from deep basin to duvernay, and future exploration results and their potential impacts. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2cf8426c-2817-44c0-9d50-eda34684e4a2/Slide70.JPG Spartan Delta Research Report (HFC) Table listing potential acquirers of Spartan Delta Corp with columns for current operations in Deep Basin, current operations in Duvernay, and synergies with Spartan Delta Corp, including logos for Veren, Canadian Natural, Tourmaline, Suncor Energy, and Cenovus Energy. https://imivani.com/about daily 0.75 2026-01-19 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/eed92783-b6f2-4df6-8844-89cfaabb4e00/IMG_0412.jpg https://imivani.com/altagas daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/881cbfb1-ad5c-4c6d-9cd3-4b4631122c42/Slide1.JPG AltaGas Research Report (CFA) Aerial view of an industrial site next to a large body of water with islands and mountains in the background, featuring storage tanks, pipelines, and construction structures. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/15bc58c4-4833-4118-b788-6e2ad2c12b3b/Slide2.JPG AltaGas Research Report (CFA) A financial analysis slide from AltaGas recommending a buy for a stock with a one-year target price of $40 and an implied return of 22.1% by January 13, 2025, including three key points on cash flows, LPG export advantage, and geographic diversification. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3103844e-52df-4a9c-8376-ad155e05dd47/Slide3.JPG AltaGas Research Report (CFA) Business slide displaying a pie chart of normalized EBITDA split between Midstream (45%) and Utilities (55%) for 2024, with the total normalized EBITDA of $1.75 billion CAD, and maps showing the Midstream segment in Western Canada and Utilities spread across the United States, including Washington Gas and SEMCO Energy. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/025ee9d4-7c80-4eeb-a8cf-b56aa977d631/Slide4.JPG AltaGas Research Report (CFA) Graph showing AltaGas' midstream export volumes, including extracted NGL, fractionation, and LPG export volumes, with a line representing midstream EBITDA from Q3 2023 to Q3 2024, and a note about record export volumes in Q3 2024. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/bf404e7b-69c6-4dbd-985b-b71c1eddde45/Slide5.JPG AltaGas Research Report (CFA) Financial presentation slide showing AltGas's utility operations with a bar and line chart of EBITDA and ROE projections from 2019 to 2024, a donut chart displaying customer distributions between Washington Gas and SEMCO, and a note about over 1.5 million customers across Washington Gas, SEMCO, and its utility network. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/cd662770-dbcb-44cf-9cb6-15d12e616e03/Slide6.JPG AltaGas Research Report (CFA) Industry analysis chart showing Montney production and Canada LPG export capacity from 2020 to 2030, with projections to 2050, indicating growth in LNG production and Asian demand. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/821623a3-044f-4de4-9395-052d00e74ce1/Slide7.JPG AltaGas Research Report (CFA) Slide titled 'LPG export facilities on the west coast will drive growth' with two charts and bullet points. The first chart shows LPG export capacity growth from 2022 to 2026, indicating increases in KPI and REEF. The second chart displays EBITDA growth projections from 2021 to 2025. Bullet points describe investments in LP gas and LPG shipments, capacity increases, and contract details. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/65d9fa68-06f1-4b97-ac0a-41d868539d62/Slide8.JPG AltaGas Research Report (CFA) Title slide of a presentation about utility growth and geographic positioning with a chart showing top US data center locations, a graph projecting demand growth until 2030, and a USD exchange rate chart. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/7f6bdcef-ade0-41c2-ac8f-ffa5ea337eb4/Slide9.JPG AltaGas Research Report (CFA) A presentation slide titled 'Strong west coast competitive edge' discussing AltGas's market advantages like faster shipping and stable cash flows, with maps showing shipping routes and timelines from the U.S. to Asia and the Middle East, and a table indicating phase 2 sanctions impact is positive. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/fe352a45-e376-4abd-a32c-ee431902f09b/Slide10.JPG AltaGas Research Report (CFA) Comparison of midstream and utilities peers in the Altagas valuation, including market cap, revenue, 5-year EBITDA CAGR, LTM EV/EBITDA, net debt/EBITDA, and dividend yield. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b174e2bc-7736-49c6-a05d-4dda56d7e3bc/Slide11.JPG AltaGas Research Report (CFA) Bar chart comparing various valuation metrics to a target price of $40. The chart shows 52-week high/low, street targets, blended valuation, 5-year discounted cash flow, and 2025 enterprise value/EBITDA. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e8f69923-fdc5-41e0-adfa-793c51f51aea/Slide12.JPG AltaGas Research Report (CFA) Financial analysis of AltaGas showing a map of pipelines, graphs of net debt to EBITDA ratios, and current ratio trends from FY2018 to FY2021, with text about maintaining a strong balance sheet and reaching leverage targets https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1031fe16-26bd-4e76-8d4f-6ea5bd50b2e7/Slide14.JPG AltaGas Research Report (CFA) Slide showing AltaGas's sustainability initiatives, ESG scores, GHG emissions, and recordable injury frequency compared to industry metrics. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/64542de0-fcdd-42d8-ac98-dc4634d5abde/Slide15.JPG AltaGas Research Report (CFA) A slide titled 'Potential Downsides and Challenges' showing a graph with four risks categorized by impact and probability. The risks are labeled A: Commodity Price Risk, B: Regulatory Risk, C: Project Execution Risk, D: ESG Risk, with corresponding descriptions on the right. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2a38a96c-c8cf-4c60-89e8-97d3decffc8d/Slide16.JPG AltaGas Research Report (CFA) Slide from a presentation with the title 'We issue a BUY recommendation with a 1-year target price of $40 and a 22.1% implied return on the Jan 13, 2025, close price.' Contains three sections discussing reliable cash flows, high growth potential, and defensive positioning, each with an icon. The bottom note states 'ALA has balanced its strengths and is ready to deliver sustainable growth.' Source: Team Consensus. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b6c65cc7-b1ab-4343-a38f-33fd85ba442a/Slide17.JPG AltaGas Research Report (CFA) An aerial view of a gas processing plant near a body of water, surrounded by forested landscape and mountains in the distance. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3588f1d6-68bc-4f36-b0ad-6c04a532d8b1/Slide18.JPG AltaGas Research Report (CFA) Bar charts depicting the growth of data centers in the US from 2014 to 2030, including power consumption by providers, and projected construction spending until 2030, with source attribution to McKinsey & Company. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/64126813-6453-4ae1-b0e4-62c916140d28/Slide19.JPG AltaGas Research Report (CFA) Financial analysis charts including valuation sensitivities, case analysis, and revenue forecasts for AltaGas, with bar graphs showing revenue trends from 2021 to 2028. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d7fd384d-aeb9-42b1-b767-3ee63c4b7fad/Slide20.JPG AltaGas Research Report (CFA) A financial chart titled 'Relative valuation against peers' showing different graphs and bar charts comparing EV/EBITDA ratios among various companies and sectors over time, with data sourced from S&P Capital IQ. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ea31483d-a712-44a7-a071-654a3cd5720e/Slide21.JPG AltaGas Research Report (CFA) A set of four bubble charts comparing 5-year EBITDA CAGR and ROIC versus market cap for peer groups in the energy sector. The charts are titled 'Peer benchmarking' and are labeled as 'Midstream Peers' and 'Utilities Peers'. The charts display various companies with their ticker symbols. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f503fac1-fad6-4c6a-85b4-4db5fe07f79a/Slide22.JPG AltaGas Research Report (CFA) A table comparing standards, ratings, and regulation policies within ESG reporting by AltaGas. It includes descriptions and example organizations for each category, featuring logos of various organizations and regulatory bodies. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c2b00f43-ce14-48ed-814f-5993e39e0264/Slide23.JPG AltaGas Research Report (CFA) A table comparing company and industry performance across different ratings in North America, Asia & Middle East, and Europe, with various ESG metrics and insights. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4e73e7bc-6748-45a3-af91-085b650a7636/CFA+Equity+Research+Challenge+-+Team+C_page-0001.jpg AltaGas Research Report (CFA) CFA Institute Research Challenge document with CFA Institute logo, titled 'CFA Institute Research Challenge', hosted by CFA Society Calgary, Team C, describing competition rules and disclosures. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f6e11d83-b24e-41ce-b509-05626f342285/CFA+Equity+Research+Challenge+-+Team+C_page-0002.jpg AltaGas Research Report (CFA) Financial report for AltaGas, an energy and utilities company, including executive summary, market profile, key metrics, and 5-year historical performance chart. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2927c266-5fe4-4bdf-8ff9-93b1eb9855c4/CFA+Equity+Research+Challenge+-+Team+C_page-0003.jpg AltaGas Research Report (CFA) A financial report page with text, a line graph, and a pie chart. The graph shows stock performance from January 2020 to January 2025 for two companies, ALA and TSX 60. The pie chart depicts EBITDA segments with percentages labeled for Midstream, Utilities, and Stable Contracts. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/84a161b8-333f-43c4-be26-95d69ad1e650/CFA+Equity+Research+Challenge+-+Team+C_page-0004.jpg AltaGas Research Report (CFA) Graph showing EBITDA and EPS growth projections from 2021 to 2025, a map of Canadian utility regions, and a chart of NGL volume extraction and export volumes over recent quarters. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1e15cca8-01f6-497a-b45f-7079d9c95576/CFA+Equity+Research+Challenge+-+Team+C_page-0005.jpg AltaGas Research Report (CFA) Graphs depicting utilities EBITDA from 2018 to 2023, LNG mix pricing from 2020 to 2026, and Asian LPG demand from 2015 to 2050. A bar chart showing LNG project-related data with countries' contributions, and a paragraph discussing investments, infrastructure, regulation, and market trends in the energy sector. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/99aba91e-2ba7-427e-8c37-556f8cf2c752/CFA+Equity+Research+Challenge+-+Team+C_page-0006.jpg AltaGas Research Report (CFA) Line chart titled 'Interest Rates vs. ALA Stock' showing AltaGas Ltd, US Treasury, and Canada Government Debt from 2020 to 2025. The chart has a y-axis from -200 to 400 and a timeline from Jan-20 to Jan-25. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/9ad507b7-6301-4916-8bf2-43dde3619d2e/CFA+Equity+Research+Challenge+-+Team+C_page-0007.jpg AltaGas Research Report (CFA) Line graph showing the company's export figures from 2014 to 2024, with five lines representing different export facilities or regions. The graph has a vertical axis from $0 to $700 and a horizontal axis from 2014 to 2024. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/abe8cb0e-16bc-40ec-b56b-bc6ad2259344/CFA+Equity+Research+Challenge+-+Team+C_page-0008.jpg AltaGas Research Report (CFA) Bar chart showing EBITDA by contract type from 2020 to 2024, with segments labeled Cost-of-Service, Take-or-Pay, and Fee-for-Service https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/383512d9-d654-4b56-8bb4-8c2743c20565/CFA+Equity+Research+Challenge+-+Team+C_page-0009.jpg AltaGas Research Report (CFA) A page from a financial report featuring line graphs and text discussing company's performance, valuation, and energy transition strategies. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/75ba6831-2363-473c-a788-a6efb4282b09/CFA+Equity+Research+Challenge+-+Team+C_page-0010.jpg AltaGas Research Report (CFA) Multiple business and financial charts, including bar graphs and line charts, depicting utility EV/EBITDA, valuation data, and valuation football field in a financial report. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/860c9855-7be6-4f1c-8d53-f538341b26a9/CFA+Equity+Research+Challenge+-+Team+C_page-0011.jpg AltaGas Research Report (CFA) A financial report page with text, two bar charts, and two line graphs related to corporate financial analysis and performance metrics. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/455bcf6a-56d3-4a7d-9f47-c64a41128524/CFA+Equity+Research+Challenge+-+Team+C_page-0012.jpg AltaGas Research Report (CFA) Page from a report discussing environmental, social, and governance topics, including graphs on GHG emissions, ESG scores, and CEO salary breakdown. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/797d13ee-75ad-4ed5-a529-8875b840ac29/CFA+Equity+Research+Challenge+-+Team+C_page-0013.jpg AltaGas Research Report (CFA) Two pie charts displaying executive compensation and salary breakdowns for CEO and NEO, highlighting pay components and risk levels. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1c12d78f-196e-4806-9163-51652f31eff2/CFA+Equity+Research+Challenge+-+Team+C_page-0014.jpg AltaGas Research Report (CFA) A page of a report discussing energy companies, pipeline projects, and investment performance, with a section titled 'Appendix A - 3-Year Historical Performance'. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6db55b0b-cf3c-457d-a5e0-541af80f3971/CFA+Equity+Research+Challenge+-+Team+C_page-0015.jpg AltaGas Research Report (CFA) Line graph showing stock price trends of various companies from January 2022 to January 2025, with different colored lines representing each company. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e59d970a-d648-4eaf-a9ce-d6065c843b01/CFA+Equity+Research+Challenge+-+Team+C_page-0016.jpg AltaGas Research Report (CFA) Page titled 'Appendix B – Operating Model' with no additional visible content. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ac23a57d-5343-45ff-9822-7f6c4806d997/CFA+Equity+Research+Challenge+-+Team+C_page-0017.jpg AltaGas Research Report (CFA) A financial projection chart showing various metrics from 2018 to 2029, including revenue, EBIT, tax rate, D&A, CapEx, and net working capital, segmented into midstream, utilities, and total figures. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4a11b69c-ae3e-4402-90ae-c9c94c746743/CFA+Equity+Research+Challenge+-+Team+C_page-0018.jpg AltaGas Research Report (CFA) A detailed financial table titled 'Appendix C - Consolidated Discounted Cash Flow Model (Bull)' showing assumptions around WACC and TGR, with projected revenue, EBIT, taxes, and other financial metrics from 2021 to 2029, concluding with enterprise value, equity value, and implied share price. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/22e5395e-6d7d-4c9d-a82f-4e71ce270270/CFA+Equity+Research+Challenge+-+Team+C_page-0019.jpg AltaGas Research Report (CFA) A financial spreadsheet titled 'Appendix D - Consolidated Discounted Cash Flow Model (Base)' with columns for years 2021 to 2029E and rows for revenue, EBIT, taxes, D&A, CapEx, change in NWC, unlevered FCF, PV of UFCF, enterprise value, net debt, preferred stock, NCI, equity value, FDSO, and implied share price. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e7f2314b-b928-4af1-8684-650af9cc0ec5/CFA+Equity+Research+Challenge+-+Team+C_page-0020.jpg AltaGas Research Report (CFA) A financial spreadsheet titled 'Appendix E - Consolidated Discounted Cash Flow Model (Bear)' showing assumptions, revenue, EBIT, taxes, EBITDA, D&A, CapEx, change in NWC, unlevered FCF, PV of UCFF, stub, discount period, terminal value, enterprise value, net debt, preferred stock, NCI, equity value, FDSO, and implied share price. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4cb0d6a9-e5eb-4cd5-9027-725e92e6725a/CFA+Equity+Research+Challenge+-+Team+C_page-0021.jpg AltaGas Research Report (CFA) A financial cash flow model table titled 'Appendix F - Midstream Discounted Cash Flow Model (Bull)'. It contains assumptions, revenue, EBIT, taxes, EBITDA, D&A, CapEx, change in NWC, unlevered FCF, PV of UCFC, terminal value, and enterprise value data from 2021 to 2029. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/15f11f26-8544-4f5c-863d-2a48ab6ea7fa/CFA+Equity+Research+Challenge+-+Team+C_page-0022.jpg AltaGas Research Report (CFA) Financial spreadsheet titled 'Appendix G - Midstream Discounted Cash Flow Model (Base)', showing assumptions like WACC and TGR, and calculating revenues, EBIT, taxes, EBITA, D&A, CapEx, change in NWC, unlevered free cash flow, present value of UFCF, terminal value, enterprise value across years from 2021 to 2029. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/928c837b-2aca-42b6-bad9-fb97db60bca1/CFA+Equity+Research+Challenge+-+Team+C_page-0023.jpg AltaGas Research Report (CFA) Title page of a document titled 'Appendix H - Midstream Discounted Cash Flow Model (Bear)' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/be3ae5c2-34fd-4d59-af96-7d6db551a688/CFA+Equity+Research+Challenge+-+Team+C_page-0024.jpg AltaGas Research Report (CFA) Financial spreadsheet showing assumptions, midstream discounted cash flow, revenue, EBIT, taxes, EBITDA, D&A, CapEx, change in NWC, unlevered free cash flow, PV of UCFF, terminal value, enterprise value for years from 2021 to 2029. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/befb2ae4-b5b8-4f17-aa77-bc38bf575cae/CFA+Equity+Research+Challenge+-+Team+C_page-0025.jpg AltaGas Research Report (CFA) Financial table titled 'Appendix I – Utilities Discounted Cash Flow Model (Bull)', showing projected revenue, EBIT, taxes, EBITDA, D&A, CapEx, change in net working capital, unlevered FCF, PV of UCFC, terminal value, enterprise value, and assumptions for WACC and TGR from 2021 to 2029. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d54a278a-0f96-4273-845a-cc5d42996a59/CFA+Equity+Research+Challenge+-+Team+C_page-0026.jpg AltaGas Research Report (CFA) Financial spreadsheet titled 'Appendix J – Utilities Discounted Cash Flow Model (Base)' with data, assumptions, and projections related to utility revenues, EBIT, taxes, D&A, CapEx, change in NWC, unlevered FCF, PV of UCFE, terminal value, enterprise value, and related figures from 2021 to 2029. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/02bbee14-c5de-4959-8e7b-48f3093f5857/CFA+Equity+Research+Challenge+-+Team+C_page-0027.jpg AltaGas Research Report (CFA) Financial spreadsheet for utility companies showing projected revenue, EBIT, taxes, D&A, CapEx, change in NWC, unlevered FCF, PV of UCFE, terminal value, and enterprise value from 2021 to 2029. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b597c07a-1b89-4278-81e3-d53d06e3a625/CFA+Equity+Research+Challenge+-+Team+C_page-0028.jpg AltaGas Research Report (CFA) Table titled 'Appendix L - Comparable Company Analysis (Bull)' displaying financial data for various companies, including stock ticker, company name, stock price, shares outstanding, net debt, market cap, enterprise value, EBITDA, and multiple ratios, across different sectors such as midstream, utilities, and gas. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3f8eb7e2-3ac5-47c5-910d-64ef4f012096/CFA+Equity+Research+Challenge+-+Team+C_page-0029.jpg AltaGas Research Report (CFA) A detailed financial chart titled "Appendix M - Comparable Company Analysis (Base)" showing company data, market data, financial metrics, and valuation details for several energy companies, including Enbridge Inc., Gibson Energy Inc., Keyera Corp., Pembina Pipeline Corporation, TC Energy Corporation, and AltaGas Ltd., with various financial figures such as stock prices, shares outstanding, net debt, market cap, enterprise value, EBITDA, and implied share price. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c3c72ad0-2144-4a4e-bc94-8cb9aafe34a0/CFA+Equity+Research+Challenge+-+Team+C_page-0030.jpg AltaGas Research Report (CFA) A detailed financial analysis table titled 'Appendix N - Comparable Company Analysis (Bear)', showing data for various companies, including market data and financial metrics, with sections for midstream and utilities companies, and summary metrics at the bottom. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/387fd6eb-3cca-417c-88e3-69fc26b958da/CFA+Equity+Research+Challenge+-+Team+C_page-0031.jpg AltaGas Research Report (CFA) A financial table titled 'Appendix P – Weighted Average Cost of Capital' showing data such as Market Cap, % of Equity, Cost of Equity, Risk Free Rate, Beta, Market Risk Premium, Debt, % of Debt, Cost of Debt, Tax Rate, Total, and WACC with various numerical values and percentages. https://imivani.com/xeqt daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4c1c157a-6d8d-42fc-86ad-72972c7c77f3/Slide1.JPG XEQT Report - Anna Investment report with client profile, dividend ETF, stock price chart, geographical distribution of ETFs, and investment options. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e0ba93ad-e6c0-4578-8070-43e786d239bb/Slide2.JPG XEQT Report - Anna Screenshot of an investment portfolio report featuring details about XEX, VFV, XGRO, and QQQ ETFs, including their descriptions, returns, and allocations with various pie charts and a line graph showing 5-year total return trend. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/de8915c0-4919-49d1-8764-f4c5a0bbd95c/Slide3.JPG XEQT Report - Anna Financial document discussing investment strategies, risks, and considerations with charts and text. https://imivani.com/markle daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4a3ff158-79ce-40fb-a474-479cb8c9e793/Slide1.JPG Markle Waste Systems Title slide of a presentation titled 'Markle Waste Systems: Scale or Go to Waste.' Presented to Frank Markle, President of Markle Water Systems. The slide includes the objective to assess fairness of Chambers' share-exchange offer for Markle Waste Systems. The presentation was created by Team F1, Ivan and Edina, in March 1992, with a blue banner across the middle of the slide. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/eaf1bb10-8039-4341-be29-f8cb7d7f660e/Slide2.JPG Markle Waste Systems A presentation slide titled "Proceed with Chambers Development's acquisition offer" with details about a zero cost collar at a share price of $31-$33, exit after 6 months, and a summary of the offer terms and values, including firm and chambers' offer values, risk factors, and goals. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6ffba33e-0d14-4f27-bf0a-064c99f71304/Slide3.JPG Markle Waste Systems Slide presentation titled 'Frank Markle, Your Wish is Ours Too' with bullet points about a financial deal, including criteria for liquidity, stress reduction, regulation concerns, tax deferral, and a closing statement about the value of the right deal. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/98d5a3f9-6d83-4cf2-b75c-2c3a4d1d381c/Slide4.JPG Markle Waste Systems Slide titled 'Industry Analysis' discussing supply constraints. It lists factors like industrial waste, environment regulations, municipal contracts, and public opinion zones that lead to increased waste volume and resistance in approvals, making landfills more valuable over time. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/70c8a947-1dae-4a3e-bf6d-8129420e11ce/Slide5.JPG Markle Waste Systems Slide with a timeline from 1992-1993 showing downward pressure on landfills and economic slowdown, and post-1993 showing landfill closings and capacity issues, highlighting impact on landfill pricing and capacity. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f718c141-637a-42ed-b8c7-01807ed3c6b5/Slide6.JPG Markle Waste Systems Slide presentation on Deal Structure with text and graphics outlining private stock acquisition, share pricing, valuation, and investment restrictions. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/add7ac2e-a434-4f41-9595-c06903f33647/Slide7.JPG Markle Waste Systems Slide titled 'Chambers is the hottest grower in decades' showing charts of EBITDA growth and forecasted Capex and depreciation from 1985 to 1997, mentioning a 60% CAGR in EBITDA, and a note questioning if such growth can last. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d3a80eac-60a8-41b1-bc2e-b3d416d5aa5c/Slide8.JPG Markle Waste Systems Slide presentation titled 'Growth forecasts are slowing down' showing a bar graph comparing recent EPS growth versus foreast for firms exposed to regulated waste disposal economics. The graph includes companies like Waste Management, Safety-Kleen, Laidlaw, Groundwater Technology, Chemical Waste Management, and Allwaste. Text notes that EPS forecasts are far from the last five years and that forecasts are slightly cooling down. The slide is numbered 8 and credited to Ivan & Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ab9fd9a1-b537-4efa-811e-7297283d2528/Slide9.JPG Markle Waste Systems Bar chart comparing revenue growth percentages over the last five years versus forecasts for Waste Management Inc., Safety-Kleen Corporation, Laidlaw Inc. 'B', Allwaste Inc., and Chambers Development 'A'. Chamber Development 'A' shows the highest forecasted growth. Text annotations highlight that analysts consider Chambers the highest grower and that good news is positive for sentiment. Additional notes indicate Chambers as a firm with incredible forecasts. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/fb2fd9d8-8ed9-4f3b-9890-8a31e971f297/Slide10.JPG Markle Waste Systems Slide presenting valuation assumptions comparing firm and market valuations, including WACC, offer price, and valuation metrics. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6e839d2b-3819-4322-80b9-a8190e6846d4/Slide11.JPG Markle Waste Systems Slide presentation titled 'Valuation for Chambers' showing valuation methods, current valuation, and price, along with notes on reliance on EBIT growth and comparables. Includes a bar chart with valuation ranges. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8d14d095-a146-45bf-8325-443784505627/Slide12.JPG Markle Waste Systems Slide titled "Valuation for Markle" comparing valuation methods, with a chart showing the terminal value at $9.8 million and landfill capacity value at $7.3 million, and a note stating "Using landfill capacity, the offer is attractive." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f6019158-af31-48c5-9229-6f08330315a5/Slide13.JPG Markle Waste Systems A presentation slide titled 'Markle Sensitivities' with a subtitle about landfill capacity and acquisition. It features two tables showing terminal value sensitivity and landfill capacity sensitivity at different WACC and terminal growth rates, with color coding. The slide notes that landfill valuation is better, and mentions a red note about Markle's worth over $8.8 million. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/73f6a242-114c-4c24-8756-a03566930f96/Slide14.JPG Markle Waste Systems Slide titled 'Chambers Sensitivities' discussing EBIT growth importance, with a green box indicating Chambers worth over $32/share, a table showing EBIT growth at different WACC and growth rates, and a red box emphasizing the need for Chambers to grow EBIT at 28% per year over 5 years to reach $32/share. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/bd1c348e-8912-43f6-b723-929c0756f830/Slide15.JPG Markle Waste Systems Slide presentation titled 'Alternatives' with recommendations for preserving optionality in deal negotiations. Features options such as 'Approach other buyers' with trade-offs like waste management, Browning-Ferris, and Laidlaw. Also suggests renegotiating deal structure with a collar on shares ratio, including strategies like Put and Fixed Value, Flexible Shares Exchange Ratio. Bottom note reads '2 paths for upside: better bidders or better terms.' Slide number 15, part of Team F1 by Ivan & Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c657c649-164f-400d-a4fc-45ae52d6f37e/Slide16.JPG Markle Waste Systems Flowchart titled 'Implementation' showing steps for selling shares, including 'Other Buyers', 'Collar', and 'Sell shares'. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/298ac7fd-6760-464c-a35c-58a07a97ee1a/Slide17.JPG Markle Waste Systems Slide titled 'Collar Structure' illustrating a stock price chart with upper and lower bounds, and key strike prices, for de-risking a 6-month collar in options trading. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5f9bd397-3fdd-421a-b6ad-52b4a11b483a/Slide18.JPG Markle Waste Systems Slide titled Risks & Mitigation with a table listing risks such as share price depreciates, tax upon receipts, shares devalue in later years; and mitigation strategies including valuation range locked through collar, collar use shares to defer tax, hedge using collars on shares redeemed in later years. Additional notes mention risk of personal income tax. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1e03e996-3c91-4a14-b4ec-8cc98595328d/Slide19.JPG Markle Waste Systems Slide presentation about proceeding with Chambers Development's acquisition offer, featuring financial figures, key points, and reasons to protect long-term financial freedom. https://imivani.com/diamond daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/14744c98-90f5-4716-b1e7-129c8721ba42/Slide1.JPG The Diamond Standard Slide presentation titled 'Carat, or no Carat?', presented to Cormac Kinney by Ivan & Edina, I&T Capital Advisory, discussing evaluating feasibility, timing, and structure of a Carats token launch in September 2023. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/196fb683-3e20-423d-818d-448d2bef7a87/Slide2.JPG The Diamond Standard Slide titled "We recommend a staged roadmap of Diamond futures, an ETF, and Carats once sentiment improves." Includes three main points: 1) Cannot tokenize an asset that lacks price discovery, 2) ETF liquidity creates stability and demand, 3) Today's crypto market would crush Carats. Green dashed box points: 1) Secure futures approval with MGEX, 2) Launch a Diamond ETF backed by futures, 3) Launch Carats only once crypto liquidity returns. A dark blue box at the bottom states: "Futures for price discovery, ETFs for trust, and liquidity for a successful Carats launch." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/923bd84e-d97a-48c8-9dc5-ac9fb0537f6b/Slide3.JPG The Diamond Standard Slide presentation titled 'Kinney's Mission' with bullet points about deep background in algorithms, invented diamond standards, and creating a diamond trading platform. It also lists goals for launching Carats: legacy, scale potential, control of the diamond ecosystem, and a note that Kinney's mission is to re-engineer diamonds as a monetary asset. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4d43ab10-5fe7-48c8-9bb3-5c8301124d22/Slide4.JPG The Diamond Standard Slide presentation titled 'The Diamond Industry is Changing' discussing shifts in diamond market including no new large diamond mines in 20 years, 85% of diamonds are already mined, and major mining concentration. Highlights supply growth is structurally constrained, supply driven by recycling and resale, and geopolitical and operational risks. Consumer sentiment sensitivity is high. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b423c148-159d-4058-96e4-cfe7a99279fb/Slide5.JPG The Diamond Standard Slide 5 titled 'But there is potential to monetize retail investors' with text discussing diamond market value, trade volume, and ownership, and a red dashed box warning about tokenizing diamonds through blockchain. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5f08ae00-23d3-4da0-8052-199dabbb9f75/Slide6.JPG The Diamond Standard Slide presenting data on diamond price volatility, comparing 1980 and 2010 prices to 2015 and 2022 synthetic diamond market share, with textual annotations on diamond price trends. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/bfe924c7-c24b-47b2-8452-e3b6ef3d72e7/Slide7.JPG The Diamond Standard Slide presenting two main investor audiences: institutional commodity investors who invest in ETFs, funds, index allocators, sovereign wealth funds, pensions, insurers, and crypto investors who are speculative, momentum-driven, short-term, and high liquidity reliant. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/445299c1-23ad-479f-a385-bda08a6638eb/Slide8.JPG The Diamond Standard Slide 8 PowerPoint presentation slide with title 'Crypto Coins heavily rely on liquidity and volume to perform.' A chart showing price and volume of Dogecoin over time. A note says 'A decrease in volume tracks decrease in price'. A text box explains Dogecoin as a leading altcoin. A blue section at the bottom states 'Tokens need continuous liquidity to survive. Thin markets kill tokens.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e69c0a0e-9ba1-40c5-b49c-29c294dd9d2a/Slide9.JPG The Diamond Standard A slide titled 'Bitcoin and Ethereum are both at their lows...' showing line graphs of Bitcoin and Ethereum prices from 2017 to 2023 with a highlighted area and a note that says 'Tokens need continuous liquidity to survive. Thin markets kill tokens.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1b709ca1-b52c-4915-92f6-b41979367364/Slide10.JPG The Diamond Standard Slide 10 titled 'Ivan & Edina' showing a step-by-step guide for investing in cryptocurrency, including steps to locate a supported exchange, create and verify an account, acquire base cryptocurrency like ETH, swap base crypto for CARATS, and redeem diamond bars, with a note about the difficulty for retail investors. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6d86c5e9-d1c6-4acc-b42d-0048ab031c75/Slide11.JPG The Diamond Standard Slide titled "Kinney wishes to escape the banks and regulators, but shifts power to exchanges" showing a list of financial gatekeepers including Broker dealers, ETF Custodians, SEC Filings, and Fund Managers on the left, with red dashed boxes containing Binance, Kraken, and Coinbase on the right. At the bottom, a dark blue box states, "Without major listings, liquidity remains weak and price discovery fails in an already low market." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a0c04c6b-36be-441a-b111-d8a9c2facc6e/Slide12.JPG The Diamond Standard Slide 12 titled 'The Redemption Paradox' explaining that if an investor redeems Carats for diamonds, the supply decreases, and the remaining Carats become more valuable. It includes bullet points about the effects of redemption and a statement that excessive redemption can cause the market to become thinner, risking a loss of value unless the market readjusts. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ad83cf2b-f0cf-4fbd-aa6b-366e00310702/Slide13.JPG The Diamond Standard Slide titled "The Howey Test" explaining how the Howey Test determines if an asset must be securitized, with four criteria listed: Investment of Money, Common Enterprise, Reasonable Expectation of Profit, Derived from Efforts of Others. Each criterion is associated with a statement and a red check mark indicating they meet the test. The slide is numbered 13 and authored by Ivan & Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6592cf40-6b3f-41de-bf1e-ee94793b52b0/Slide14.JPG The Diamond Standard Slide titled "Securitization of CARATS Risks Outweigh Benefits" with pros and cons list. Pros include regulatory clarity, access to capital, and lower litigation risks. Cons include higher costs to meet regulatory requirements, reduced liquidity, reduced accessibility for some investors, and cross-border risks. Footer reads "Securitizing risks Carat of the liquidity that the company wishes to provide." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/16e2daa1-162e-446c-9300-49e80e9308d6/Slide15.JPG The Diamond Standard Slide titled 'Diamond ETF resembles a diamond-backed ETP' listing five points comparing commodity-based trust structures, creation & redemption mechanisms, transparent pricing, custody & auditability, and market oversight. It includes icons indicating compliance or issues and notes about GIA certification and SEC approval. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/49945394-b6bf-4a0e-998a-156ab9b9d081/Slide16.JPG The Diamond Standard Slide titled 'Diamond ETF Implementation Plan' with steps to implement a diamond ETF, including defining specific specs, detailed process, finding custody banks, backing ETF with diamond futures, and filing for surveillance from CFTC, ending with a statement on the importance of futures liquidity for ETF approval. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/87b5ab6c-7e63-4603-a4f0-ae435b6000e2/Slide17.JPG The Diamond Standard Slide titled "Diamond Futures GTM Plan" with steps to implement a diamond ETF, including registering with a futures exchange, targeting wholesalers, appointing market makers, publishing reports, and promoting events, culminating in a goal of 10,000 contracts outstanding. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6a27f46f-bf2e-42c3-afd0-7be615a31204/Slide18.JPG The Diamond Standard Slide 18 titled "Preconditions before touching CARATS." Lists three recommendations: 1) ETF listed and trading for a more risk-averse investor base, 2) SEC clarification on CARATS as a commodity, market as a fraction of a real coin, 3) Decide how much of the company balance sheet can sit in CARAT exposure. A footer emphasizes the need for perfect market and regulatory conditions for a CARATS launch. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2a559f3e-3a95-4979-a494-a4b58c182e44/Slide19.JPG The Diamond Standard Slide titled 'Rules for a successful launch' listing guidelines for gold coin and token investments, including requirements for token redemption, diamond minting, and vault reserves, with market and reserve data. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8b759143-b8fe-45f3-aff4-d23c7c55eee2/Slide20.JPG The Diamond Standard Slide titled 'CARATS Implementation Plan' with three steps: 1) Allocate a block of coins into the Carats reserve, 2) Supplement with Diamond Standard Fund conversions, 3) Sell tokens at $5,000 coin price. A note at the bottom states, 'Carats only work if issuance is tied to real diamonds, not speculation.' Presented by Ivan & Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4a99ab89-569b-4385-9b82-64fec9f594f5/Slide21.JPG The Diamond Standard A presentation slide showing a bar graph titled 'Token Allocation for CARATS' with five categories: Liquidity Pools, Treasury Reserve, Institutional / OTC, Kinney + Staff Pool (Vested), and Ecosystem / Marketing Grants. The bars indicate percentage allocations: 15%, 45%, 25%, 10%, and 5% respectively. A dotted box highlights 'Vest staff tokens over 5 year period.' A note at the bottom states 'Token Allocation allows CARATS to be managed effectively.' The slide is numbered 21, with credits to Ivan & Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5b6cac5f-0c7f-44d3-b728-6ad6812c01b1/Slide22.JPG The Diamond Standard Flowchart titled 'Roadmap & Risks' depicting steps 'Refine Current', 'Futures', 'ETF', 'Tokens' with associated risk mitigation strategies including incentives, capacity caps, and outreach. https://imivani.com/sanctions daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e6405626-f65c-46b0-8d3e-ab7068a189c3/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0001.jpg Sanctions & Wedges - Russian Markets Cover page of a research paper titled "Sanctions, Friction, and the Wedges of Price Formation in Russian Crude Oil Markets" by Ivan Imshenetskyy, for ECON 328, Dr. Walls, dated December 12, 2025, with University of Calgary logo. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2f1981a7-d3f9-4882-9537-c43dc37953fc/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0002.jpg Sanctions & Wedges - Russian Markets Table of contents page from a report or book with sections on sanctions, friction, price formation in Russian crude oil markets, including introduction, literature review, conceptual framework, empirical analysis, conclusion, and references. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/eb524aed-2d50-49cc-8e40-14ffeb48cc93/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0003.jpg Sanctions & Wedges - Russian Markets A page of an academic paper or report with the title 'Introduction' and text discussing Russia's invasion of Ukraine, EU sanctions, G7 price cap regime, and Russian oil revenue. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/282ec508-d705-49eb-ad1a-c886650ef68b/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0004.jpg Sanctions & Wedges - Russian Markets A line and bar graph comparing production in kilo barrels per day and Urals Rotterdam oil prices from 2013 to 2024, with a highlighted section indicating post Ukraine invasion years. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2ef71b15-7b4f-4f7b-a0fa-0886fc2c1114/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0005.jpg Sanctions & Wedges - Russian Markets Line graph showing Dated Brent and Urals Rotterdam prices from 2020 to 2025, with annotations 'Invasion of Ukraine' and 'Sanctions In Effect'. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2b687e20-f0b6-4042-b308-041a45e1c717/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0006.jpg Sanctions & Wedges - Russian Markets Page of a scientific or economic report with text discussing customs, shipping data, sanctions, Russian crude exports, EU embargo, G7 price cap, and logistics models. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/119fbd40-0b1e-463e-b649-a89aceeac9d5/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0007.jpg Sanctions & Wedges - Russian Markets Page 7 of a research paper titled 'Conceptual Framework and Hypotheses' discussing oil sanctions impact on Russia's economy and oil pricing components. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0278b14a-dceb-433d-96d2-f741209f6e50/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0008.jpg Sanctions & Wedges - Russian Markets A page from a research paper or report discussing the logistics and pricing impacts on Russian crude oil exports due to geopolitical factors, including trade route changes and buyer power. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/600e85a5-12cf-4e2d-b11f-36165a522d47/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0009.jpg Sanctions & Wedges - Russian Markets Text-heavy academic article discussing Russian crude oil exports, logistics, and export price relevance. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/07250c97-7e2f-49fb-ae41-8d80dafc014a/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0010.jpg Sanctions & Wedges - Russian Markets Line graph illustrating post-sanctions price formation in Russian crude oil markets from September 2022 to September 2025, with lines representing Urals Rotterdam, Dated Brent, and Urals India DAP prices. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/94c26c9b-87de-4c95-9d1e-9374438ccaa7/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0011.jpg Sanctions & Wedges - Russian Markets Graphs illustrating the decomposition of Urals crude oil discounts into logistics wedge and buyer discount from January 2023 to July 2025, including a chart showing logistics wedge as a percentage of Brent crude. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/bee94381-16e2-4471-b679-b14c132e0392/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0012.jpg Sanctions & Wedges - Russian Markets A page of text explaining the calculation of Russian oil trading discounts, including formulas for buyer discount and logistics wedge. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a5fa6c0d-da44-45a4-ab19-384c2ce26ee8/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0013.jpg Sanctions & Wedges - Russian Markets Page 13 of a report discussing the evolving cost of moving Russian crude oil to India, including a table with data from 2023 to 2025 showing the average differential, buyer discount, and logistics wedge. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/734f32fb-949b-47f2-aef7-800b180f5d4f/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0014.jpg Sanctions & Wedges - Russian Markets Graph showing Russian seaborne crude oil exports by destination from 2022 to 2024 in thousand barrels per day, categorized by Romania, Poland, Netherlands, China, and India. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/447be277-169f-412b-9cd5-09d3c4495a67/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0015.jpg Sanctions & Wedges - Russian Markets A page from a report with a table showing Russia's average seaborne crude oil exports from 2022 to 2024 to Romania, Poland, Netherlands, China, and India, and a bar and line chart comparing India logistics wedge, buyer discount, and exports from February 2023 to November 2024. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d847bd01-6951-4a47-a2be-31e1a23b85f9/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0016.jpg Sanctions & Wedges - Russian Markets Table showing average buyer discounts, logistics wedges, and exports for 2023 and 2024, with a note on the declining buyer discount over time. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0113a774-3215-4cad-b0b8-52cce19a7756/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0017.jpg Sanctions & Wedges - Russian Markets Graph titled 'Primorsk-Novorossiysk Differential' showing the export price differential of Urals oil between 2011 and 2025, with fluctuations around zero and some spikes above and below. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/66326b40-a99c-4735-b88a-ee189bd2cbe1/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0018.jpg Sanctions & Wedges - Russian Markets Line graph showing delivery wedges over time for Rotterdam, India, and Mediterranean destinations, with a table comparing average export prices for 2023-2025. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b44a34ee-ec20-4a85-ba8d-7c5632667604/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0019.jpg Sanctions & Wedges - Russian Markets Page 19 of a document discussing shipping cost calculations and export benchmarks for different regions, including diagrams of delivery wedges for Rotterdam, India, and the Mediterranean. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/7833d808-b117-43f5-900d-a3ccd9caf6ee/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0020.jpg Sanctions & Wedges - Russian Markets Close-up of a printed page from a report or academic paper showing text about oil sanctions and trade logistics. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f37653b1-e819-4f91-897c-c9c145d89912/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0021.jpg Sanctions & Wedges - Russian Markets A page of a book or document with text discussing export routes, pricing, and logistics related to Russian crude oil trade, featuring a small footer with the page number 21. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c667c517-c71a-480b-81ab-11fbfd630d77/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0022.jpg Sanctions & Wedges - Russian Markets A page of a research document with references and a paragraph discussing the G7 price cap, oil embargo, sanctions on Russian oil exports, and related economic impacts. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/54534763-fdfd-46ca-8460-a6a381b22e48/Sanctions%2C+Friction+%26+Wedges+in+Russia+Crude+Markets+-+Ivan+Imshenetskyy+%281%29_page-0023.jpg Sanctions & Wedges - Russian Markets Page 23 of a document with references to articles about Russian oil exports, EU sanctions, and global oil flow tracking, including URLs and author names. https://imivani.com/template daily 0.75 2026-01-18 https://imivani.com/sdeonepager daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/19d20f3e-afaf-49eb-8c09-fea8a0124c88/Slide1.JPG Spartan Delta One Pager A detailed financial report for Spartan Delta Corp. dated September 11, 2025, includes sections on business overview, investment thesis, industry overview, valuation, risks, stock price predictions, and valuation metrics, with data tables and charts. https://imivani.com/windfarm daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/33324c4c-3faf-49bd-86e0-6f3c3e8b1fe9/Slide1.JPG EnergyDirect Wind Farm Title slide of a presentation titled 'Blown Away or Built to Last?' presented to a confidential client by Ivan & Edina from Team F1, dated December 31, 1994. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/413259dc-4997-4e14-9c54-9aaaf95f3f9b/Slide2.JPG EnergyDirect Wind Farm Slide titled 'Agenda' with points discussing analysis coverage, including recommendation, who, what, why, industry, market, personal tensions, economic analysis, scenario analysis, wider context, discount rate, risks, and implementation. Names Ivan and Edina are highlighted, with Ivan associated with the analysis points and Edina with broader context topics. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/adc88ba0-d8b6-49f6-9e91-991da31c7666/Slide3.JPG EnergyDirect Wind Farm A presentation slide discussing the economic infeasibility of the Baring Head wind farm, citing reasons such as poor maintenance, low power needs, and economic factors. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1b1aea77-9196-47b7-8bde-02d9954c66db/Slide4.JPG EnergyDirect Wind Farm Slide presentation titled 'Who EnergyDirect is' explaining that EnergyDirect is a business that distributes and resells electricity through a network, importing from ECNZ, not a power plant owner, with team member names Ivan & Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a2134ab2-8c88-4db4-a325-dc0a7909d40a/Slide5.JPG EnergyDirect Wind Farm Slide with the title 'Where's the industry at today?' showing a wind turbine icon and three points about the industry: (1) over 25,000 turbines globally, (2) US and Australia operate commercial-scale wind, (3) proven technology with low operational risk. A note at the bottom states, 'Not an experimental industry, but very execution sensitive.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ed81793e-7366-409a-a163-332089da3ee2/Slide6.JPG EnergyDirect Wind Farm Slide titled 'New Zealand Landscape' with points about New Zealand's low electricity prices, hydro and geothermal dominance, and near-zero generation cost for incumbents, featuring a map of New Zealand with the UK flag overlay and four stars. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5a8dbba5-d224-4fd2-8470-96c0285eee5c/Slide7.JPG EnergyDirect Wind Farm Slide titled 'Two methodologies' compares 'The Wider View' and 'The Economics View' with bullet points for each. 'The Wider View' includes council rejection, protests, reputational and regulatory fallout, reliance on government. 'The Economics View' includes NPV and CAPM, discounted cash inflows vs. outflows, belief that numbers reveal the truth, test sensitivities. Contains credits to Ivan & Edina, Team F1, Slide 7, and a note at the bottom: 'Both qualitative and quantitative analyses are considered in analyzing this project.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f632645a-fc1e-4d0a-8283-62e2ef9ffb24/Slide8.JPG EnergyDirect Wind Farm Slide presentation titled 'TotalEnergies' Ideal Wind Farm' describing a small, focused wind farm project with details about site selection in Baring Head, including existing access roads, a transmission line, and remote land use. The physical scope details 47 wind turbines, each 300-500 kWA, with an average power output of 15 MW, providing about 7% of EnergyDirect's electricity needs. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b4d4c8e0-48c5-4574-847e-19a7014b649e/Slide9.JPG EnergyDirect Wind Farm Slide titled 'Market Position for EnergyDirect.' It includes three points about energy projects, with a graphic of a wind turbine below. The slide credits Ivan & Edina, Team F1, Slide 9. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/49952d00-79c6-422c-8e86-9abf62150def/Slide10.JPG EnergyDirect Wind Farm Slide titled 'The economics behind the plant' listing economic considerations for a power plant, including construction costs, maintenance, installation time, lifespan, and generator stability, with a note on the importance of proper execution and maintenance. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b332203f-02f3-472f-8a3b-f1ece6712083/Slide11.JPG EnergyDirect Wind Farm Slide titled 'Pricing Deck utilized' with a comparison of summer and winter prices, showing summer price as 4.6 cents and winter price as 4.9 cents. A section with supplemental information lists prices for summer day and night, winter day and night, and the weighted average prices for each season, along with the calculated base price of 0.047 dollars. Text at the bottom states, 'This price is a mitigation of ENCZ.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/35eb1e1c-4305-497c-9f0e-0e6d697557fb/Slide12.JPG EnergyDirect Wind Farm Slide presenting an estimate of $6 million annual revenue from 47 planned turbines, producing 15 MWH per hour, with a yearly kilowatt production of 131.4 million and a kilowatt-hour price of 4.7 cents, resulting in about $6.2 million yearly revenue. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/91b70806-e864-4f44-b3bc-f5430aef093d/Slide13.JPG EnergyDirect Wind Farm Slide showing information about installing wind turbines to reduce bird collisions, with an install cost of $3,000 for 47 turbines, aiming to protect reputation and deliver clean energy, authored by Ivan & Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/07a7ed9d-0984-4bac-8aa5-efda6ea7b40a/Slide14.JPG EnergyDirect Wind Farm Slide comparing two financial scenarios for a wind farm: Scenario 1 is all debt with a $33 million debt price and 12% interest; Scenario 2 is half debt, half cash, with $16.5 million for cash and debt each, and 12% interest. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c9383f16-bede-426d-ab66-1b1946ea8cfd/Slide15.JPG EnergyDirect Wind Farm Slide titled 'Discount rate' comparing two approaches: 'Build Up Approach' and 'WACC'. The slide features a table with values, a bar chart illustrating the discount rate ranges, and mentions target rates and optimal blended approach for discount rate calculation. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3967bf76-f582-4282-9afe-e251b68d7668/Slide16.JPG EnergyDirect Wind Farm Slide presenting a financial analysis with a bar graph showing the Net Present Value (NPV) of UFCE from 1995 to 2014, highlighting an inflated NPV from depreciation and its decline with flat, volatile production. Extra notes mention a 15-year payback period and -4% internal rate of return, emphasizing that unlevered free cash flow is positive but inflation is rising. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0a7aff06-d091-4e11-8c4a-14dccc862ad3/Slide17.JPG EnergyDirect Wind Farm A slide from a presentation showing a bar chart of Full Cable Finance Expenses (FCFE) from 1995 to 2014, illustrating negative values each year, with text indicating full debt financing leads to negative FCFE and the project bleeding money once funding is considered. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/50abbfae-2bfa-4a5c-b0ff-b891f4a06d8a/Slide18.JPG EnergyDirect Wind Farm Bar chart showing cash flow and net present value from 1995 to 2014, indicating a positive cash flow in the first years and negative cash flow from 2001 to 2005, with a gradual increase afterward, titled "Under half cash, cash flows are positive in 2005". https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e74cec5d-1627-4336-82fa-3755014cac66/Slide19.JPG EnergyDirect Wind Farm A presentation slide showing a bar graph of debt schedule breakdown from 1994 to 2012, with interest and principal components. Text highlights that interest is higher than principal for the first 8 years and debt is paid off in 19 years. Additional notes mention Scenario 2, Half Cash, and that paying off debt is very difficult regardless of the capital raise method. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/9af72c72-b8d7-4d0b-a4ba-7048ad29a78f/Slide20.JPG EnergyDirect Wind Farm A presentation slide discussing cash flow sensitivity analysis, showing tables comparing firm NPV and equity under different interest rates and prices per KWH, with red and green highlights indicating performance metrics. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/77a88fa8-89ce-426d-a471-c35f34657b32/Slide21.JPG EnergyDirect Wind Farm Slide showing graph of long-term interbank borrowing rate from 1984 to 1994, highlighting a rise from 2.4% in 1993 to 2.5% in 1994, with notes about increased leverage, credit spreads, and interest rate environment. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/fbc9c0b8-9f7e-46cd-8bbe-dfac7bce01d4/Slide22.JPG EnergyDirect Wind Farm Line graph showing total debt payments exceeding EBITDA for 7 years, with a highlighted area indicating the period from 1995 to 2000, and a note stating that EBITDA in 7 years is less than total payments, suggesting staged purchases do not help. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/405e60ea-4b23-4b12-881f-e99d43a0e26c/Slide23.JPG EnergyDirect Wind Farm Slide titled 'Wider view tells the same story' discussing mitigating risks by adding project costs. Lists risks like protests, seagulls safety, and regulators' pushback, with resulting additional costs such as shared royalties, field surveys, and considering other destinations. Contains a note in red italics indicating these are additional costs for an already inviable project, and a concluding statement about putting pressure on project costs to mitigate risks. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/22df3863-9f76-418d-9420-5fa81ae5f94e/Slide24.JPG EnergyDirect Wind Farm A PowerPoint slide titled 'Implementation' with a flowchart outlining a renewable energy exploration process. The flowchart includes steps: 'Wait & See,' 'Consider other sources,' 'Consider other prjs,' and 'Consider other regions,' with notes about investing, hydroelectricity, biomass, energy storage, distribution efficiency, Tararu, South Waraipa. A summary at the bottom states that waiting and seeing while considering options is optimal given the economic context. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3d362338-67d6-44aa-ab4c-6d35751c0244/Slide25.JPG EnergyDirect Wind Farm Slide titled 'Risks & Mitigation' showing a table of three risks: Unproductive Cash, Electricity input costs increase, Missed opportunity, with corresponding mitigation strategies. Top right text reads 'Ivan & Edina, Team F1, Slide 25.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6f97a0da-b533-4734-99f4-0bd99357e307/Slide26.JPG EnergyDirect Wind Farm Slide titled 'The Wind Farm is not economically feasible' with reasons and solutions listed related to wind farm project at Baring Head, highlighting economic challenges and market impact. https://imivani.com/westmillscarpet daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c6022177-307a-48ec-b30e-78111574322d/Slide1.JPG Westmills Carpet Title slide for a presentation titled "Rolling Out The Carpet for Success" with details indicating it is for Team F1, Ivan & Edina, given to Derek Mather, Senior Vice-President at Canadian Enterprise Development Corporation (CED), and Incoming Interim President at Westmills Carpets Limited, dated January 1978. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/992ebcb0-e9d9-4b5e-8ca4-1ce09a48379d/Slide2.JPG Westmills Carpet Slide titled "We recommend a 3 step approach" showing three recommended steps: 1) Go from negative equity to fair value, 2) The most experienced person for Westmill, 3) Maximize product quality and efficiency. Three annotated boxes with strategic actions on the left: "Cut $800k in Marketing Urgently," "Appoint David Hirst as President," and "Standardize Manufacturing.".Footnote at the bottom notes "Cuts for fair value, Hirst for exemplary leadership, manufacturing for longevity." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d1d57e3f-6cd9-41ba-864f-1ebf17dc8d92/Slide3.JPG Westmills Carpet Slide titled "Pricing Power & Competition" with points about style advantage, knock-offs, and brand awareness, and discussion of weak pricing power, competition devolution into price and delivery, and emphasizing execution as strategy. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/cf416b73-bd54-4640-9293-6548800fe83f/Slide4.JPG Westmills Carpet Slide titled 'Input Costs are Hard to Shake' with bullet points: 75% of total cost is purchased materials, Nylon, acrylic, polypropylene pricing matters more than labor, new multi-color lines rely on imported U.S. yarn, input costs are an issue but not the culprits. Presented by Team F1, Ivan & Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/03120e98-6607-4bb9-af62-43330967287f/Slide5.JPG Westmills Carpet Line graph showing housing starts from 1960 to 1978 with critical drops in 1970 and 1975, and a rise over time. The slide title is "Housing Starts are not the issue," and additional text highlights market resilience and rebound. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4bdd1f91-f87f-425a-ac1b-70ffc80f0d24/Slide6.JPG Westmills Carpet Slide presentation titled "Customers want to trust you" showing a bar graph of service needs ranking across retail, residential, and commercial contracts, with a note about delivery when promised being most essential. The slide includes a footer message, "Winning trust means a lower cost of capital." Presented by Ivan & Edina, Team F1. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1f50dcfe-a463-499c-9ff2-79e0b5d63f1b/Slide7.JPG Westmills Carpet Line graph showing the value of Canadian dollar from 1950 to 1977 with a decline around 1977, titled 'The Canadian Dollar is also weakening'. Highlights CAD depreciation not helping Westmills. Notes CAD/USD at bottom and reliance on US imports. Text indicates Westmills cannot sustainably concentrate on US suppliers. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ee401545-f9af-4983-a889-085ff18e3cfd/Slide8.JPG Westmills Carpet Slide titled "Rates to stay elevated" showing rising overnight rates from 1960 to 1978, and inflations and unemployment rates from 1968 to 1978 with a note indicating unemployment and inflation stayed high from 1974 to 1978. The slide is by Team F1, Ivan & Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/83059274-1550-42b1-b991-969a874a6065/Slide9.JPG Westmills Carpet Slide titled 'Market Share is a positive' showing bar graphs comparing Westmills' volume and all product volume in commercial, residential, and retail contracts, with a conclusion that Westmills has a great volume share in residential contracts. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/7b16815e-0582-4839-9d0a-0352a9096694/Slide10.JPG Westmills Carpet Slide titled "Westmills suffered from market meltdown" showing a timeline from 1966 to 1976, with key events: early growth (1966-1972) with 3 distribution facilities and doubled capacity in Kelowna, public (1973) with a national IPO and acquisition of yarn supplier, and move to Calgary (1974-1976) with closing manufacturing and expansion of distribution centers. Additional notes mention market softening post-1974, Calgary as the new center, and Vancouver and Meaford as remaining facilities. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/12701485-24d7-453f-9829-9b1a5606723e/Slide11.JPG Westmills Carpet Slide title: Westmills is not the only struggler. Bar chart comparing net income for 1975, 1976, and 1977 across five companies. The companies are Harding Carpets, Celanese Canada - Carpet Division, Peerless Rug, Peeters Carpets, and Westmills. Annotations indicate only Peerless Rug survived with positive net income. Text at the bottom states: Only one firm of comparables has positive net income. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/9716b682-1ec0-4c40-bde9-11754b19582e/Slide12.JPG Westmills Carpet Slide titled 'Marketing Expenses are Bleeding Westmills' showing a graph of EBITDA to EBIT from 1973 to 1977, with EBITDA in dark blue, Marketing Expenses and Administration in red, and EBIT in light blue. Two text boxes: one green saying 'Your EBITDA is healthy and positive...' and one red saying 'But your Marketing Expenses bleed your firm.' A black banner at the bottom reads 'If you want to be trusted by capital raisers, you must take action to fix this.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/00783c80-7785-40d0-b7a9-208827b3d276/Slide13.JPG Westmills Carpet A presentation slide discussing interest rate coverage and leverage. The slide shows two bar graphs, one on the left illustrating falling interest coverage from 1973 to 1977, and one on the right illustrating rising leverage from 1973 to 1977. Text highlights the decline in interest coverage and increase in debt to EBITDA ratios, with a note in red stating that sampling cost is hurting the business. A dark bar at the bottom states, 'You are losing money every year, with no end in sight.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/9b0db168-48f3-47c2-8e37-ae8009e53184/Slide14.JPG Westmills Carpet Slide showing a bar graph of cash flows from 1978 to 1986, with red bars indicating negative cash flows and green bars indicating positive cash flows. Text overlays emphasize that current cash flows are only positive after 8 years, but marketing expenses bleed the firm. The slide states that this situation is unsustainable and needs immediate action. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/7a0da82e-a4d7-4cfd-aa49-ab46fa046551/Slide15.JPG Westmills Carpet Slide titled "We valued Westmills at sub-zero" with financial analysis content. It includes considered debt structures, WACC of 20%, and uncoverable interest payments. The slide shows that Westmills' equity value is $2.1 million, with 1.5 million fully diluted shares, and a share price of -$1.3 per share. A statement at the bottom reads "Westmills is worth nothing unless changes are made." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d7b0cdfa-4429-4932-b335-dd45a1475515/Slide16.JPG Westmills Carpet A presentation slide titled 'However, we can minimize this' discussing ways to maximize market value, showing metrics like equity value of $1.4 million and price per share of $0.9, with a note that positive valuation indicates $800,000 in marketing cuts. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4dca054d-c434-4428-8e63-d280de23b5b5/Slide17.JPG Westmills Carpet Slide presentation titled 'This is why it changes valuation' showing two scenarios. Scenario 1: base case forecast with a bar graph depicting decreasing negative cash flows from 1978 to 1986, ending with small positive values. Scenario 2: marketing expense, showing increasing values from 1978 to 1986, with annotations emphasizing the first three years as critical. Footer reads 'A sharp cut in expenses keeps you healthy and competitive.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/15a153fa-63bf-46b3-bbb5-f8269a3f6424/Slide18.JPG Westmills Carpet Slide titled '$800k of marketing cuts is achievable' showing bar charts with original, cut, and final expense data for sampling, sales force comparison, and travel & entertainment, with notes on sales reps, reducing physical samples, and cutting travel and entertainment to save costs. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/de1a9ebc-e043-4e9c-9590-810a7956055d/Slide19.JPG Westmills Carpet Slide showing sensitivity of price per share to tariffs, with two charts displaying percentage tariffs against percentage change in share price, indicating risks and opportunities in pricing adjustments. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/70869707-2f1a-4f18-8151-4fd96c391075/Slide20.JPG Westmills Carpet Slide presentation titled "Westmills' operation is a mess" with a flowchart showing issues affecting Westmills, including human resources, product, and process challenges, such as management uncertainties, unsuitable product designs, and inefficient equipment, emphasizing the need to address coordination, product design, and management uncertainties. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/88d41e9d-dd25-4961-9e39-8f6b99878f89/Slide21.JPG Westmills Carpet Slide titled 'Next Internal President' showing profiles of David Hirst, William Ford, and James Hamilton with their respective roles and qualifications. Highlighted text emphasizes the need for technical expertise in manufacturing and sales for leadership success. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4d1fcfca-93e1-437b-8133-9cbdc2465c87/Slide22.JPG Westmills Carpet Flowchart illustrating the process of yarn mixing and matching for textile production. It includes steps: Yarns, Tufting Machine, Dye, Finish, with issues like quality problems at dye stage and variables such as fixed fabric and color combinations. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/7c354fd9-71cf-491a-89af-161f6624460b/Slide23.JPG Westmills Carpet Slide titled "Improve coordination" with a flowchart showing the process from sales confirmation to delivery, emphasizing computer handling for schedule standardization, with notes on pre-approved configurations, assigned schedulers, and delivery options. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5c2d79fb-4501-4189-bfdc-fa2e5028a2e1/Slide24.JPG Westmills Carpet Slide titled 'Maximize strategic efficiency' with two sections about leasing employees and exploring suppliers. Text includes bullet points on routing, skilled workforce, stable cash flow, diversifying suppliers, and exploring other regions. A footer states, 'Coordinated system helps Westmills deliver what they promised.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6bf7420e-6890-4c2a-9865-dfb3fc4f69fe/Slide25.JPG Westmills Carpet A project timeline chart titled 'Roll out your success this year' showing tasks and durations from months 1 to 12. Tasks include Management Change, Meaford Lease & Employee Move, Finalize Catalogue, Implement Marketing, Implement Coordination, and Explore Other Suppliers. It also notes a management change lasting 1.5 months, a lease and move lasting 5 months, catalogue finalization for 1 month, marketing implementation for 4.5 months, coordination for 3 months, and exploring suppliers for 10 months. A note at the bottom states, 'Within a year, the change can be implemented to improve Westmills' performance.' The slide is numbered 25, created by Ivan & Edina, and associated with Team F1. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3e0acb2d-d722-4e44-87a5-d82440b61576/Slide26.JPG Westmills Carpet Slide titled 'Risk & Mitigation.' Two columns labeled 'Risk' and 'Mitigation.' Under 'Risk,' listed risks include tariff risk, market share loss, long-term competitiveness, and currency risk (CAD/USD). Corresponding mitigation strategies include redesigning products, trial orders and agreements, different design combinations, and reducing reliance on U.S. imports. A footer states, 'Within a year, the change can be implemented to improve Westmills' performance.' Top right has slide number 26, team F1, Ivan & Edina. https://imivani.com/sketch daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/040caeac-0f5f-4cc2-8f14-e7016a81e79e/Slide1.JPG SKETCH - Financing the Future Slide presentation title slide with the title 'SKETCH: A Space to Own or a Mission to Protect?' and the subtitle 'Presented to: Rudy Ruttmann (Executive Director, SKETCH)'. Presented by Ivan & Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/548eebeb-bd8a-4c1f-87c1-70eae1f09e67/Slide2.JPG SKETCH - Financing the Future Slide titled 'We Recommend SKETCH Diversify to Private Sector Revenue Through Partnerships and Studio Leasing' with three points: 1) Asset relocation alone is insufficient — net income turns negative by 2025, 2) Private sector revenue is the only path to long-term sustainability, 3) Debt principal repayment will crush SKETCH unless income is stabilized. A note at the bottom states, 'Without private sector diversification, SKETCH will lose both its finances and its community.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8c50cd04-7752-41ad-83c4-2786fb6a75f2/Slide3.JPG SKETCH - Financing the Future A financial slide showing a decline in government revenue from 2020 to 2021 and a forecasted continuous decline through 2025. It includes bar and area charts, with annotations highlighting falling government revenue, a private-sector relief surge, and predicted revenue drops. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c3c1c79f-2a45-43c1-bb1d-02a5d627940d/Slide4.JPG SKETCH - Financing the Future A financial chart showing debt service payments and cash flow for SKETCH from 2020 to 2025, with notes indicating bond principal paid off in 2021 and bonds maturing in 2023 and 2025. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1e83c2d3-7855-41ef-81e2-4f27c9995f68/Slide5.JPG SKETCH - Financing the Future A bar and line graph showing net income post relocation from 2020 to 2025. Bars for 2020 and 2021 are positive, while 2022 shows a sharp decline, and 2023 to 2025 show negative trends. Annotations mention campaign and private funding effects in 2022 and bonds maturing in 2024 and 2025. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/7f1bcd8e-5525-4c76-8fa2-fe0a3caad327/Slide6.JPG SKETCH - Financing the Future Diagram titled 'Balancing Stakeholder Pressures' showing four interconnected groups: Board of Directors, Participants, Donors, and Donors & Supporters, with a central circle labeled 'SKETCH.' The diagram notes the importance of sustainability, accessible arts programs, and community impact, emphasizing that SKETCH's community impact collapses without financial stability. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6e58363c-0d0f-476f-9fc8-3d6cd07c7e0e/Slide7.JPG SKETCH - Financing the Future A financial slide showing a line graph of inflation from 1995 to 2020 with a sharp spike reaching 3.9%, and a bar graph of bond maturity timelines from 2021 to 2027 indicating refinancing needs for Bond D in two years. The slide emphasizes concerns about mounting debt and looming bond refinancing threatening SKETCH's survival. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/379ec97e-e1b6-48b9-b58b-cc131c9d49f8/Slide8.JPG SKETCH - Financing the Future Flowchart showing alternatives for SKETCH's growth, including changing the business model, selling the studio, or keeping the status quo. Under changing the business model, options include partnerships, leasing studio space, program subscriptions, and coworking space. Under selling the studio, finding a cheaper alternative is suggested. The flowchart emphasizes expanding revenue sources for long-term stability and growth. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a68419d1-0e67-4b52-af54-bc06c3dac4ae/Slide9.JPG SKETCH - Financing the Future Flowchart titled "Making an impact is extremely important to meet stakeholders' expectations" showing three steps: establish partnerships with schools, develop a creativity hub with lease studio for businesses and students with subscriptions, and nurture long-term donors through engagement, updates, and impact reports. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8b5bee74-3bd0-4d10-9704-00e4b9e61735/Slide10.JPG SKETCH - Financing the Future A presentation slide titled 'Risks & Mitigations' listing risk factors such as 'Difficulties in school's adoption,' 'Low utilization of Creativity Hub,' and 'Donors stop donating,' with corresponding mitigation strategies. The slide also contains a statement at the bottom about expanding revenue sources to transform SKETCH into a self-reliant and resilient organization. https://imivani.com/galaxyresources daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e14383e0-2359-41bc-be46-fe8f80fa142d/Slide1.JPG Galaxy Resources Slide presentation title slide with the title 'Hedging the Future: Financing Galaxy's Eagle Creek Project', presented to Viktor Kachmar, CFO by Edina & Ivan, with the company name Galaxy Resources Inc. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/bf13fdc8-bb5b-4656-a01c-cc2cc29fa428/Slide2.JPG Galaxy Resources A slide from a presentation discussing strategies for galaxy stabilization during market volatility. It lists three main points with icons: 1) Minimize Financial Volatility, 2) Lock-In Project Economics, 3) Stabilize Cash Flow for Covenants. There is a note recommending a three-part shield with contracts for nickel, collars for foreign exchange, and swaps for interest rates. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/05cf7bac-74e3-4c35-8b14-9b4d289ae5ec/Slide3.JPG Galaxy Resources Two line graphs showing Galaxy Resources' earnings sensitivity to nickel, FX, and interest rates over 2001-2007. The left graph depicts average annual earnings after tax in millions of Canadian dollars relative to the average realized nickel price. The right graph depicts average annual net earnings relative to the average U.S. dollar LIBOR rate. A caption below highlights that Galaxy's earnings are more affected by nickel and FX than by operations, emphasizing that even small percentage changes on the Canadian dollar can impact the project. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/7143fb76-47bf-4139-95a4-3976d738948d/Slide4.JPG Galaxy Resources Graph comparing nickel prices and related interest rate data from 1986 to 2000. The left side shows the average nickel price in US dollars per pound, fluctuating between about $2 and $7, with a significant peak around 1988. The right side compares US 3-month LIBOR interest rate and USD/CAD exchange rate over the same period. Text notes that nickel prices are cyclical and heavily influenced by LME pricing, and suggests that the galaxy must hedge their nickel pricing due to exposed cyclical fluctuations. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a257e93e-a763-45ec-91fd-d1de8e17bb94/Slide5.JPG Galaxy Resources A presentation slide titled 'Balancing Stakeholder Pressures' with a central hexagon labeled 'Galaxy Resources Inc.' surrounded by six other hexagons. Each surrounding hexagon contains icons and text about different stakeholders: Viktor Kachmar (CFO), The Lending Syndicate, Strom Plummer, Asian & European Customers, Board of Directors, and Investment/Derivative Banks. The slide emphasizes that the CFO must balance stability, compliance, and credibility across these stakeholders. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8b52b690-1b27-4192-927e-7675a29234b9/Slide6.JPG Galaxy Resources A financial table showing galaxy company cash flow analysis from 2001 to 2009, highlighting critical years 2002-2004 where mandatory payments impact cash flow, with a caption emphasizing these years as pivotal for the galaxy. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1ea0c468-6a39-4943-bf37-fa8b9c381a8c/Slide7.JPG Galaxy Resources Flowchart explaining different derivatives alternatives, including hedge options like simple hedge, complex hedge, and do not hedge, with subcategories of each, and recommended hedge strategy at the bottom. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/24e82076-ccd7-4112-abde-eab93bb22f02/Slide8.JPG Galaxy Resources Table comparing interest rates and locked rates for different investment options, including 3-year, 4-year, 5-year, and collar options, with respective total interest values and locked rate details for nickel and USDCAD. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b1fc204f-bcdc-40da-bdea-fc5f0ae3d44b/Slide9.JPG Galaxy Resources Flowchart on locking in long-term contracts for galaxy, starting with board meeting, then locking in volatile items at fixed rates, and finally signing long-term client contracts to stabilize cash flow and nurture relations. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e766841e-e0ab-4fcf-8f59-5a6e44fed835/Slide10.JPG Galaxy Resources Slide titled 'With locked-in rates, there exist minimal risks' with a subtitle about long-term client contracts. The slide has two columns labeled 'RISK' and 'MITIGATION'. Under RISK, it lists 'Failure To Capture Contracts', 'Markets Become Favorable Post-Hedge', and 'Initial Covent Payments'. Corresponding mitigation strategies include diversifying customer base, considering Collar FX or Nickel contract, and minimizing risks on payment failures with locked prices. The slide is part of a presentation by EL Consulting Group. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5016b9a6-2593-43c0-8b07-4b800086eebe/Slide11.JPG Galaxy Resources A financial strategy slide detailing steps to stabilize cash flow and reduce volatility through contracts and hedging tools. https://imivani.com/ptarmigan daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e33110c7-7a42-49f4-801b-deddb14073d3/Slide1.JPG Ptarmigan Resources Inc. Presentation slide titled 'Strategic Alternatives for Ptarmigan Resources Inc.' prepared for Malcolm McNair, President, October 2001, with the authors Edina Thai and Ivan Imshenetskyy. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8b75b6fe-73c7-4d5c-bf19-8c896774dce9/Slide2.JPG Ptarmigan Resources Inc. Table with a header titled 'Executive Summary' outlining problem statement, recommendation, key stats, and results for selling a company through stock-for-stock exchange, including target stats and action points. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/64d7549b-30d8-4263-a5d8-b4992e202505/Slide3.JPG Ptarmigan Resources Inc. A business analysis chart discussing a company's 29-year history, core properties, and reserves, with a summary statement about slowed growth and uncertain leadership. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4aff5010-4916-4e5b-b673-10f8e2b7bd03/Slide4.JPG Ptarmigan Resources Inc. A financial analysis slide from Rio Alto Exploration Ltd, highlighting their position in Canada’s natural gas industry, growth drivers, resource assets, and exploration proximity to Ptarmigan. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1a1ea8da-e731-4fe7-949e-99756c00331b/Slide5.JPG Ptarmigan Resources Inc. A stakeholder analysis diagram with a central circle labeled 'Key Stakeholders' and surrounding circles labeled 'Malcolm,' 'Malcom's Wife,' 'Employees,' 'Acquirers,' and 'Customers.' Each surrounding circle has associated text about their interests, such as selling at a reasonable price, vacation time, job security, expanding business, and a sustainable source of oil. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/530d50aa-a142-409a-b9d5-224d17663cf6/Slide6.JPG Ptarmigan Resources Inc. A slide showing asset comparison and breakdown between Ptarmigan Resources and Rio Alto, with metrics including natural gas, oil and NGLs production, and total BOE per day. Bar charts, pie charts, and a summary note about Rio's oil-rich assets fueling light oil expansion. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2f9464ac-1503-465d-a88c-7d00cfee24ef/Slide7.JPG Ptarmigan Resources Inc. Industry overview chart showing oil prices from 1980 to 2001, with a focus on rising prices and a marked period around 1996-2001. The chart compares Edmonton Par prices to WTI and AECO prices to Henry Hub prices, with a caption about Rio's oil acquisition strategy. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/66280cac-a91d-4a53-8ad7-cd4d840b96b3/Slide8.JPG Ptarmigan Resources Inc. Flowchart illustrating alternative strategies for a family and company meeting about stock options, including stock offers, cash offers, and waiting five years to sell with specific sell and donation percentages. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8f26ad84-1ba1-48bc-adc6-d00e1ec7fa5a/Slide9.JPG Ptarmigan Resources Inc. Bar chart comparing valuation ranges for an acquisition, highlighting a 5-year deal size of $38.7 million to $46.5 million, which exceeds all other valuation methods. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4b198128-aca7-4401-9d09-233c2d95bc12/Slide10.JPG Ptarmigan Resources Inc. A table comparing key valuation drivers under low, base, and high case assumptions for oil and gas in Edmonton, showing metrics like NPV, target share price, and deal size, with an analysis summary at the bottom. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3a824dec-59f1-4b18-85b8-c64b0d2c0bcf/Slide11.JPG Ptarmigan Resources Inc. Bar graph showing impact of G&A and production synergies on operating expenses from 2001 to 2007, with separate costs for synergy and no synergy, along with assumptions and key values such as oil price, sales growth, royalty rate, and production expense percentages. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c47f3929-0e91-4af7-b306-04c5623a2c2a/Slide12.JPG Ptarmigan Resources Inc. Table showing valuation recommendations and financial projections for Rio Alto from 1995 to 2007, including key metrics like sales, expenses, net income, cash flow, and free cash flow, with a summary and analysis at the bottom. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b30f0479-8f77-487f-b603-5f00e2786d1d/Slide13.JPG Ptarmigan Resources Inc. A financial analysis chart with data tables and a text box explaining share price increases and benefits. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4c8e042a-a6f7-42a8-a523-ad824387325c/Slide14.JPG Ptarmigan Resources Inc. Financial table comparing cash offer, stock offer, and lock-in value upfront, showing cash inflow, tax payable, tax credit, total cash received, and net present value with calculations and notes. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/cf963526-fa63-4bf6-b80d-3a6e041718e2/Slide15.JPG Ptarmigan Resources Inc. Flowchart of financial planning steps: family and company meeting for prospects, stock exchange for trading and tax deferral, and tax planning for portfolio restructuring. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2b6d31ec-fd68-496b-88c6-5b0a06ec2620/Slide16.JPG Ptarmigan Resources Inc. Table titled 'Risks and Mitigation' with four risk items: Tax Risks, Synergies Failure, Employee Dissatisfaction, Unfair Valuation. Corresponding mitigation strategies include using donation tax credit, clear integration plan, maintaining transparency, and seeking external validation. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/fb7ec5da-3633-4956-964c-7e91dcbbf965/Slide17.JPG Ptarmigan Resources Inc. Table with executive summary on how to sell a company without compromising financial security or employee stability, recommending a stock-for-stock exchange, family and company meeting, accept stock offer, and tax planning. Key stats include target upside of 58%, target valuation of approximately $3 billion in five years, and target value lock-in of 60%. Results focus on finalizing key goals, deferring tax and ensuring employee job security, and planning for tax effects. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d78f227b-1956-4786-82b1-d3631b6ceb8d/Slide18.JPG Ptarmigan Resources Inc. A detailed table titled 'Appendix - Tax Calculation Summary' presenting three columns of financial data related to cash offer, stock offer, and partial value lock-in, including figures for cash received, tax amounts, share prices, and other financial metrics. https://imivani.com/quintessentially-canadian daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3953b876-3721-4a17-821e-3d58eca03d39/Slide1.JPG Quintessentially Canadian Business presentation slide titled 'QCI's Next Chapter: From Diversification to Dominance.' It features the QCI logo, with sections labeled 'DIVEST' to exit books and news, and 'EXPAND' to acquire cappuccinos and scale kiosks. Presented to Scott Davies, CEO of QCI, by Ivan and Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0c813be8-4c96-459b-815e-457c3961a300/Slide2.JPG Quintessentially Canadian A slide from a financial presentation titled "Refocus, Acquire, and Scale: QCI's Next Chapter." It recommends divesting non-core assets like Pages and GBN, and acquiring Cappuccinos. The slide highlights three strategic focus areas: low margins with negative growth in non-core divisions, accretive use of capital with significant upside, and a high-growth coffee market with scalable expansion. A large icon indicates a buy recommendation of $60 million total, with $20 million cash and $40 million debt, expecting 2.7 times return on invested capital. The footer emphasizes divesting laggards, acquiring Cappuccinos, and positioning QCI for lasting growth. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2c22015a-67a4-4f33-9cc5-7060b3d15fc3/Slide3.JPG Quintessentially Canadian A slide titled 'Stakeholder Alignment in the future of QCI' listing seven stakeholders with numbered bullet points, including Scott Davies as CEO, Board of Directors, Burton Thatch as Activist, Andre Desmartin as Corporate Development, Juanita Schield as CFO, Neal Smith as Chairman and Founder's Son, and Salvatore Russolini as Founder of Cappuccinos, along with descriptions of their roles and perspectives. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/7371a892-fd52-470e-81f9-64aff7a44411/Slide4.JPG Quintessentially Canadian Graph comparing Burger King's company versus franchise store revenue and cash flow from 1991 to 2000, showing growth trends and revenue breakdowns. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/39536d7c-fd86-45f9-a5d5-2eea1df7cd19/Slide5.JPG Quintessentially Canadian Graph showing revenue breakdown and free cash flow from 1991 to 2000, with labels indicating shifts to chicken consumption, strong EBITDA, and potential store expansion, emphasizing Coop's cash flow stability and diversification. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e3e11724-5220-4ab2-acc4-4690126e18c4/Slide6.JPG Quintessentially Canadian A slide from a presentation titled 'Cappuccinos: High-Growth, High-Margin Expansion Play' discussing EBITDA growth, profit margins, and valuation of coffee shop chains and franchises, with graphs and a note on the high expense of cappuccinos. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/fbeaeed6-d027-4486-acc3-2d1cdc8d5947/Slide7.JPG Quintessentially Canadian A business chart showing financial data from 1996 to 2000, including EBITDA figures and a line graph of cost and growth synergies. It emphasizes a merger's benefits with highlighted points: approximately $22 million in synergies, 160 million in EV, and FCF coverage. A green circle indicates a buy recommendation with $60 million total, $20 million cash, and $40 million debt. The slide concludes with a statement about synergies making the deal attractive even before growth. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1d834172-fff6-44d5-b471-e9a4062430b0/Slide8.JPG Quintessentially Canadian Graphs show declining gross and operating margins and fluctuating revenue growth from 1991 to 1997. A red arrow labeled 'SELL' points to the right of the charts. A dark blue box at the bottom states, 'Slight improvement in margin is not enough to help decreasing sales & structural issue.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/843b0639-ff0a-4533-bb89-aff5cba183c8/Slide9.JPG Quintessentially Canadian A slide showing a graph of GBN's negative revenue growth and EBITDA from 1991 to 1995, with a red downward trend line. The slide lists three risks: restructuring execution risk, print demand down, and competition risk, leading to a 'SELL' warning. A caption states that mounting risks and external headwinds make restructuring a losing battle. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6076f9e0-b0ac-4c78-aac3-9e8add9d4e1b/Slide10.JPG Quintessentially Canadian A business presentation slide titled "Staged Approach Minimizes Disruption & Protects Value". It describes a four-step process: Prepare for Divest, Staged Divest, Buy Cappuccinos, and Invest in core business, with key actions for each. The slide details risks and mitigations related to food and beverage cycles, valuation risks, and integration risks, emphasizing focused execution for success. https://imivani.com/nfi-group daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/18953bf3-01bf-49d0-8f19-898e4f89c12b/Slide1.JPG NFI Group Presentation slide titled "From Accretion to Risk: Why It’s Time to Exit NFI" by Ivan Imshenetskyy and Edina Thai, showing a stock recommendation to sell with an 11% downside, a target price of $29, and a last close of $32.67. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f02495b2-30b6-4bb5-a9c1-aaece67a917f/Slide2.JPG NFI Group Slide from a presentation titled "We recommend a SELL on NFI Group Inc., due to unfavorable market and dilution". It summarizes reasons for the recommendation: 1) NFI is coming off a long industry peak, with downturns that historically last years. 2) Adds aggressive leveraging at precisely the wrong point in the cycle. 3) Equity issuance dilutes shareholders, making ADL the first value-destructive deal. A concluding statement notes NFI faces peak-cycle headwinds, rising leverage, and shareholder dilution. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c1bbb0d1-243c-45f9-b680-4d5bccef5f1d/Slide3.JPG NFI Group Line graph showing U.S. GDP growth rates from 1998 to 2018 with bars representing heavy-duty bus deliveries, motor coach deliveries, pre-owned, and new deliveries, indicating a cycle peak and downturns, with additional text notes about the cycle and NFI's future. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/72ffcbfb-b089-4a29-88cd-c2d0079868fa/Slide4.JPG NFI Group Analytics chart showing share price versus average share price post-merger over time, with annotations indicating key acquisition events such as Motor Coach Industries, ARBOC Specialty Vehicles, explosive acquisition history, and EPS drops. A bar graph on the right depicts NFI EPS history until ADL, highlighting significant changes with annotations. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/29531183-e4f5-4a5f-bf16-75211758ddbe/Slide5.JPG NFI Group Graph showing cash flow after debt and dividends from 2019 to 2023, with a highlighted replacement cycle for heavy-duty buses lasting 18 years, and EV market share in China, EU, and US in 2018. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1bb3cbf2-2ad8-4b7e-91c1-8c4fb5877a21/Slide6.JPG NFI Group A presentation slide titled "Multiples, Not CAPM, Drive Our Valuation" showing a line graph comparing GDP, Heavy-Duty, Motor Coach, and Bus/Coach from 1998 to 2018. The slide includes two key points about valuation methods, stating "Revenue does not move with market" and "Beta & CAPM no longer stand," with a green-bordered note suggesting to use multiples to deduct values and a dark blue note emphasizing that multiples are the only reliable tool without market return links. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/bc156a9d-fd2a-4a18-b13c-6a04e0486cdf/Slide7.JPG NFI Group Slide titled "Aggressive Leverage at the Worst Point in the Cycle" discussing how debt level increased after an acquisition, with graphs showing debt and FCF trends from 2019 to 2023 and debt/EBITDA ratio from 2015 to 2019. Highlighted note states "The ADL acquisition pushed debt to ~2.9× EBITDA, just as the industry rolled over into a downturn." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e2891bd3-80ba-471f-ab25-6b1e4f3d3ead/Slide8.JPG NFI Group Financial chart showing a 12-month target price of $29 based on P/E ratios, with data highlighting risk, valuation, and earnings assumptions for stocks. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4219a009-4d2c-4e1b-a8a1-7ce8df264e22/Slide9.JPG NFI Group A table comparing risks and mitigation strategies related to selling in financial markets, including missing strategic upside, acceleration of EV transition, positive market perception, and cycle timing risk. https://imivani.com/cataraqui-building-supplies daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0cb83d62-f6ab-40bc-a015-69f360b6b540/Slide1.JPG Cataraqui Building Supplies Cover page of a document titled 'Catarqui Building Supplies' addressed to Andrew McLean from Ivan and Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1442418d-6c66-421c-a613-c661b995c8a0/Slide2.JPG Cataraqui Building Supplies Table summarizing an executive summary with sections for problem statement, recommendation, key stats, and results related to restructuring a company and a bank loan. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6f3a8baf-324d-470a-923d-d11501bb2eec/Slide3.JPG Cataraqui Building Supplies A company analysis chart comparing success factors, such as 20% annual sales growth and expanding market share, against problems like slow receivables and negative cash flow, with a summary note about adaptability. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/31d9f501-58f6-4aa1-b665-9fad433c4667/Slide4.JPG Cataraqui Building Supplies A diagram of stakeholder analysis with a central circle labeled 'Key Stakeholders' surrounded by five other circles labeled 'Andrew', 'Andrew's Family', 'Suppliers', 'Bank', and 'Customers'. Each surrounding circle has associated descriptive text about their role in sustainability and business practices. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/123a4302-f487-40d3-b61c-51d4666323a1/Slide5.JPG Cataraqui Building Supplies A list of decision criteria including Financial Sustainability, Minimal Risk for Family, Supplier Considerations, Bank Considerations, and Minimal Company Dilution. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/7e0a03c7-4168-4dcf-9f0e-4076f742f235/Slide6.JPG Cataraqui Building Supplies Flowchart titled 'Alternatives' with options stemming from 'Family Meeting,' including taking on the loan or not, and various strategies for restructuring, retainment, or financing. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d7fb00bf-c4fc-41e0-ba43-0857ecd2bf9b/Slide7.JPG Cataraqui Building Supplies Table listing financial assumptions including drivers such as sales growth, COGS growth, SG&A growth, inventory turns, accounts receivable, accounts payable, depreciation, and discount rate with respective comments. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/27be940c-8ab8-4834-8455-8df7ec5070ef/Slide8.JPG Cataraqui Building Supplies Financial analysis report showing funding trade payables yields, loan utilization versus interest cost from 1989 to 1998. Includes a bar chart of total drawn on new loans and interest paid, along with a table of interest expense, coverage ratio, and burden ratio per year. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/9df29b5e-3c57-4fb2-baf1-5f2d92f2c88f/Slide9.JPG Cataraqui Building Supplies Table showing cash flow sensitivity analysis for supplier terms and receivables management, comparing 5-year FCFNP sensitivity with accounts receivable discounts over various days sales outstanding. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/dda3a5f5-7396-4537-afae-830bb73f803c/Slide10.JPG Cataraqui Building Supplies Flowchart diagram showing steps for restructuring a company, including a family meeting, restructuring the company, and restructuring a bank loan, with details on each step. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/19d01542-40b9-4033-862a-26ca16d46b70/Slide11.JPG Cataraqui Building Supplies Risk management chart displaying three risks with probabilities and severities, and corresponding mitigation strategies. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3014b093-f687-4b0a-8fa4-b55936fb2075/Slide12.JPG Cataraqui Building Supplies A business plan table with sections for problem statement, recommendation, key stats, and results. Problem statement discusses how to sustain growth without strain on cash flow. Recommendation includes taking a new bank loan, restructuring the company, and improving receivables policy. Key stats and results focus on understanding company strategy, tightening receivables, and minimizing bank loan effects on assets. https://imivani.com/ashfield-industries-dungaven-acquisition daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0bcbb15a-3661-441c-adb7-527f12b6df06/Slide1.JPG Ashfield Industries, Dungaven Acquisition Title slide for a presentation titled "Ashfield's Crossroads: Growth Through the Dungaven Acquisition" by Ivan & Edina, with a subheading "Ashfield Weighs." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/18713175-bf97-482d-9829-83a40c5079f3/Slide2.JPG Ashfield Industries, Dungaven Acquisition Slide titled "A 5-Year Cushion, Rapid Deleveraging, and Cycle Recovery" with a subtitle about purchase price structure. Contains three numbered points: 1) Five Years of Protection Creates a True Integration Cushion, 2) Aggressive Deleveraging Transforms Debt Into Balance Sheet Strength, 3) Buying at the Bottom Locks in Cycle Recovery Upside. A footer states, "Ashfield's merger provides five years of safety, then explosive deleveraging and cycle-driven upside." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6a9a5cd9-1ebc-49e3-ab4c-9c9e8abb9b2b/Slide3.JPG Ashfield Industries, Dungaven Acquisition A report titled "The Future Depends on the Lumber Cycle" discussing the lumber price cycle, housing starts, and factors influencing demand and supply with a line graph showing lumber prices and US housing starts from 2000 to 2016, and bullet points indicating Canada's share in US lumber imports, BC supply constraints, and the FOMC rate. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/49e19003-98fa-40c9-b191-96ffb7b8ab0e/Slide4.JPG Ashfield Industries, Dungaven Acquisition Diagram illustrating stakeholder groups involved in the Ashfield–Dungaven Deal, including Ashfield Board & Management, Dungaven Family, Ashfield Shareholders, Bank/Lenders, Employees & Communities, and U.S. Trade Authorities, with descriptions of their interests and roles. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0f6ca7d0-0145-4cf1-b7ba-1218489daa60/Slide5.JPG Ashfield Industries, Dungaven Acquisition Slide titled "How well will two entities integrate?" with three points: 1. Efficient Mills & Surplus Timber Rights, 2. Product Diversification, 3. Geographic Synergies. Footer text states: "Ashfield achieves their goal of efficient use of resources & scale operations to new heights." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/642b986f-736b-49df-808a-2edcb3c92e6b/Slide6.JPG Ashfield Industries, Dungaven Acquisition A presentation slide titled 'Five years of breathing room, then a fast paydown' with two charts. The first chart, labeled 'FCF to Equity Post-Acquisition,' shows a bar graph from 2016 to 2026, with increased cash flow from 2016 to 2021, a dip in 2022, and stabilization afterward. The second chart, labeled 'Leverage Ratios Post-Acquisition,' displays debt/EBITDA ratios as bars and interest coverage ratios as a line, with a notable increase in debt and a decrease in coverage after 2022. Annotations mention 'Critical years for Ashfield post-merger' and 'Explosive deleveraging post-2022.' At the bottom, a bold statement reads, 'The balance sheet doesn’t weaken post-merger, it detonates upwards.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f7e94258-6544-4071-8c57-bf4a4a8463b0/Slide7.JPG Ashfield Industries, Dungaven Acquisition Chart comparing valuation of Dungaven to other timber companies, showing Dungaven's valuation as 5.4x EV/EBITDA, which is considered overpriced https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/378707ed-3a15-419a-8eaf-b7ccb9a03fda/Slide8.JPG Ashfield Industries, Dungaven Acquisition Flowchart comparing alternatives for Ashfield's staged purchase of a company, including steps like acquiring, not acquiring, staged purchase with cash, purchase upfront, and options to buy or not buy stock or assets, with decisions on hedging or not, and negotiations on stock price and lower EV. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3bade59d-d582-43fd-9d2e-ac5a93ecf8aa/Slide9.JPG Ashfield Industries, Dungaven Acquisition Flowchart outlining the process of acquiring and locking in FX for Ashfield, including negotiating stock purchase, locking in FX via forward contracts, and assessing tariffs damage through financial analysis. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ef369fbe-a0b6-48d8-a9e5-3334906442e8/Slide10.JPG Ashfield Industries, Dungaven Acquisition A presentation slide titled 'With locked-in rates, there exist minimal risks' discusses risk mitigation strategies for long-term client contracts. The slide lists three risks: US tariffs, fibre/log supply tightness, and integration & execution risk, along with corresponding mitigation tactics such as diversifying to Asia, detailed scheduling, and retaining key managers. https://imivani.com/weyerhaeuser-beyond-lumber daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4feb15fd-e7bb-456e-be45-3c703bf3d807/Slide1.JPG Weyerhaeuser, Beyond Lumber Title slide of a presentation titled "Beyond Lumber: Structuring Weyerhaeuser’s Future Growth" by Ivan & Edina, presented to Grace Chan, a financial analyst. The slide has a white background with black and blue text. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/228a4f3d-0549-4067-ae2b-83ab251641e0/Slide2.JPG Weyerhaeuser, Beyond Lumber Slide from a presentation titled 'We recommend deploying $900M in cash across Weyerhaeuser's 3 segments.' It lists three segments: 1) Lumber prices at peak cycle; 2) Grow the Hidden Gem, RE&NR with high margins but less than 6% EBITDA; 3) Capital investment in U.S. OSB and timberland for long-term housing demand. A concluding statement emphasizes that this deployment positions Weyerhaeuser to thrive through the next cycle, not just survive it. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f8fc023a-185c-4ff0-bdb8-407fcf0105c4/Slide3.JPG Weyerhaeuser, Beyond Lumber Line graphs showing the cyclical peaks in lumber prices from 2016 to 2020 and US housing starts from 2019 to 2021, illustrating market fluctuations and the need for diversification. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/999aa33e-2ff2-402f-b126-b134df39f5b3/Slide4.JPG Weyerhaeuser, Beyond Lumber A financial chart showing Weyerhaeuser's cash flow in 2020-2021, with a focus on Q3 2021, indicating over 1.2 billion in quarterly unlevered free cash flow and 2.5 billion year-to-date. The chart compares quarterly free cash flow and unlevered free cash flow, and includes a graph of lumber prices versus year-to-date unlvered free cash flow, noting that even in 2016 lows, the company had over 1.1 billion in UFCF. The infographic emphasizes Weyerhaeuser's capacity to reinvest and diversify with $2.3 billion cash on hand. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6a7bc04f-2106-45f4-94be-d0fe39ec5d3b/Slide5.JPG Weyerhaeuser, Beyond Lumber A financial chart titled "Real estate & energy is Weyerhaeuser's hidden gem" comparing EBITDA margins and segment EBITDA for timberlands, real estate, energy, natural resources, and wood products from Q1 2021 to Q3 2021, with annotations highlighting high margins and a note on profit margins. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6f6d8690-6c25-45dc-b6de-88f30961d211/Slide6.JPG Weyerhaeuser, Beyond Lumber Comparison chart showing Weyerhaeuser's size advantages, with data on acreage and financial metrics. Weyerhaeuser has 25, 20, and 2 units in different categories, outperforming West Fraser and Potlatch. The right side has a bar and line graph illustrating LVFCFs and EBITDA margins, with Weyerhaeuser leading in LVFCF and margins. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/08a3542c-7586-4da1-a6c7-b48d64767923/Slide7.JPG Weyerhaeuser, Beyond Lumber Flowchart titled "What are the different alternatives that Weyerhaeuser have?" showing options for expanding or optimizing wood product segments, including acquiring other companies, expanding acres in the South US, diversifying products, optimizing efficiency, and expanding operations in Asia and Canada. The bottom text states, "Investing across all three segments fuels growth and shields in downturns." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0c029fa2-6741-487e-97e9-a1337d6e3333/Slide8.JPG Weyerhaeuser, Beyond Lumber A financial chart comparing inflation and employment rate from January 2020 to October 2022, with separate graphs showing inflation versus unemployment rate and price/book ratio over time, emphasizing the use of cash for financing. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/20302c4c-6f8d-46df-ab78-068f380a3f59/Slide9.JPG Weyerhaeuser, Beyond Lumber A presentation slide showing capital allocation with a focus on cash allocation and expansion plans for REENR and Wood Products. The slide includes bar graphs comparing cash allocation for real estate, energy, natural resources, timberland, and wood products, with amounts labeled in millions. It details additional acres for REENR in South Carolina and Alabama, and a new OSB plant in Mississippi. The bottom section emphasizes expanding, optimizing, and securing as key to success. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5371ec7e-3c5a-4e30-add3-cd9d54a69224/Slide10.JPG Weyerhaeuser, Beyond Lumber Slide titled "Risks & Mitigations" discussing risks for Galaxy, including lumber price downturn, supply risk, construction risk, liquidity drawbacks, and overpaying for assets, with corresponding mitigation strategies. https://imivani.com/the-lehman-brothers-collapse daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a5a5e7b5-92dc-4418-8ea4-dfb8af0de4e9/Slide1.JPG The Lehman Brothers Collapse Presentation slide titled 'Governance Failure Presentation' with the headline '$600B Lost Overnight: The Lehman Brothers Collapse' and a modern city building with electronic billboards in Manhattan, New York City, on the right side. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c95a07f2-66b0-4bca-9948-b7ce5df1c8e2/Slide2.JPG The Lehman Brothers Collapse Slide from presentation with the title "Largest Bankruptcy in United States History" and a note about the Lehman Brothers bankruptcy, filed on September 15, 2008, with assets totaling $600 billion. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a4839b5b-2b20-4c3a-bef4-ced63fe86ab6/Slide3.JPG The Lehman Brothers Collapse A presentation slide outlining the history of Lehman Brothers, a Wall Street investment bank. The slide details its origins in 1840 as a cotton trading business, its growth into a Wall Street bank, key stakeholders, governance failures leading to its bankruptcy filing in September 2008, and its status as the largest U.S. bankruptcy with $600 billion in assets. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/c39b1850-e5e4-4c94-8c62-8771c588df12/Slide4.JPG The Lehman Brothers Collapse Line and bar graph showing housing prices and mortgage delinquency rates from 2002 to 2010, with notes about the housing bubble burst and mortgage-backed securities crash. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e11237cb-8ade-4514-b0ee-fa7ba0f3a11f/Slide5.JPG The Lehman Brothers Collapse Slide titled 'The Gorilla, his disciples, and a Severe Lack of Dissent' discussing governance failures in three areas: 'Too Much Power' with a black-and-white photo of a serious man, 'Rubber Stamp Team' with a photo of people in a meeting, and 'One by one, they were silenced' with a photo of people on a busy city street. Each area lists issues like CEO duality, lack of expertise, and ignoring red flags. At the bottom, categories include 'Duty of Loyalty,' 'Duty of Care,' and 'Duty of Candor,' with a failure icon, and a source note reading 'Company Flings, Team Consensus'. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b6058258-1d5d-4c98-8b06-cde140c51a49/Slide6.JPG The Lehman Brothers Collapse Diagram explaining Lehman's root issues, titled 'Built on Sand', featuring three columns labeled 'Leverage', 'Repo', and 'Misaligned Incentives'. It highlights risks such as overleveraging, misclassified debt, and incentives tied to short-term gains, leading to inevitable collapse when excess, trickery, and greed dominate. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/25e16f79-720c-4dc6-9ded-51c902b723ea/Slide7.JPG The Lehman Brothers Collapse A presentation slide titled 'Ethical Takeaways'. It has two sections: 'Ethical Warnings for Future Managers' on the left and 'Giving Voice to Values' on the right. The left section lists points about misleading stakeholders, reward system shaping behavior, silencing risk voices, and a culture of denial. The right section discusses appealing to shared values, fostering healthy connections, and offering alternatives. At the bottom, there's a dark blue banner with the text 'When values are silenced, denial and greed can take over'. An illustration of a hand holding a megaphone is on the bottom right, and a small icon of a building labeled 'Ethical Lens' and a source citation at the very bottom. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ed2e17ff-453d-4e9b-bd69-49bee038fe60/Slide8.JPG The Lehman Brothers Collapse Text slide titled "Lessons & Conclusion" with three key takeaways about corporate governance challenges: 1. Overbearing CEO duality insists corruption, division of power, and diversity of opinion. 2. Inadequate board pushback leads to management unchallenged. 3. Opaque accounting and hidden exposures undermine transparency. A quote at the bottom states, "If a firm hides risks and chases leverage, collapse isn’t a question of if but when." Source cited as Company Flings, Team Consensus. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/fc22f30a-1d2c-4e41-9997-bb4ddd760762/Slide9.JPG The Lehman Brothers Collapse Page from a document with a bibliography list including sections on industry context, corporate governance failures, root causes, and ethical lens, with hyperlinks to sources and references on economics, finance, and dishonesty in banking. https://imivani.com/btma-og-data-to-drive-commercial-decisions daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3c272e55-6cff-4004-bcf8-ce83b5f57678/Slide1.JPG O&G Data to Drive Commercial Decisions Cover slide of a presentation titled 'O&G Data to Drive Commercial Decisions' with a subtitle 'Insights From Cenovus & Plains Midstream Employees' on the left side and an aerial view of an oil and gas facility with surrounding land on the right side. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/dc4f0cf2-ff99-4b17-afb1-f37c5a523bda/Slide2.JPG O&G Data to Drive Commercial Decisions Illustration of a value chain with three segments, each represented by a pillar and an icon with text indicating the professional's role, such as Commercial Planning Specialist, Market Analytics, and Senior Manager. The first and third segments are marked with a CV icon, while the middle segment is marked with a Plain icon. There is a dialogue box explaining the researcher’s approach to understanding the larger data picture across the value chain. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1736f17b-1626-458f-a792-757530313692/Slide3.JPG O&G Data to Drive Commercial Decisions A slide titled 'How I Explored Data Across the Value Chain' with a table summarizing questions related to four topics: Data Quality & Accessibility, System Integration & Handoffs, Manual Work & Automation Gaps, and Decision-Making & Adoption. Each topic has sample questions about data issues, system break points, manual process dissatisfaction, and decision improvements. The slide concludes with a statement about the questions revealing different ways segments treat data. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0c4e7a5b-56cc-4e75-bf73-1143f8548fc3/Slide4.JPG O&G Data to Drive Commercial Decisions Bar chart comparing sentiment scores across categories for two data segments, CVE and Plains, with industry averages and a highlighted midstream score of 5.7. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/7213144f-3263-4f7f-9652-dab37401a820/Slide5.JPG O&G Data to Drive Commercial Decisions Slide titled 'Upstream Planning: Assumptions In, Consequences Out' with sections explaining upstream planning, core data and systems, and key insights, including a diagram showing system handoffs, data quality issues, and manual work. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6c1f8ade-3fea-42fe-8892-f71ad5d7043b/Slide6.JPG O&G Data to Drive Commercial Decisions Slides from a presentation titled 'Midstream Market Analytics: A Patchwork of Market Data Sources.' It discusses the role of market analytics in energy markets, core data sources like ICE futures, and key insights about data fragmentation, fragility, and the longer time needed for cleaning data. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0c9ca9b5-92fa-4d45-9c42-f9f855c345d2/Slide7.JPG O&G Data to Drive Commercial Decisions Slide titled 'Downstream Commercial: Turning ETRM Data into Performance' with sections explaining what downstream commercial does, core data and systems, and key insights. Key insights mention data quality issues, manual process risks, and flow of errors into P&L with pressure on precision. Contains diagrams with numbered arrows. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/20507240-edfd-44aa-85db-06ab54707640/Slide8.JPG O&G Data to Drive Commercial Decisions A presentation slide titled "Lessons & Conclusion" with the heading "What these conversations showed me about data." It lists three points: 1) Data Problems Aren't Technical, They're Structural, with an icon of three people; 2) Each Segment Defines 'Good Data' Differently, with an icon of a tablet; 3) Digital Transformation Is Really About People, with an icon of a chart. To the right, there's a dashed box with text about change management being the hardest and most important part of data transformation. At the bottom, there's a dark blue banner stating, "The hardest part of digital transformation isn’t the data, it’s the humans." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/195097c9-330e-4105-ab06-0634ff32b181/Slide9.JPG O&G Data to Drive Commercial Decisions Screenshot of a digital document’s references section titled 'Links & Sources' with a list of academic and industry sources related to business analytics, data management, and oil and gas industry insights. https://imivani.com/griffiths-energy-international daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3bb21c4a-23e7-4ae8-8a05-d1b51c85df2c/Slide1.JPG Griffiths Energy International Green presentation slide titled "Governance Case Study: Griffiths Energy International - The Board's Ethical Dilemma" with the course code MGST 451 L06, and names Ivan Imshenetskyy and Elijah David at the bottom. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8a3d9c11-747b-443b-af0f-690c77adbb53/Slide2.JPG Griffiths Energy International Slide from a presentation about Griffiths Energy International, highlighting three main issues: 1) System handoffs are a major pain point, 2) Data quality issues cause delays, 3) Manual work slows forecasting. There is a note about a single contract threatening the company's IPO. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f0668787-f1e5-4d76-a40e-64a6eafe96be/Slide3.JPG Griffiths Energy International Diagram titled 'What a Responsible Board Must Weigh' with six sections: Legal Exposure, Fiduciary Duty to Shareholders, IPO Disclosure Obligations, Ethical Responsibilities, Operational & Market Risks, International Stakeholder Relations. Each section has an icon and description. Centered is 'Griffiths Energy' inside a hexagon. At the bottom, a note states, 'Self-reporting isn’t just legal compliance, it defines the company's integrity going forward.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/dee354df-9923-421b-bc05-597092291d24/Slide4.JPG Griffiths Energy International A slide from a presentation titled "Evaluating the Three Paths Forward" shows three possible paths for a board to face: Disclose the Bribery, Don't Disclose -> Discovered, and Don't Disclose -> Undiscovered. Each path lists benefits and risks, with a summary statement at the bottom emphasizing that short-term gains never outweigh long-term legal and ethical consequences. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2515f3c5-662e-433b-b951-2d193ec28822/Slide5.JPG Griffiths Energy International A presentation slide showing ways to persuade a board to self-report, with five approaches on the left in black and explanations on the right in green. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/605c4bd7-2121-4f23-9c8f-fb9972e11556/Slide6.JPG Griffiths Energy International A slide from a presentation outlining a company's message to stakeholders regarding their disclosure practices and IPO prospectus. It includes a table with four key points about issues identified, self-reporting, controls, and operational strength, and the outcomes of these actions. On the right, there's a list of steps involved in the IPO prospectus process, including disclosure, response, remediation, and impact assessment. At the bottom, there's a note emphasizing transparency and self-reporting for credibility. https://imivani.com/lakeshore-plumbing daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a1debff6-27e0-4476-89cc-ad5a873ea18f/Slide1.JPG Lakeshore Plumbing Slide titled 'Valuing the Future of Lakeshore' presented to the Board of Directors of Lakeshore Plumbing & Heating Supplies, with the I&T Capital Advisory logo in the top right corner. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e9d86609-b5b3-45e8-8872-67c9f0cec3a7/Slide2.JPG Lakeshore Plumbing A presentation slide outlining the framework for valuation coverage, with sections for Ivan covering recommendation, industry, performance, and assumptions, and Edina covering valuation, multiples, sensitivities, and risks. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5d3a2edc-5e00-4b40-bf7a-2cfd60b490b2/Slide3.JPG Lakeshore Plumbing A PowerPoint slide titled 'Executive Summary' with financial recommendations such as raising $20 million of debt at 4%, repurchasing 400,000 management shares, and staging a sale to Melissa if FCFE is positive. The slide contains bullet points, icons, and a blue bar with the text 'Protect liquidity first as rate hikes are imminent.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b515aee1-3ba4-42bc-bde5-44f4413f68f0/Slide4.JPG Lakeshore Plumbing A slide titled 'Stakeholders' showing a list of six stakeholder groups numbered 1 to 6, including the Lakeshore Board of Directors, Brady Family, Retiring and Remaining Senior Managers, Lenders/Creditors, and Employees/Customers. On the right, there is a circle with the text 'Decision Makers to Workforce & Marketplace,' and at the bottom, a blue banner says 'The transaction is about family, not just stakeholders.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e2a090a2-c8d6-4efc-88e4-b2ed5e3ab5ed/Slide5.JPG Lakeshore Plumbing Diagram illustrating financial tensions between low valuation, board, and family priorities on the left, and high valuation, leverage, and corporate priorities on the right, with arrows indicating contrasting interests. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/103dac5d-6cc7-4aec-b133-21b1acdb021d/Slide6.JPG Lakeshore Plumbing Two line graphs depicting industry analysis. The left graph shows mortgage rates explaining 52% of historical revenue, with mortgage rates decreasing from 6.5% to around 3%, and revenue increasing from about $3,000 to over $7,000. The right graph shows housing starts explaining 48% of historical revenue, with housing starts rising from roughly 140,000 to about 220,000 and revenue increasing from around $5,000 to over $7,000 over the years 2008 to 2020. The title at the bottom states: 'Mortgage rates and housing starts are primary determinants of revenue.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/757a58c2-f4cf-4707-9bd2-f28ba04ad450/Slide7.JPG Lakeshore Plumbing A financial report page discussing potential rate hikes and their effects on revenue, showing two charts: one of overnight interest rates from 2000 to 2021 with annotations about rate hikes and revenue growth, and another of unemployment rates and inflation from 2000 to 2021 with similar annotations. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6cd54be8-0351-4a7e-8cfd-9f3bd8ffb480/Slide8.JPG Lakeshore Plumbing A financial presentation slide titled "Scenario 1 - Current State Before $20m Issuance" compares three cases: Bull Case, Base Case, and Bear Case. The slide includes data on equity value, shares outstanding, and share price for each case. It also lists input assumptions such as tax rate, EBIT margin, revenue growth rate, WACC, and terminal growth rate. The slide highlights that modest margin or rate changes can significantly alter company valuation. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/cf38a785-330f-466a-bf3f-4d1f8f7f8e4f/Slide9.JPG Lakeshore Plumbing This slide presents a financial analysis of share prices after debt, illustrating three scenarios: Bull Case, Base Case, and Bear Case. Each scenario includes details on equity value, shares out, and share price. The data shows how share prices change under different assumptions, with the Bear Case being much worse than the others. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d3e142ab-0b18-454f-87b6-7629dc40b9cf/Slide10.JPG Lakeshore Plumbing A financial presentation slide showing downside case highlights for cash flow fragility. It compares base case and bear case scenarios using bar graphs, with data on EBIT margins, revenue growth, and cash flow components from 2021 to 2032. The slide includes headers, charts, and a note indicating potential negative cash flows by 2030. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0f58de1d-9edf-450f-a508-4852368d1f6c/Slide11.JPG Lakeshore Plumbing Comparison chart showing financial data before and after a $20 million financing. The left side indicates prior to financing with EBIT Margin and Growth Rate, while the right side shows post financing with updated EBIT Margin and Growth Rate. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2546ed35-960b-4f12-a3c1-c878624f0ac7/Slide12.JPG Lakeshore Plumbing Flowchart diagram showing alternatives for company valuation, including options like share repurchase, employee ownership trust, management buyout, and section 85 rollover, with specific strategies under each. The title is 'Alternatives' and a note states all roads point back to the original plan, with a highlighted conclusion: 'Upfront Buyback is optimal given the current objectives & economic contexts'. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/6c20f59d-78d1-4d08-80b6-a15563139444/Slide13.JPG Lakeshore Plumbing A financial comparison chart showing extremely similar valuation results for four companies, with EV/EBITDA LTM ratios ranging from 9.8x to 19.1x, and a median valuation range of $77.1 to $171 per share. The chart suggests a fair market value for management around $40 per share for comparable land assets. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5437bf49-c999-437f-8ffb-19fcc283da5f/Slide14.JPG Lakeshore Plumbing Slide showing valuation analysis for Lakeshore. It compares DCF valuation and comps, landing at $34/share. The valuation field range chart shows bonds and DCF valuation with range; the right side indicates $34/share price, 900,000 shares to buy back, and $30.6 million funding needed. Tagline at bottom reads: 'Buy what we can afford at fair value and protect the balance sheet.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/737a404e-9f16-4bf6-9575-1726ea11b125/Slide15.JPG Lakeshore Plumbing Business presentation slide titled "Solution" with the headline "Buy Management Back First - And Distribute Cash to Melissa Later." The slide contains financial details, including issuing full $20 million, repurchasing only management shares, and holding cash to weather the cycle. It shows a price/share of $34, 400,000 shares to buy back, $13.6 million in funding needed, and suggests using remaining $6.4 million to weather an incoming storm. A dark blue banner at the bottom says, "Buy what we can afford at fair value and protect the balance sheet." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3e002344-0c0b-4555-8ab2-12a6a027abf3/Slide16.JPG Lakeshore Plumbing A financial risk management slide titled 'Risks' with options for mitigation strategies. Risks include unproductive $6.4M, family politics risks, and overleverage during company downturns, with corresponding mitigation actions. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/fcd5c8b0-04fb-49a7-abea-afab625e85f7/Slide17.JPG Lakeshore Plumbing A presentation slide containing a bar and line chart titled 'Revenue' with data from 2020 to 2024. The chart displays revenue amounts in blue bars and a line with percentages. The slide also has placeholder text, and features a dark-colored button labeled 'Hook' at the bottom. https://imivani.com/ameritrade daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f48fdb05-98e5-4fda-a602-aa8ffc07e32e/Slide2.JPG Ameritrade M&A Title slide of a presentation titled 'More Than a Price Tag: The Ameritrade Deal' with presenter's name Matt Martin, Co-Partner, Taurus Capital Partners, dated June 22, 2005, and team information 'Team F1, Ivan & Edina' in the lower left corner. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a7b4c9c2-8491-4730-9fa2-6f2d0f42fa31/Slide3.JPG Ameritrade M&A Slide title: Support the TD Waterhouse transaction due to superior upside. The slide explains that the TD deal dominates on value even under conservative assumptions, with a 140% upside. It provides financial details such as $600 million in synergies and a $6 cash dividend. Purchase price is $12.3 per share, exit price is $23.5 per share. Bullet points highlight that the TD deal dominates on value, with a capped downside of $6 dividend, and high quality with M&A options. The slide is authored by Team F1, Ivan & Edina, and numbered Slide 3. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4f6cd1fd-26de-4f4a-a91d-4881e4466fd8/Slide4.JPG Ameritrade M&A Slide presentation titled 'The Players' discussing post-bubble industry search for profit engines. It compares three companies: E*Trade Financial Corporation with a hostile acquisition and an offer of $17.5 per share plus an 18% premium; TD Bank Financial Group with a merger and a $6 per share cash dividend; and Ameritrade Holding Corporation highlighting its status as a top trading engine with a large base of active traders. The slide mentions market consolidation driving mergers and acquisitions. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/cc3bbd94-a947-4356-83a2-fb8797ec2e31/Slide5.JPG Ameritrade M&A A presentation slide titled 'Ameritrade' describing the company's history, growth, and revenue breakdown with a bar chart showing commissions, interest, and other income, and a footer with the slogan 'A superior engine without the scale to fully monetize it.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/265f1765-e831-49da-8765-03cfb4e82f9a/Slide6.JPG Ameritrade M&A Slide titled 'TD Bank Breakdown' compares TD Bank Group and TD Waterhouse USA, highlighting features like balance sheet strength, client base, and long-term relationships. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/daa4daff-0c69-4f02-84a9-f8e0225d9eb8/Slide7.JPG Ameritrade M&A E*TRADE overview slide with details about the highest bidder having a wrong business model. Left side lists who they are, such as founded in 1982, electronic brokerage platform, no branch network, aggressive online trading growth. Right side lists their business model, including online broker, internet bank, mortgage and home equity lender, market maker, and order-flow monetizer. Top right shows slide number 7, Team F1, Ivan & Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/9b6eff87-75cd-44c0-9032-05bc0ba266ff/Slide8.JPG Ameritrade M&A Slide 8 presentation titled 'Post-bubble collapse reset economics' with two line charts. The first chart shows share performance from 1999 to 2005 for Ameritrade, TD Waterhouse, E*Trade, and Charles Schwab, with a red dashed box highlighting a collapse period between 2000 and 2001 marked 'Dot-com bubble crash, Volumes never recovered.' The second chart displays P/E ratios from 1999 to 2005 for Charles Schwab, TD Waterhouse, and Ameritrade. A dark bar at the bottom reads 'Bubble crash deflates online brokerage hype.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/84771098-c058-4055-a223-a5640a242d2c/Slide9.JPG Ameritrade M&A Line graph showing client trades per day from 1994 to 2005 for three companies, with annotations about trading capacity and market infrastructure issues. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8fa5df9b-84dc-4d32-83f5-0f43b4473e90/Slide10.JPG Ameritrade M&A Slide titled 'Investors trade to play'. The slide explains that most investors only have 'play money' accounts with a value less than $50,000, and they prefer to keep serious money elsewhere. It features a bar and line graph comparing the total balance and margin balance per account for Charles Schwab, E*Trade Financial, Ameritrade Holding, and TD Waterhouse USA. A note at the bottom states 'Industry foresees slow or minimal growth if not diversified'. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/558e475b-b5d6-4d5b-849f-765db1e3d3a4/Slide11.JPG Ameritrade M&A Slide titled 'Interest Rates on the rise' shows two graphs. The left graph illustrates US interest rates from 1995 to 2005, with a downward trend around 2000-2003, then rising again. The right graph compares US inflation and unemployment rates from 1995 to 2005, with inflation fluctuating around 2-4% and unemployment around 4-6%. A dark blue banner at the bottom states, 'Interest rates environment deters investors from borrowing on margin.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/673c6d9d-4a67-431e-93d9-a29ab979d6cf/Slide12.JPG Ameritrade M&A Slide presenting market outlook, discussing market growth tied to market conditions like price war, overcapacity, and reduced capacity, leading to modest recovery and growth tied to the stock market, with recommendations to increase household trades and shift focus to value-added services. The slide emphasizes tough market conditions driving market consolidation and company diversification. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/28d8ce8d-3022-4fbe-89d0-f514104c5fb0/Slide13.JPG Ameritrade M&A Presentation slide comparing TD Waterhouse and E*Trade with bar and line graphs showing total account balance and margin balance, highlighting TD Waterhouse's higher asset and client quality, with corporate and team information in the top right corner. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/1f441d17-c2e7-4c6e-bb23-8ebea47900e3/Slide14.JPG Ameritrade M&A Bar and line graph comparing number of branches and employees in mid-2005 for five firms, highlighting TD Waterhouse USA with ample branch access for Ameritrade. The firms are Charles Schwab, Scottrade Inc., TD Waterhouse USA, E*Trade Financial, and Ameritrade Holding. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/394420cc-9fe4-4601-b96c-9946a1204d7c/Slide15.JPG Ameritrade M&A Slide titled "WACC Calculation" explaining that a high forward beta (1.9) indicates a high discount rate, with information on risk-free rate, market premium, cost of debt, equity and debt proportions, Ke at 16%, WACC at 10%, and a subtitle about a high WACC for a demanding market. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/bd1d348b-26aa-443f-aa9b-670c1c3b4494/Slide16.JPG Ameritrade M&A Slide titled "Ameritrade's Cash Flows Underperform" showing a bar chart of PV of Unlevered Free Cash Flows ($ millions) from 2005E to 2010E, with annotations indicating high WACC, growth rate, intrinsic value, and the impact of large WACC on cash flow. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8364abd0-8a95-4b10-8452-be415e3bd0f9/Slide17.JPG Ameritrade M&A Slide titled '...but with TD, this suddenly changes.' It features a bar chart showing PV of Unlevered Free Cash Flows from 2005 to 2010 with projections. Text boxes highlight $23.5 per share intrinsic value, $6 dividend, valuation contingent on $600 million in synergies, and 140% upside. The chart compares actual and estimated data, with annotations about assumed synergies in years 3, 4, and 5. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0d669e5a-4713-4f59-b419-85068c02cf5f/Slide18.JPG Ameritrade M&A Slide 18 titled 'Our valuation is contingent on these synergies' with three numbered points discussing cost synergies and branch support, and a caption at the bottom emphasizing execution. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/789afffc-ba1a-4748-95a7-7ca3f01f7774/Slide19.JPG Ameritrade M&A Slide showing sensitivities for the TD Deal, with green highlighted data indicating levels above $17.5 per share, including tables of synergies and WACC rates at different growth rates and terminal values. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/814d7273-6b9f-439c-bf54-ed4471d508ca/Slide20.JPG Ameritrade M&A Flowchart outlining implementation process: advocate TD deal, finalize govern, integrate, evaluate exit opp, with steps for advocacy, approvals, leadership plan, execution, management, technology, culture, assessment, and max exit opportunity. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/52523136-4eb7-4754-9896-c079cc7f3cc9/Slide21.JPG Ameritrade M&A Slide titled 'Risks' with a table listing risks and mitigation strategies, including exit timing risk, synergies not achieved, integration execution risk, and no deal happens. Contact info for Ivan & Edina, part of Team F1, is in the top right corner. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a58618dd-9781-4ccc-908f-b4d4479cbe8b/Slide22.JPG Ameritrade M&A Slide presentation titled 'Support the TD Waterhouse transaction due to superior upside' showing a diagram with '140% Upside' and details about a financial deal, including benefits like synergy, cash dividend, and high quality with M&A options. https://imivani.com/newearth daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/69780093-5a31-4d50-b841-f04175dbfd42/Slide1.JPG New Earth Mining Presentation slide titled 'Digging Deeper: Structuring NESA’s Iron-Ore Project' by Ivan & Edina, related to new earth mining and iron-ore excavation. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ed3308f5-5f6b-4274-bca8-ccb0011e1749/Slide2.JPG New Earth Mining A slide from a presentation discussing the benefits of iron above $57. It lists three points: 1) Iron ore upside unlocking value creation, 2) Debt-heavy leverage lowering the cost of capital, 3) Contracted buyers eliminating demand risk. The slide emphasizes that with secured buyers and debt coverage, the real risk is the price, which is favorable at $100 iron. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/89d8dc8a-298a-4523-a13a-940b7a37d9bb/Slide3.JPG New Earth Mining A financial analysis slide showing the iron ore market. It features two charts: the first shows the volatility of spot iron ore prices from 2002 to 2012, rising sharply between 2007 and 2010 and then dropping to $100 per ton in 2012. The second chart compares global iron ore consumption by China, Japan, and South Korea from 2005 to 2011, with China consuming over 50% of the world's iron ore, driven mainly by spot prices. The slide emphasizes China's dominant role in the market and its exposure to volatile prices. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/52a42869-6011-4b21-ab3c-c38ce1329632/Slide4.JPG New Earth Mining Diagram showing stakeholder analysis of Galaxy Resources Inc. with six key stakeholders: New Earth Mining (Parent), U.S-Based Government, NESA Subsidiary, Government & Insurers, Asia Steelmakers, and South African Government, connected to the company at the center. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/14b2d739-1b58-4eab-b1a1-4b5bd727bea2/Slide5.JPG New Earth Mining Financial chart showing debt obligations and equity payments from 2013 to 2029, with data indicating debt coverage and profitability ratios, and a headline about lender payments and equity gains. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/ef11e8d6-8d52-415e-bb24-9a7be3cb1e0b/Slide6.JPG New Earth Mining A financial chart comparing project net present value sensitivity to iron price and production scenarios, displaying break-even points with breakeven at about $57 per ton. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4891323d-6373-473d-a9d5-560cc9237e4d/Slide7.JPG New Earth Mining Flowchart diagram titled 'What are the different alternatives that New Earth Mining have?' showing options for evaluating mining projects, including paths for WACC, external consultants, internal analysts, and different investment decisions, with various outcomes like hedge risk or unhedged investments. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b1435dd4-1e5d-460d-906d-af62d497da3e/Slide8.JPG New Earth Mining Slide showing WACC calculation with two bar graphs. The first graph illustrates WACC breakdown with equity and debt proportions, highlighting a 6.5% overall WACC. The second graph shows capital breakdown, with 20% equity and 80% debt. A caption states leverage drives WACC down to 6.5%, reducing risk. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/a91cf4ba-13e9-44bd-b520-9514d1503106/Slide9.JPG New Earth Mining A financial presentation slide showing a line graph comparing free cash flow to equity under base case and cost overrun scenarios from 2015 to 2029. To the right, it displays a case summary with a base case NPV of $466,000, cost overrun NPV of $291,000, a WACC of 6.5%, and a breakeven price of $57. The slide emphasizes that even with cost overruns, NASA remains able to meet its debt obligations. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/e5aca1f0-4cdb-43b1-a4f9-73c370f3964f/Slide10.JPG New Earth Mining Flowchart illustrating investment strategies for NESA: Evaluate NESA using WACC with specifics like breaking down capital structure for rates, then Lock In Price with forward contracts at $100 for 3 years and extension option, followed by implementing Cost Controls with project management, detailed schedules, and regular check-ins. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/95071f7b-72b5-4f52-8467-0a269cce0da1/Slide11.JPG New Earth Mining A slide presentation titled "With locked-in rates, there exist minimal risks" discussing risks and mitigation strategies for Galaxy. Risks include unproductive $6.4M, tax risks, overleveraging during downturns, and political risk. Mitigations involve waiting for interest rate rises, sharing transferal and staged buyout, and credit guarantees from China, Japan, and South Korea. https://imivani.com/parks-capital daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/4892ddd6-1e6b-49f0-9b4e-c4936324ce4e/Slide1.JPG Parks Capital - LBO Title slide of a presentation titled 'US Retail Sale: Parks Capital, Stay Out!' by Team F1, Ivan & Edina, January 2003, with the subtitle 'Objective: Determine the optimal course of action for Parks Capital in response to the potential sale of US Retail.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/77906b9b-76fe-4e03-9cef-7e415a6cadae/Slide2.JPG Parks Capital - LBO Presentation slide with investment recommendations and analysis on US retail sector, highlighting risks, options, and strategic focus. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f3146c99-236c-405d-ba25-7ce3e5f37caf/Slide3.JPG Parks Capital - LBO Slide presentation titled "ACCM is well-positioned in the 'safe' part" highlighting apparel manufacturing fundamentals, including projected growth, CAGR, and sales, with points on diversification, supply terms, and customer base. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/45251085-510b-4194-a54f-2a53ad66d672/Slide4.JPG Parks Capital - LBO Presentation slide titled 'US Retail sits at the volatile edge' with bullet points about US retail performance, showing categories like Walmart and Target, and issues like consecutive quarters of sales decline, franchisees revolting, and CEO resignation. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/13605939-a3ca-4ef7-a96a-42d24e6c03fb/Slide5.JPG Parks Capital - LBO Slide titled 'Borrowing conditions are attractive,' showing graphs of federal reserve target rates and core PCE and unemployment rates from 1990 to 2002, with annotations about interest rates reaching the bottom, inflation stabilizing below 2%, and unemployment stabilizing at around 6%. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2681b768-83a2-4a72-b09d-22277d01b4d9/Slide6.JPG Parks Capital - LBO A presentation slide comparing US retail with other peer companies, highlighting that US Retail is the most expensive. The slide includes a bar chart showing EV/EBITDA ratios for US Retail, Toddler Time, Gymboree, Children's Place, and Baby Bargains. Text notes US Retail's high EV/EBITDA of 12.9x, the highest among the peers, and states "US Retail is by far the most expensive peer." Data points include common shares out (46.9 million), share price ($22), market price (1032), total EV (1060 million), and EV/EBITDA (12.9x). The slide is labeled as part of Team F1, slide 6, created by Ivan & Edina. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5a11dcfb-6816-4d47-a652-ffb1f8d3dec8/Slide7.JPG Parks Capital - LBO Slide from a presentation showing that ACCM is overleveraged at a 6% interest rate, with a debt/EBITDA ratio of 4.9x, compared to peers with lower ratios. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/f404a4af-85c6-466d-b09f-074ce2adeec0/Slide8.JPG Parks Capital - LBO Slide titled "Old debt burdens ACCM, is it worth the risk?" with a financial data table on the left showing common shares out, share price, market price, total EV, and key financial metrics; a bar chart on the right illustrating interest expense, new interest, free cash flow, and coverage over time from 2003 to 2010; annotated with a note "Cash flows can't cover, already overleveraged"; text at the bottom states "Principal can be barely paid off in the first year of acquisition." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/58c3637a-a4b8-4047-850e-c5ec7547a03d/Slide9.JPG Parks Capital - LBO Slide comparing three alternatives: do nothing, Parks Capital acquire US retail, ACCM acquire US retail. Listings include pros and cons for each option, with the bottom emphasized statement: 'Optimal option is to do nothing.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/9a974702-7321-4915-afc1-fae356428fe5/Slide10.JPG Parks Capital - LBO Slide titled 'M&A market expects rebound in 2003' showing statistics about 2002 M&A activity, with 42% decrease in US volume, 73% decrease in deal volume since 1999, and 2 consecutive years of activity decline. It highlights factors driving the 2003 rebound, including bargain hunting, asset divestitures, cautious strategic buyers, driven by PE firms, cash-driven activity, and positive signals from big buyers, with a note that increased PE participation can offer opportunities. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/2c9e5c8f-fb5b-4e64-892f-2fc0338c681e/Slide11.JPG Parks Capital - LBO Slide showing an implementation plan with four steps: diversify ACCM, connect with PE, lobby PE firms, and establish long-term; includes descriptions and a note emphasizing immediate start for Parks and ACCM. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/da5ae776-e630-4e21-8278-c1082e21d843/Slide12.JPG Parks Capital - LBO A slide titled "Risk & Mitigation" showing a table with four risk factors on the left (Unfavorable Buyer Wins, Soft influence fails, Antitrust concerns, Opportunity cost of improvement) and corresponding mitigation strategies on the right. The slide is from a presentation by Ivan & Edina, Slide 12, Team F1. https://imivani.com/techmajority daily 0.75 2026-01-18 https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/822746ed-d0d0-4af1-a9ee-a7de51432513/Slide1.JPG An Argument for Tech Majority Voting Rights Presentation slide titled "Tech Majority Voting Rights: An Opportunity for Visionary Leadership" with subtext "Position: For Super-Majority Voting Rights in Tech." The slide includes course code MGST 451 L06 and names of presenters: Ivan Imshetnskyy, Alicia Buckler, William Hyndman, Carter Hudson, Carter Henry, and Ben Nguyen. The background is dark blue with a faint image of a bridge. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5859eb8c-c312-45c6-92e9-7400a23981b7/Slide2.JPG An Argument for Tech Majority Voting Rights Presentation slide showing an agenda with topics covered, including industry overview, three case studies, addressing concerns, and conclusion. Names listed on the right side are Will, Ivan, Ben, Carter Henry, Carter Hudson, and Alicia, with arrows indicating the sequence. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/39980d5f-a7c7-4b83-a2dc-b612e207b937/Slide3.JPG An Argument for Tech Majority Voting Rights Slide titled 'Dual-Class Drives Innovation and Value in Tech' with three bullet points. First point: 'Flexibility fuels innovation - dual-class shares let leaders make bold moves' with an icon of a person with a light bulb. Second point: 'Long-term focus builds real value - control protects R&D spending' with an icon of a target. Third point: 'The market still has power – it shifts from votes to valuation' with an icon of two people with a light bulb. A dark blue box at the bottom states: 'Super-voting shares give founders the tools to innovate, and markets the power to judge them.' https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/b49570ba-272e-4c39-b7a0-11c270bf3403/Slide4.JPG An Argument for Tech Majority Voting Rights Slide titled 'Industry Context' showing two sections: 'R&D Intensity' with bullet points on tech industry R&D; 'Bold Decision Making' with bullet points on industry evolution, market change, and decision control. There are two dashed boxes with text about high-risk R&D projects and Mark Zuckerberg's Instagram purchase. Bottom banner states, 'Super-majority control empowers tech leaders to sustain long-term R&D and make bold strategic decisions without short-term investor interference.' Source listed at the bottom. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/3ad0cd51-83f2-4896-b886-98e14df8255f/Slide5.JPG An Argument for Tech Majority Voting Rights Graphs showing shareholder value creation over 1, 5, and 10 years for multi & dual shares versus single class shares, with company logos for Meta, Alphabet, and Rivian. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/0440fa7e-9936-4365-90ab-28018152b7c1/Slide6.JPG An Argument for Tech Majority Voting Rights A slide from a presentation titled "Meta - The 2012 IPO That Broke the Rules." The slide explains how Meta (formerly Facebook) grew after its 2012 IPO, despite initial criticisms. It features a comparison between Class A and Class B voting rights, noting Zuckerberg's 13% ownership and 61% voting power, versus common shareholders' single vote. A line chart shows Meta's stock price from 2015 to 2025, highlighting a ~25% CAGR since IPO with points referencing R&D investments, rebranding to Meta, metaverse pivot, and cost cuts. The slide questions why META performed well if analysts called its governance 'uninvestable'. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/88efd869-4393-499b-a181-cc69dea278e7/Slide7.JPG An Argument for Tech Majority Voting Rights Meta case study slide titled 'The Defiance: Betting Long When Others Wouldn’t,' showing a timeline from 2012 to 2024, decision points, market reactions, and outcomes, as well as a section titled 'The Payoff' with statistics about market cap, FCF CAGR, and R&D CAGR. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/815cbdcc-d4de-4505-b66b-e99c8d6ddd65/Slide8.JPG An Argument for Tech Majority Voting Rights Slide titled 'Case Study #2 Alphabet: Decisions that Created the Tech Empire' showing logos of YouTube, Android, Waymo, DeepMind, and Google. The slide discusses Projects and Acquisitions and Founder Insight about Alphabet's success. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/8d8f3e28-9d66-4784-bceb-dd4e862df32b/Slide9.JPG An Argument for Tech Majority Voting Rights Slide from a presentation with the title 'Case Study #3 Rivian,' discussing Rivian's electric trucks and Tesla, featuring images of a man speaking at VOTE event, a person in front of Tesla logos, and various strategic topics. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/fb40176e-de8f-4be8-8c2f-74e7b55baf51/Slide10.JPG An Argument for Tech Majority Voting Rights Slide titled 'Addressing the Rebuttals...' with three columns: 'Accountability Exists', 'Not Permanent: Sunset Clauses', and 'Innovation & Returns', each with supporting text and evidence, and a footer with a quote and source. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/7e9605b0-fde5-4f9c-8b5b-fbce80d7270a/Slide11.JPG An Argument for Tech Majority Voting Rights Slide titled "Lessons & Conclusion" with the heading "Vision Wins When the Founder Leads." It lists three points: 1) Super majority rights enable decisive action to protect innovation, 2) Companies with multi and dual class shares deliver better long-term and short-term performance than single class shares, 3) Accountability still exists in different forms. There is a statement at the bottom: "Super majority voting rights don't silence investors - they amplify innovation." The slide is from page 11, Team 11, and includes a source note: "Company Fleings, Team Consensus." https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/5413057a-ebde-4215-8326-5f57c03072d1/Slide12.JPG An Argument for Tech Majority Voting Rights Slide titled 'Lessons & Conclusion' with the main heading 'Vision Wins When the Founder Leads' and points about the importance of super majority voting rights in corporate governance, including icons representing group leadership, shareholder performance, and accountability. https://images.squarespace-cdn.com/content/v1/696a9c3772ff0b499c3e3995/d6eb7de9-58c1-48d4-ab63-222b5cbc785c/Slide13.JPG An Argument for Tech Majority Voting Rights Page 13 of a research bibliography document featuring references on corporate governance, investor relations, and dual-class share structures, with sections on industry context, case studies, addressing concerns, and related URLs. https://imivani.com/walmart daily 0.75 2026-03-23 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