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EPS of 68c missed estimates of 67c; Insurance revenue was $807.6M. Revenue rose 10.5%. ROE was 18.6%, higher than estimates (18.5%). Book value rose to $15.64 from $12.58. Debt to capital 11.6%, better than estimates (11.7%). The company noted strength in Trisura Specialty  and growing earnings from US programs, as well as higher net investment income. The stock is down on the 'miss', but all in we would consider the quarter OK. The stock is still up 20% YTD.
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BROS certainly has strong momentum, up nearly 45% year-to-date and is expensive at 97x forward price-to-earnings. It is expected to grow the top line at 20% annually over the next two years. Recent quarterly results were very strong with EPS beating estimates of 12c coming in at 16c. Revenue was $338.2M increasing 28% year-over-year and beating estimates of $324.8M. BROS has continued it rapid expansion rolling out 38 new stores in the quarter. Results were very strong and the company had breakeven free cash flow following the quarter. We think it looks solid, but would be cautious of debt levels as it does have $647M in net debt and the valuation is expensive.
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Company Highlight: Barrick Gold Corp. (ABX)

ABX is a traditional miner who explores, mines, produces, and sells gold and copper properties. ABX also sells silver and energy materials. For the full year ended 2023, gold was ~91% of total revenue, copper 7%, and other  ~2%. Geographically, gold properties were derived 50% from North America, 37% Africa and Middle East, and 13% Latin America and Asia Pacific. For copper properties, the geographic distribution was 79% Africa and Middle East, and 21% Latin America and Asia Pacific.
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