Stock Thoughts

• 4.5% dividend yield, 16 consecutive years of dividend growth.
• Renewed interest in the US market, bringing new IQOS products to market in the second half of 2025 and continued investment in the Zyn brand.
• Plans to re-institute share repurchase program after reaching 2.0x net debt to EBITDA target, currently 3.0x.
• Smoke-free nicotine products have 2.6x the gross margin per unit compared to cigarettes.
• Brand-loyalty in cigarettes has meant price increases have offset or even exceeded volumes.

• 4.2% base dividend, 50% of free cash flow going toward share repurchases.
• Colorado regulatory uncertainties have historically pressured valuations, but the early 2024 agreement has delayed major risks until 2028.
• Civitas has partially shifted to the Permian Basin, emphasizing cost reduction in drilling operations rather than outright production gains.
• Still some minor expansion in DJ Basin, advancing with 4-mile lateral drills in premium-priced high-grade oil.

• 2.2% Dividend Yield
• Loyal customer base, with loyalty members making up 80% of sales.
• 85% of the supply chain originated in North America, mitigating tariff risk.
• Produces 55% of its end products in-house, with 40% of products on offer being seasonal only.
• Peer leader in sales per square foot with $1,074/sqft in sales.
• Expanding into ‘adjacent’ markets like products marketed at men and products marketed to Gen Z to boost new-customer growth.

• 3.14% Dividend Yield
• 13 consecutive years of dividend increases, most recently increasing by 2% in November 2024.
• Despite overlapping downcycles in pork and beef markets, Tyson generated $1.5 billion in free cash flow.
• Shifting more production to high margin value-added products like pre-made food and pre-seasoned meat across all segments.
• Targeting leverage ratio of net debt to EBITDA of under 2.0x, currently 2.6x with most debt maturing past 2027.

• 3.95% Dividend Yield.
• Stock dropped 17.3% on the failure of Emraclidine in Phase 2 Trials, a drug only projected to make up ~7% of revenues.
• Aggressively expanding oncology offerings, acquiring ADC (antibody drug conjugates, non-chemo cancer drugs) expert ImmunoGen.
• Expects to replace Humira revenue in 2025 with two new immunology drugs and grow to be more than $27 billion in annual revenues.
• Shifting focus in neuroscience to Alzheimer’s and Parkinson’s, areas with few effective on-market treatments.

• 5.3% Dividend Yield with 5% dividend growth.
• Strong long-term production profile, expecting a 4% CAGR output increase to 2030 with breakeven below $30/boe (barrel of oil equivalent).
• Long-term focus on LNGs (Liquified Natural Gas), expecting to grow export capacity by more than 50% by 2030, with 6 Mt/y (million tons per year) in long-term supply contracts signed with Asian importers.
• Trades at an attractive valuation at just 7.8x earnings.
• Committed to $2 billion in buybacks each quarter of 2025.