To The Moon

4.6% Dividend Yield, 21 consecutive years of growth.Concluded quality assurance program in the infant formula segment, expects to ramp production and return to form by 2026.Entering cost saving program, through consolidation of the organization and headcount cuts expects to save $150 million by 2026.Creating new ‘disruptive growth’ team to identify new markets to enter.Refinanced debt on the balance sheet, with new maturities not starting until 2030. Expects meaningful deleveraging below 3.0x net debt to EBITDA by 2026.Entering into voluntary non-renewals of contracts that are margin dilutive.Investment Thesis $Perrigo Co PLC(PRGO)$ is a pure player in the OTC consumer healthcare market. Since our last coverage on PRGO, it has continued to slim do

$0.40 annual base dividend, yielding 1.89%.Variable dividend program linked to gross debt, paying up to $0.72 annually or yielding 3.3%.Demand projected to continue to outstrip supply in silver markets, with PAAS estimating an annual shortfall of 150 Moz to 2028.Strong base of gold assets (73% of revenue) with high silver exposure (20% of revenue).Record high cash position of $887.3 million thanks to the sale of non-core assets, giving PAAS no net debt.For the year ending December 2024, PAAS had an output of 21.1 Moz of silver and 893 Koz of gold.Investment Thesis $Pan American Silver(PAAS)$ is the second largest primary silver producer in the world, focused on developing primary deposits in the Americas. For the year ending December 2024, PAAS ha

Growing manufacturing base to 25GW by 2026, with 14GW in the US. Fully integrated supply chain independent of Chinese supply mitigates most tariff risks.Sell-off driven by fears of loss of IRA tax credits, however, FSLR remains profitable without the credits and its unlikely they will be repealed in their entirety.Largest US solar manufacturer and #10 in the world by market share.FSLR’s 17 TOPCon patents might yield a third-party sale or royalties, as the U.S. International Trade Commission looks into banning infringing imports and the Chinese government upheld FSLR’s ownership.FSLR’s CdTe modules have higher temperature tolerance and lower annual degradation rates compared to Chinese-dominated c-Si modules.Investment Thesis $First Solar(FSLR)$ is

$.DJI(.DJI)$ $.SPX(.SPX)$ $.IXIC(.IXIC)$ $Invesco QQQ(QQQ)$ $NASDAQ 100(NDX)$ $SPDR S&P 500 ETF Trust(SPY)$ $WTI Crude Oil - main 2502(CLmain)$ $Gold - main 2502(GCmain)$ $iShares 20+ Year Treasury Bond ETF(TLT)$ OverviewDespite a “Santa Claus Rally” not materializing, the S&P500 ended the trading year up 23%, after rising 24% in 2023. This back-to-back performance is the best since 1997 and 1998.

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.Investment Thesis $Philip Morris(PM)$ was formed in 2008 when $Altria(MO)$ spun out its international segment. Since then, PM has grown to be the largest public tobacco company in the world by volume, holding 14.0% market share

Trading at far less than the sum of its parts, with Recurrent Energy and CSI Solar combined being worth $89.89 per CSIQ share.Sold 20% of utility-scale project manager to Blackrock, repositioning it to begin operating battery-storage and solar-generation to enhance recurring revenues.The global push toward renewable energy is secular and likely to accelerate as AI-driven datacenter demand rises.Onshoring more of the manufacturing base to the US will mitigate tariff risks in both batteries and solar.CSI Solar has shipped over 22 GW of solar components year to date, making it the #5 spot in global market share.Investment Thesis $Canadian Solar(CSIQ)$ is a solar power company that designs and manufactures solar power solutions and provides utility-le

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.Investment Thesis $Civitas Resources(CIVI)$ was formed in 2021 through the merger of two Colorado DJ Basin Pure Players, Bonanza Creek and Extraction Oil and Gas. Since then, it has become the second largest producer in the DJ Basin and has recently expanded operations into the Permian Basin in

2.2% Dividend YieldLoyal 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.Investment Thesis $Bath & Body Works Inc.(BBWI)$ is a North American chain of home-good stores specializing in scented products and self-care. BBWI was formed after L Brands spun off Victoria’s secret into its own publicly traded entity (VSCO), with L Brands changing its name to Bath and Body Works. In recent ye

3.14% Dividend Yield13 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.Investment Thesis $Tyson(TSN)$ is an American meat-processing giant, producing about 20% of the consumer beef chicken and pork sold in the United States. With both pork and beef markets experiencing a cyclical downturn, coupled with a strained consumer, Tyson has seen its margins contract and volumes remain

$.SPX(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $.DJI(.DJI)$ $GLOBAL X DOW 30® COVERED CALL ETF(DJIA)$ $.IXIC(.IXIC)$ $Invesco QQQ(QQQ)$ $NASDAQ 100(NDX)$ OverviewEquity markets closed at another record high on the last trading day of November. November was the best month of the year for the S&P 500 and Dow Jones, with the S&P 500 having its best YTD performances since 2013. Largely gains came from renewed market optimism following a Trump victory and strong preliminary economic data.With