Facilities and Construction Services

Costain Group PLC

Conference Minutes

Costco

COST

Below is Dolphin Research's summarized transcript on $Costco Wholesale(COST.US) FY26 Q2 earnings call; for the earnings analysis, cf. 'Will AI trigger mass layoffs? Costco remains a safe haven'. I. Core financial highlights review. II. Detailed call notes — 2.1 Management's key messages. 1) Tariff impact: the future impact remains highly uncertain. IEEPA tariffs that were previously cancelled have been replaced by new global tariffs, effective for at least the next 150 days. Refunds: regarding IEEPA tariff refunds...

Signet

Costco Wholesale

COST (Trans): Tariffs & Iran impact in focus

Financial Analysis

Global discount retail leader — $Costco Wholesale(COST.US) reported Q2 FY2026 results in U.S. after-hours today.The quarter ended on Feb 15.Overall, results remained solid, with both revenue and earnings slightly beating estimates.Momentum stayed intact.On headline metrics, total revenue rose 9.2% YoY, an acceleration vs. last quarter’s 8.3%.The pickup was aided by FX tailwinds and broadly higher precious metals and commodity prices.OP was $2.61bn, up 12.5% YoY.Margin expanded by 10 bps YoY, remaining on an improving trajectory...

Block

Walmart

AI to Trigger Layoffs? COST Still a Safe Haven---

COST F2Q26 First Take: results remained steady and familiar. Revenue and EPS were slightly above sell-side estimates, with a very narrow beat given the company’s consistency. On trends, revenue accelerated on inflation and FX tailwinds. However, with opex rising faster than revenue, margin expanded just 10bps YoY, below market expectations. 1) Comps rose 7.4% this quarter, a notable pickup vs. last quarter. The gain was driven by a +4.2% increase in avg. ticket, while traffic grew 3.1%, flat vs. last quarter.U.S. domestic growth decelerated QoQ by 20bps, and fuel prices plus FX provided a meaningful tailwind. Ex fuel and FX, the YoY increase in avg. ticket eased to 3.5%. That is still elevated, with prior disclosures indicating higher gold prices boosted high-ticket jewelry spend. 2) From a cost and expense lens: GPM rose 12bps YoY, continuing an improving trend and beating consensus. Mix was driven by non-core businesses (+19bps; fuel, food courts, pharmacy), while core merchandise GPM slipped 3bps. Expenses were up 10.8% YoY, outpacing revenue, widening the opex ratio by 13bps YoY. The increase was mainly HQ costs (+4bps) and one-offs (+6bps) due to changes in liability accruals.As higher GP and expanded opex offset each other, margins still improved but only modestly for COST. $Costco Wholesale(COST.US)

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VIPS 4Q25 First Take: A warmer winter and a late Lunar New Year weighed on winter apparel sales. Management had already lowered guidance, but the actual print came in worse. Details below.1) Operating metrics turned softer: active buyers declined YoY, down by approx. 0.4 mn. With lower purchase frequency per user, order volume fell 5% YoY.A higher AOV, likely driven by product mix upgrades and SVIP contribution, barely kept GMV in positive territory. In short, all three metrics missed expectations.2) With GMV lagging, revenue fell 2.3% YoY, worse than the market’s post-cut expectation of sub-+1% growth. The company is no stranger to managing through revenue declines.Amid weak topline, tight cost control helped: total opex fell 3.7% YoY, a larger drop than revenue, with all expense lines down. As a result, profit still grew +1.7% YoY.Operating profit reached RMB 2.9 bn, beating market expectations.3) In summary, the quarter was soft, but protecting profitability is commendable. The late Lunar New Year also suggests better sales in 1Q26.Management guided next quarter revenue mid-point to +2.6% YoY, back to growth and slightly above consensus. Hence, the weak 4Q print should not be overly penalized.On shareholder returns, buybacks totaled approx. $700 mn over the past year, plus ~$250 mn in dividends, exceeding $950 mn in aggregate. That equals about 11% of current market cap.This provides solid support for the stock. The company also announced it will pay an annual dividend next year of approx. $305 mn, up 22% YoY. $Vipshops(VIPS.US)

Allstate

Imac

Vipshops

Guggenheim MSCI Global Timber

NextDecade

ON Semiconductor

Plus500 Ltd.

ePlus

Compass

Paymentus

ALLSTATE CORP DEP SHS REP 1/1000 NON CUM PER PRF SER H

ALLSTATE CORP 4.750% DEP SHS REP 1/1000TH PRP PFD SR I

ALLSTATE CORP DEP SHS REPSTG 1/1000TH NON PERP PFD SER

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Below is Dolphin Research's full earnings call Trans for $Costco Wholesale(COST.US) FY26 Q1. For our First Take, see 'US Gov. shutdown victim? Is Costco's last leg down?'1) Key metrics recap. Headline results: net income of $2.001bn and diluted EPS of $4.50.Excluding tax benefits related to SBC, net income and EPS rose 13.6% YoY. Sales: net sales were $65.98bn (+8.2% YoY), with comps up 6.4%...

Doordash

Uber Tech

Ameriprise Financial

Opendoor Tech

Opendoor Tech Series A - CW26

Opendoor Tech Series K - CW26

Opendoor Tech Series Z - CW26

COST (Trans): Confident on inflation; plans to open 30 warehouses annually.

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The global discount retail leader — $Costco Wholesale(COST.US) — reported FY2026 Q1 results for the quarter ended Nov 23 after the U.S. close on Dec 11.Overall performance was steady, with revenue and OP growth improving and slightly beating estimates.However, key operating metrics — comps/traffic growth and member additions/renewal rates — remained soft.Specifically:1) Same-store growth looks better, but traffic is still weakening.Overall comps rose 6.4% this quarter, an acceleration of 70bps vs. last quarter...

Instacart（Maplebear）

BTD Capital Fund ETF

Global X Alternative Income ETF

US Gov. Shutdown Casualty? COST's Last Dip?

COST 1QFY26 First Take: Overall results remained solid.Top-line and OP YoY growth edged up QoQ and slightly beat consensus, a clear bright spot.However, same-store traffic growth continued to slow and missed expectations.The better sales and financials appear entirely driven by a higher average ticket.New member additions slowed, and renewal rates kept declining.These remain negative signals.Details follow.Key points below.1) Revenue grew 8.3%, a modest acceleration vs. last quarter and above expectations.Driven by a 3.2% increase in average ticket on comps (vs. 1.9% prior), which pushed comparable sales growth from 5.7% to 6.4%.2) That said, traffic growth on comps fell from 3.7% to 3.5%, missing the Street.As a result, ex-FX and gas, comps were 6.4%, flat QoQ with no real improvement.3) On member metrics, net new paid members were +0.4 mn QoQ, the smallest quarterly add since 2019.Global and North America renewal rates fell another 10bps QoQ, down 80bps cumulatively over the past three quarters.4) On a slightly positive note, the SG&amp;A ratio did not widen meaningfully, up just 1bp YoY, while GPM increased 4bps YoY.This helped OP growth return to double digits at 12.2% YoY.$Costco Wholesale(COST.US)

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Fourth quarter guidance below expectations

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NIO Inc

NIO Inc. USD OV

NVIDIA

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

Community Financial

Nio: Cost Reduction and Efficiency Improvement Are Effective, But Is It Really a 'Turnaround'?

AXON

Applovin 3Q25 Quick Interpretation: Overall, it was a slightly better-than-expected strong growth, and the post-market reaction aligned with the extent of the surprise.Before the earnings report, aside from the SEC's scrutiny risk, there were actually some disputes in the market regarding the actual effectiveness of the self-service platform. Some funds believed that merchant feedback was not as optimistic as expected (the number of merchant brands did not significantly increase, and the click-through rate of the Axon webpage did not show a noticeable spike), leading to a wave of valuation adjustments.Dolphin Research believes that the current self-service platform is not fully launched and is in a specific range of invitation testing. Therefore, the Q4 guidance cannot fully reflect the true effect of the self-service platform. Attention can be paid to the management's related discussions and specific customer adoption disclosures during the conference call.1. Revenue growth naturally slowed: Third-quarter revenue was $1.405 billion, up 17% year-on-year. If only looking at advertising, the actual growth rate was 68%, which slowed compared to the previous quarter. Fourth-quarter revenue guidance is $1.57-1.6 billion, calculated at the upper end of the range, up 60% year-on-year, continuing to slow slightly.2. Profit margin continues to optimize: In the third quarter, due to cost control, the adjusted EBITDA profit margin increased by 1.5 percentage points, reaching 82%. This is evidently an extreme state, with the combined rate of the three expenses only at 10%.This is the current profit level that Applovin has as a pure advertising intermediary platform. With subsequent cost recognition of the new platform and investment in new market expansion, the space for further improvement is relatively small. $AppLovin(APP.US)

Axon Enterprise

AppLovin

MercadoLibre

MELI

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The Latin American version of &#34;Alibaba&#34;—$Mercadolibre(MELI.US) (hereinafter referred to as Meli) released its financial report for the third quarter of 2025 on October 30. Overall, the revenue side performed well, with accelerated growth quarter-on-quarter and slightly exceeding expectations. Conversely, due to increased logistics subsidies within the e-commerce segment and a decline in financial business due to structural factors and interest rates, profit margins fell short of sell-side expectations. 1. Growth outperformed but profits underperformed: In terms of overall performance, Meli's total revenue (denominated in USD) grew approximately 39.5% year-on-year, with a significant acceleration from the previous quarter...

Mercadolibre

BABA-W

Alibaba

BABA-WR

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

MoneyLion

23andMe

CHROME HLDG CO

Pro Ultra 7-10Yrs

Victory

Alibaba HK SDR 5to1

Meli: Profit miss? It might just be the 'growing pains' before victory.

Costain shareholders approved all 20 resolutions at the 2026 AGM, including the annual report, directors' remuneration, and a final dividend. Notably, the resolution for political donations received 79.43% support, just shy of the 80% threshold, prompting the board to engage further with shareholders. The AGM outcomes reflect Costain's governance framework and highlight investor concerns regarding political spending. Analysts rate Costain stock as a Hold with a £180.00 price target, citing improved financial stability but cautioning against ongoing revenue contraction.

Tip Ranks

Costain shareholders back all AGM resolutions, with political donations vote drawing scrutiny

Costain Group PLC has advanced its share buyback program, repurchasing 266,835 shares, reducing the total share count to 267,645,679. The shares were bought at an average price of 195 pence each, with all purchased shares set for cancellation. This move reflects management's confidence in the company's financial position and aims to enhance earnings per share for remaining shareholders. Analysts currently rate the stock as a Hold with a price target of £180.00, while TipRanks’ AI Analyst rates it as Outperform, citing improved financial stability despite concerns over revenue contraction.

Costain Advances Share Buyback, Cutting Share Count to 267.6 Million

Costain Group PLC has set the scrip dividend reference price at 187.36 pence per share for shareholders opting for shares instead of cash for the final dividend for the year ending 31 December 2025. Shareholders must submit a mandate form by 1 May 2026. The final dividend is scheduled for payment on 26 May 2026, pending approval at the 2026 AGM. The latest analyst rating for Costain stock is a Hold with a £180.00 price target, while Spark's AI Analyst rates it as Outperform, citing improved financial stability but cautioning against potential revenue contraction.

Costain Sets Scrip Dividend Reference Price at 187.36p

Costain Group PLC insider Fiona MacAulay purchased 4,169 shares at GBX 179 each, totaling £7,462.51. Following this, the stock rose 4.7% to GBX 184.28. The company has a market cap of £490 million, a PE ratio of 13.45, and a net margin of 3.57%. Analysts have a "Moderate Buy" rating with a target price of GBX 190. Berenberg Bank raised its price target from GBX 210 to GBX 240, maintaining a "buy" rating.

Market Beat

Insider Buying: Costain Group (LON:COST) Insider Purchases 4,169 Shares of Stock

Costain has announced the scrip dividend reference price for its final dividend for the year ending December 31, 2025, set at 187.36 pence per share. Shareholders can opt for new shares instead of cash, with payment scheduled for May 26, 2026, pending approval. The company emphasizes equity-based dividends as part of its shareholder strategy. Current analyst ratings suggest a Hold with a £180.00 price target, while Spark's AI Analyst rates it as Outperform, citing improved financial stability but cautioning against potential revenue contraction.

Costain Sets Scrip Dividend Price for 2025 Final Payout

Costain's CEO Alex Vaughan and CFO Helen Willis have exercised nil-cost share options, significantly increasing their equity stakes. Vaughan's holdings are valued at £4.24m (764% of salary), while Willis's are at £2.59m (555% of salary), both exceeding the company's 200% guideline. Analysts rate Costain (GB:COST) stock as a Hold with a £180.00 price target, citing improved financial stability but cautioning against ongoing revenue contraction. Costain Group PLC specializes in infrastructure and construction projects in the UK, with a market cap of £500.7M.

Costain CEO and CFO Boost Equity Stakes After Exercising Incentive Awards

Costain Group has executed a share buyback program, repurchasing 222,115 shares at an average price of 189 pence, bringing total repurchases to 1,297,459 shares. This move reduces shares in issue to 268,417,436, aiming to enhance earnings per share and signal a commitment to returning capital to shareholders. Analysts rate Costain stock as a Hold with a £180.00 price target, while TipRanks’ AI Analyst rates it as Outperform, citing improved financial stability despite concerns over revenue contraction.

Costain Advances Share Buyback, Cutting Shares in Issue

Costain Group PLC (LON:COST) reached a new 52-week high of GBX 203.50 during trading, closing at GBX 202.50. Analysts from Berenberg Bank raised their price target from GBX 210 to GBX 240, maintaining a "buy" rating. The stock has a market cap of £530.74 million, a PE ratio of 14.57, and a return on equity of 14.87%. Analysts predict an EPS of 13.76 for the current fiscal year, with a current average rating of "Moderate Buy."

Costain Group (LON:COST) Hits New 1-Year High  - Here's What Happened

The European market is seeing a positive trend, with the STOXX Europe 600 Index up 3.92% due to hopes for resolving Middle East tensions affecting energy prices. This environment presents opportunities in undervalued small-cap stocks. Notable mentions include Costain Group, FirstGroup, and BHG Group, all showing insider buying activity, indicating confidence in their growth potential despite market challenges. The article highlights the importance of these stocks for portfolio diversification and potential growth, encouraging investors to explore further.

Costain Group PLC(COST.UK)