Insiders still discovering the upside: management reports the opportunity keeps revealing itself bigger in live operatio
The model's full reasoning — Q2 2022 call → NOWe need to determine if management conveys that it is still discovering new upside inside a business that is already working, with fresh discoveries from live operation and management responding with attention/resources. Let's analyze the transcript. Key points: - Paul Perrault: "I'm pleased to report, we had another quarter of solid earnings... core loan portfolio grew... net interest margin increased... continue to see solid commercial loan and deposit activity... I'm pleased with all of the progress the teams at both PCSB Bank and Brookline have been making and continue to expect the transaction to close in the fourth quarter." - Carl Carlson: talks about revenue growth, expense growth, loan growth, deposit decline, etc. - On deposit pricing: "We're not seeing a lot of activity. I think there's a lot of specials that people are offering... I think it's more of the money market accounts and treasury funds that I think we're seeing people move money towards short-term treasuries... less so on the deposit front." That's about market conditions, not discovery. - On expenses: "I think there's probably more competition for talent these days than there is on deposit rates... we have seen some strong demand for talent and retention and attraction of talent it costs some more certainly." That's about cost pressure, not upside discovery. - On $10 billion threshold: "They're mostly built in. They'll of course always see a little bit more resources that we're going to need to address certain things, but not material." That's about regulatory costs, not discovery. - On Clarendon private: "It's funny. We do expect this to breakeven in three years that would be 2.5 years. They're right on track with where we expected. Of course, I always wish that they are more than on track but they're right on track and doing excellent. I think the clients that we're bringing in and the types of assets and clientele that we're attracting is exactly what we wanted. And it's working extremely well with the banks. Our lenders our branch managers have really embraced them and the teams have been doing a great job together. So extremely pleased with how things have started out pretty quickly quite honestly, right out of the gates because it does take time to build that.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| WEC | WEC Energy Group, Inc. | Q1 2024 | 2024-05-01 | A |
| PDS | Precision Drilling Corporation | Q1 2024 | 2024-04-25 | B |
| ET | Energy Transfer LP | Q2 2023 | 2023-08-02 | C+ |
| IMAX | IMAX Corporation | Q2 2023 | 2023-07-26 | B+ |
| MEC | Mayville Engineering Company, Inc. | Q3 2022 | 2022-11-05 | B+ |
| MOMO | Hello Group Inc. | Q3 2021 | 2021-11-30 | D |
| CYBR | CyberArk Software Ltd. | Q3 2021 | 2021-11-04 | B+ |
| LOPE | Grand Canyon Education, Inc. | Q2 2021 | 2021-08-08 | C |
| EMR | Emerson Electric Co. | Q3 2021 | 2021-08-04 | B+ |
| TENB | Tenable Holdings, Inc. | Q2 2021 | 2021-07-27 | A |
| UMH | UMH Properties, Inc. | Q3 2018 | 2018-11-02 | C+ |
| XOM | Exxon Mobil Corporation | Q2 2018 | 2018-07-27 | C |
| MKTX | MarketAxess Holdings Inc. | Q3 2017 | 2017-10-25 | C+ |
| LIND | Lindblad Expeditions Holdings, Inc. | Q2 2017 | 2017-08-06 | C |
| BCE | BCE Inc. | Q2 2017 | 2017-08-05 | B+ |
| BP | BP p.l.c. | Q4 2016 | 2017-02-07 | B+ |
| INGR | Ingredion Incorporated | Q1 2016 | 2016-05-01 | B+ |
BP · Q4 2016 → YESThe question is: Does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — both discovering new positive surprises from operations AND responding with re...YES The transcript shows management conveying exactly this posture in the Oman section. They recount a genuine operational surprise—“straight wells that we had not expected,” well rates “above plan,” and liquid production “higher than planned”—that emerged while the asset was actually running.
XOM · Q2 2018 → YESThe question is: Does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — that in the course of actually operating, selling, or delivering in the recent...YES The transcript shows management conveying exactly this posture in the Guyana section. Neil Chapman recounts fresh upward revisions to resource estimates ("now more than 4 billion... up from the 3.2 billion... just 4 months ago") and the eighth discovery ("Longtail exploration well...
LOPE · Q2 2021 → YESThe question is whether management is still discovering new upside inside a business that's already working, based on recent operations, and responding with attention or resources. YES The transcript shows management discovering fresh upside in the GCU traditional campus platform through live operations: they built three new residence halls expecting no further need next year, but current registrations reveal near-capacity demand, requiring at least two more halls to be built.