Category: 3. Business

  • Jamie Dimon shares why he never reads text messages at work

    Jamie Dimon shares why he never reads text messages at work

    Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during the 2025 National Retirement Summit in Washington, DC, US, on Wednesday, March 12, 2025.

    Al Drago | Bloomberg | Getty Images

    JPMorgan Chase CEO Jamie Dimon recently opened up about his phone habits at work, including never reading text messages and having his phone notifications turned off.

    “I don’t have notifications,” the finance boss told CNN’s Erin Burnett in an interview. “If you sent me a text during the day, I probably do not read it.”

    He added: “The only notifications I get is from my kids. That’s it. When they text me, I get that.”

    The 69-year-old revealed that he doesn’t carry his phone around with him all the time and prioritizes deep focus at work.

    “When I’m walking around the building and going to meetings, I don’t have it on me. It’s in my office,” he said. “When I go to my meetings, I did the pre-reads and I’m 100% focused on us, what you’re talking about, why you’re talking about it, as opposed to I’m distracted and I’m thinking about other things.”

    Dimon has previously aired his gripes about poor meeting etiquette and said at Fortune’s Most Powerful Women Summit in October that using phones in meetings is “disrespectful” and “wastes time.”

    “If you have an iPad in front of me and it looks like you’re reading your email or getting notifications, I’ll tell you to close the damn thing,” he said at the time.

    He explained that meetings should have a purpose and that checking emails and getting distracted are red flags.

    Working from home

    Dimon has remained critical of some of the newest shifts in the workplake brought about by the youngest generation at work: Gen Z. Dimon has adhered to more traditional ways of working, often expecting his employees to do the same.

    Earlier this year, JPMorgan Chase’s CEO went on a rant in a leaked audio recording, to JPMorgan employees about working from home and phone usage in meetings after workers complained about having to return to the office five days a week.

    Dimon told them to quit saying he was concerned about the “damage” that work from home was doing to younger recruits.

    “Don’t give me this s— that work-from-home Friday works … I call a lot of people on Fridays, and there’s not a goddamn person you can get a hold of … I’ve had it with this kind of stuff,” he said in the recording.

    “They’re here, they’re there, the Zooms [Gen Z], and the zoomers don’t show up … That’s not how you run a great company.”

    He even took a shot at managers in the call saying they were abusing the privilege of working from home to slack off. When on Zoom, managers were looking at their mail, sending texts and not paying attention, Dimon said. “And if you don’t think that slows down efficiency, creativity, creates rudeness – it does,” he added.

    Work etiquette

    Anastasia Dedyukhina, a digital wellbeing expert, previously told CNBC Make It that frequently checking your smartphone reduces the quality of your conversations with friends and colleagues. A 2023 survey by Reviews.org found that Americans check their phones an average of 144 times a day.

    She explained that even just a having a phone near you can be extremely distracting. Using a phone could also leave a bad impression on managers and colleagues and is bad working etiquette.

    “I would also keep thinking about it because for our minds, a smartphone and the sound of a smartphone is a highly attractive stimuli. So when I hear my phone ringing and make a notification, for my mind, it’s the same as if you were calling me by my name,” Dedyukhina said.

    That’s why Harvard University associate professor Alison Wood Brooks formerly shared with CNBC Make It that it’s important to focus in meetings as it makes you appear smarter and more likable. This includes asking follow up questions and paraphrasing and repeating what the other person said back to them.

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  • How Investors May Respond To Alarm.com Holdings (ALRM) Upbeat Q3 Results and Raised 2025 Revenue Outlook

    How Investors May Respond To Alarm.com Holdings (ALRM) Upbeat Q3 Results and Raised 2025 Revenue Outlook

    • Alarm.com Holdings recently reported third quarter 2025 results, surpassing revenue and earnings expectations and raising full-year guidance with projected total revenue of US$1.00 billion.

    • The company’s highlighted expansion through the acquisition of CHeKT and deepened partnerships in its Energy Hub segment underlines its focus on broadening market presence and recurring SaaS revenue streams.

    • With upgraded guidance and enhanced product offerings, we’ll explore how Alarm.com’s business expansion efforts influence the investment narrative going forward.

    We’ve found 16 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.

    To be a shareholder in Alarm.com Holdings, you need to believe in the company’s ability to consistently grow its cloud-based SaaS revenues while expanding across residential, commercial, and energy management markets. The latest quarterly results and raised guidance provide support for the key short-term catalyst of recurring revenue growth, with little immediate change to the biggest risk, margin pressure tied to hardware-related costs and supply chain volatility.

    Among recent announcements, Alarm.com’s acquisition of CHeKT stands out, directly strengthening its commercial and residential capabilities through enhanced remote video services, aligning squarely with the recurring SaaS growth catalyst highlighted in its upgraded guidance. This move complements the company’s progress in expanded product offerings and deeper partner integrations noted in the latest earnings.

    However, on the other side of the coin, investors should consider the risk that increased hardware tariffs and potential supply chain issues…

    Read the full narrative on Alarm.com Holdings (it’s free!)

    Alarm.com Holdings is projected to reach $1.1 billion in revenue and $161.6 million in earnings by 2028. This outlook assumes a 4.1% annual revenue growth rate and a $32 million increase in earnings from current earnings of $129.5 million.

    Uncover how Alarm.com Holdings’ forecasts yield a $68.71 fair value, a 38% upside to its current price.

    ALRM Earnings & Revenue Growth as at Nov 2025

    Three fair value estimates from the Simply Wall St Community range from US$60.63 to US$78.16 per share. With participants holding varied outlooks, consider how margin volatility from rising hardware costs could influence future results.

    Explore 3 other fair value estimates on Alarm.com Holdings – why the stock might be worth just $60.63!

    Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

    • A great starting point for your Alarm.com Holdings research is our analysis highlighting 4 key rewards that could impact your investment decision.

    • Our free Alarm.com Holdings research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Alarm.com Holdings’ overall financial health at a glance.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include ALRM.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • How Investors Are Reacting To Intercontinental Exchange (ICE) Dividend Hike and Record Futures Trading Volumes

    How Investors Are Reacting To Intercontinental Exchange (ICE) Dividend Hike and Record Futures Trading Volumes

    • On October 30, 2025, Intercontinental Exchange, Inc. announced a 7% increase in its quarterly dividend to US$0.48 per share for Q4 2025 and reported record futures trading volumes, rising open interest, and mixed third-quarter results with higher adjusted earnings and continued buybacks.

    • The combination of strong trading activity, ongoing returns to shareholders, and growth in key business lines demonstrates the company’s ability to generate cash and adapt amid shifting market conditions.

    • We’ll explore how record futures open interest and sustained revenue growth may reshape Intercontinental Exchange’s investment narrative and outlook.

    Trump’s oil boom is here – pipelines are primed to profit. Discover the 22 US stocks riding the wave.

    To be a shareholder in Intercontinental Exchange (ICE), you need to believe in the company’s ability to deliver steady earnings and cash flow through diverse trading, data, and technology services, even as market cycles and competitors evolve. The latest news of higher dividends, share buybacks, and record futures volumes reinforces underlying strengths, but in the short term does not completely offset the key risk posed by heavy reliance on energy and commodity markets, which remain cyclical and vulnerable to external shocks or regulatory changes.

    Among recent developments, ICE’s announcement of a 7% dividend increase to US$0.48 for Q4 2025 stands out as especially relevant. This boost in shareholder returns underscores the company’s confidence in ongoing profit generation, even as revenue in some segments showed mixed performance and external conditions remain unpredictable for core markets.

    By contrast, investors should also consider the ongoing risk of regulatory shifts or sudden drops in energy trading volumes, especially since…

    Read the full narrative on Intercontinental Exchange (it’s free!)

    Intercontinental Exchange is expected to reach $11.4 billion in revenue and $4.1 billion in earnings by 2028. This outlook is based on analysts anticipating a 5.7% annual revenue growth rate and a $1.1 billion increase in earnings from the current $3.0 billion.

    Uncover how Intercontinental Exchange’s forecasts yield a $192.38 fair value, a 29% upside to its current price.

    ICE Community Fair Values as at Nov 2025

    Six community members on Simply Wall St estimate ICE’s fair value between US$115.65 and US$192.38 per share. Despite these wide-ranging views, reliance on cyclical energy and commodity markets could weigh on overall confidence in the company’s profit growth, so you should compare multiple viewpoints before deciding.

    Explore 6 other fair value estimates on Intercontinental Exchange – why the stock might be worth 22% less than the current price!

    Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

    Markets shift fast. These stocks won’t stay hidden for long. Get the list while it matters:

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include ICE.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • Visa and Mastercard near settlement with merchants, would lower fees, WSJ reports

    Visa and Mastercard near settlement with merchants, would lower fees, WSJ reports

    Nov 8 (Reuters) – U.S. payment firms Visa (V.N), opens new tab and Mastercard (MA.N), opens new tab are nearing a settlement with merchants that aims to end a 20-year-old legal dispute by lowering fees stores pay and giving them more power to reject certain credit cards, the Wall Street Journal reported on Saturday, citing people familiar with matter.

    Reuters could not immediately verify the report.

    Reporting by Abu Sultan in Bengaluru; Editing by Leslie Adler

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  • China consumer prices return to growth in October

    China consumer prices return to growth in October

    A store in a shopping mall in Beijing on Aug. 7, 2024.

    Pedro Pardo | Afp | Getty Images

    Deflation pressures in China alleviated in October, as consumer prices returned to growth after falling for two straight months, though producer prices extended their slump to three years as the world’s second largest economy suffers from weak domestic demand and a decline in exports.

    Data from China’s National Bureau of Statistics released Sunday showed consumer price index reading for October at 0.2%, compared with analysts’ expectations of zero, or flat growth year on year. Prices had dropped by a more than expected 0.3% in September.

    On a month-on-month basis consumer prices also rose by 0.2%, compared with analysts’ expectations of zero growth.

    Producer prices in October fell 2.1%, year on year, compared with Reuters’ poll estimates for a 2.2% decline, completing three years in negative territory. This comes a time when the country has been witnessing fierce price wars, warranting government intervention. Industrial overcapacity has further pressured prices. Month-on-month prices rose by 0.1%.

    “In October , policies aimed at expanding domestic demand continued to take effect, coupled with the boost from the National Day and Mid-Autumn Festival holidays,” Dong Lijuan, chief statistician at the urban division of the National Bureau of Statistics said in a statement.

    While China’s steps aimed at reining in price wars and fueling demand seem to have started bearing fruit, with the country’s industrial profits in September rising more than 21%, experts warn that Chinese local governments’ dependence on tax revenue encourages sustained production, intensifying competition and overcapacity until there are meaningful tax changes.

    China’s manufacturing activity in October declined more than expected, contracting to its lowest level in six months, according to an official survey released Oct. 30. The sub-indexes for production, new orders, raw material inventory and employment all deepened their contraction, pointing to a sharp manufacturing slowdown and softer demand.

    Chinese producers have been in the throes of demand uncertainty owed to trade tensions with the U.S. this year and weak consumer confidence at home as Beijing struggles with a prolonged housing downturn and headwinds to exports.

    The country’s exports in October unexpectedly contracted, with shipments to the U.S. clocking double-digit declines for a seventh consecutive month, down 25%, customs data released Thursday showed.

    Going forward, export headwinds could weaken as U.S. President Donald Trump and his Chinese counterpart, Xi Jinping, agreed to a trade truce during their meeting in South Korea on Oct. 30, defusing a potentially incendiary situation that had stoked worries of a full-blown trade war.

    China’s leadership last month vowed to boost domestic consumption as it laid out the economic roadmap for the next five years. China must “vigorously boost consumption,” the meeting readout said, according to a CNBC translation.

    The leaders elaborated on the need for lifting consumption with calls to balance it with “effective investment” and “adhere to the strategic point of expanding domestic demand.”

    —  CNBC’s Anniek Bao and Evelyn Cheng contributed to this report.

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  • OpenAI warns of catastrophic risk amid exponential AI development: Here’s why

    OpenAI warns of catastrophic risk amid exponential AI development: Here’s why

    OpenAI has issued one of its most striking public warnings yet about the future of artificial intelligence. In a new blog post published on November 6 and shared by CEO Sam Altman on X this weekend, the company says that AI is advancing far faster than most people realise, with capabilities now edging toward genuine scientific discovery.

    The post warns that while this progress brings enormous opportunity, it also carries “potentially catastrophic” risks if humanity fails to build the right safety systems in time.

    What is AI capable of in future?

    According to OpenAI, the world is still thinking about AI as chatbots and search tools, while today’s systems are already capable of outperforming top human minds in complex intellectual competitions.

    The company says it now sees AI as “80% of the way to an AI researcher”, suggesting that models are starting to show the ability to generate new knowledge, an ability that could change everything from science to medicine.

    “In 2026, we expect AI to be capable of making very small discoveries,” the post says. “By 2028 and beyond, we are pretty confident we will have systems that can make more significant discoveries.”

    Progress moving at breakneck speed

    The pace of change, OpenAI adds, has been staggering. The cost of achieving a given level of intelligence in AI systems has fallen roughly 40 times every year, meaning what used to take humans hours or days now takes machines seconds.

    But the company cautions that the gap between how most people use AI and what AI can actually do is growing wider and that society is largely unprepared for what comes next.

    Why companies should deploy superintelligent systems carefully?

    Perhaps the most serious aspect of the post arises when OpenAI discusses superintelligence. Notably, this blog post highlights AI that can improve itself without human help. The company states that no one should deploy such systems until proven methods are established to align and control them safely.

    Why does the future of AI matter?

    Despite its warnings, OpenAI’s message is not all doom and gloom. The company says it still believes AI can lead to a world of “widely distributed abundance”, helping people live healthier, more fulfilling lives.

    It envisions AI as a “foundational utility,” as essential as electricity or clean water, powering advances in healthcare, climate science, materials research, and personalised education.

    “The north star,” the post concludes, “should be helping empower people to achieve their goals.”

    Altman’s decision to share the post himself may highlight a turning point for OpenAI—away from product launches and toward long-term impact.

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  • Calculating The Fair Value Of Mah Sing Group Berhad (KLSE:MAHSING)

    Calculating The Fair Value Of Mah Sing Group Berhad (KLSE:MAHSING)

    • Using the 2 Stage Free Cash Flow to Equity, Mah Sing Group Berhad fair value estimate is RM1.14

    • With RM1.03 share price, Mah Sing Group Berhad appears to be trading close to its estimated fair value

    • The RM1.75 analyst price target for MAHSING is 54% more than our estimate of fair value

    How far off is Mah Sing Group Berhad (KLSE:MAHSING) from its intrinsic value? Using the most recent financial data, we’ll take a look at whether the stock is fairly priced by projecting its future cash flows and then discounting them to today’s value. This will be done using the Discounted Cash Flow (DCF) model. Believe it or not, it’s not too difficult to follow, as you’ll see from our example!

    Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. If you still have some burning questions about this type of valuation, take a look at the Simply Wall St analysis model.

    Trump has pledged to “unleash” American oil and gas and these 15 US stocks have developments that are poised to benefit.

    We’re using the 2-stage growth model, which simply means we take in account two stages of company’s growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren’t available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.

    Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today’s value:

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    Levered FCF (MYR, Millions)

    RM325.2m

    RM381.5m

    RM348.9m

    RM332.0m

    RM324.4m

    RM322.8m

    RM325.3m

    RM330.6m

    RM338.1m

    RM347.3m

    Growth Rate Estimate Source

    Analyst x2

    Analyst x2

    Est @ -8.54%

    Est @ -4.86%

    Est @ -2.29%

    Est @ -0.49%

    Est @ 0.77%

    Est @ 1.65%

    Est @ 2.27%

    Est @ 2.70%

    Present Value (MYR, Millions) Discounted @ 13%

    RM287

    RM297

    RM240

    RM202

    RM174

    RM153

    RM136

    RM122

    RM110

    RM100

    (“Est” = FCF growth rate estimated by Simply Wall St)
    Present Value of 10-year Cash Flow (PVCF) = RM1.8b

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  • A Look at Affiliated Managers Group’s Valuation Following Strong Q3 Profit Growth and Earnings Momentum (NYSE:AMG)

    A Look at Affiliated Managers Group’s Valuation Following Strong Q3 Profit Growth and Earnings Momentum (NYSE:AMG)

    Affiliated Managers Group reported its third-quarter earnings, showing strong year-over-year profit growth and a clear jump in earnings per share. These results signal improving profitability and operational momentum for the company.

    See our latest analysis for Affiliated Managers Group.

    Affiliated Managers Group’s mix of upbeat earnings, continued share buybacks, and a newly affirmed dividend has clearly energized investors. The stock’s climbed 22.7% over the last 90 days, and shareholders have enjoyed a compelling 40% one-year total return. Both short- and long-term momentum point to growing confidence in the company’s trajectory.

    If this momentum has you scanning for your next investing opportunity, it might be time to discover fast growing stocks with high insider ownership

    With shares up sharply and the company delivering improved profits, the central question now is whether Affiliated Managers Group is still undervalued or if the market has already priced in the next stage of growth.

    The narrative consensus pegs Affiliated Managers Group’s fair value well above the last close, signaling sizable upside in the eyes of market watchers.

    Record-breaking inflows and rapid expansion in alternative assets have increased AMG’s alternative AUM by 20% in six months. The company reported its strongest organic growth quarter in 12 years, positioning it to benefit from persistent global demand for yield, diversification, and differentiated strategies. This directly supports top-line revenue and future net margin improvement due to higher fee structures in alternatives.

    Read the complete narrative.

    Want to see what’s really powering that premium valuation? The secret sauce is not just earnings, but a dramatic shift in future margins and business mix. Curious which financial forecasts are rewriting AMG’s price story? The full narrative has the numbers that could reset your outlook.

    Result: Fair Value of $308 (UNDERVALUED)

    Have a read of the narrative in full and understand what’s behind the forecasts.

    However, persistent outflows from traditional active strategies and AMG’s reliance on key affiliates could challenge the upbeat narrative if trends move against them.

    Find out about the key risks to this Affiliated Managers Group narrative.

    If you see the story unfolding differently or want to dig into the details yourself, you can quickly build your own perspective in just minutes. Do it your way

    A great starting point for your Affiliated Managers Group research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.

    Now’s your chance to seize unique opportunities before others catch on. Unearth strategies that suit your style and put your research a step ahead.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include AMG.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • Assessing Neogen (NEOG) Valuation Following Recent Earnings and Turnaround Signs

    Assessing Neogen (NEOG) Valuation Following Recent Earnings and Turnaround Signs

    Neogen (NEOG) shares caught some attention this week after the company reported a modest uptick in revenue along with a significant swing in annual net income. Investors are eyeing these results and parsing what they might signal for future growth.

    See our latest analysis for Neogen.

    Despite Neogen’s stronger revenue and improved net income, recent momentum is mixed. While the share price has surged 26% over the past three months, the total shareholder return across five years remains deep in the red at -82%. This sharp contrast is prompting investors to question whether the turnaround is gaining traction or just a brief respite.

    For those keeping an eye on recovery stories and growth potential, now is a sensible moment to broaden your search and discover See the full list for free.

    With shares rebounding but long-term returns still lagging, the key question now is whether Neogen stock is undervalued and primed for recovery, or if the recent run-up means future growth is already reflected in the price.

    With the narrative fair value pegged at $8.17 and the last close at $6.40, the crowd’s perspective sharply diverges from current market pricing. This sets the stage for a closer look at the catalysts underpinning this belief in further upside.

    Ongoing global complexity and risks within the food supply chain, alongside heightened consumer expectations for food safety and transparency, will drive further adoption of Neogen’s innovative pathogen detection and digital solutions by food producers and regulators, expanding the company’s addressable market and underpinning sustainable long-term revenue expansion.

    Read the complete narrative.

    What is fueling such a high fair value? The answer is surprising. Think operational gains, sector-wide trends, and a powerful margin shift, with each assumption just bold enough to move the needle. Want to see how a patient turnaround story could justify the biggest gap yet between narrative and market? Only the full narrative spills those details.

    Result: Fair Value of $8.17 (UNDERVALUED)

    Have a read of the narrative in full and understand what’s behind the forecasts.

    However, persistent problems in integrating recent acquisitions and ongoing weakness in animal safety revenue could quickly undermine the bullish outlook if these issues worsen.

    Find out about the key risks to this Neogen narrative.

    If you see the story differently or want your own perspective, it only takes a few minutes to shape your own view. Do it your way.

    A great starting point for your Neogen research is our analysis highlighting 1 important warning sign that could impact your investment decision.

    Seize the chance to act confidently on the hottest trends. Here are three ways to power up your portfolio before the market moves ahead without you:

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include NEOG.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • Intuitive Machines sees Lanteris deal creating new opportunities in defense and exploration

    Intuitive Machines sees Lanteris deal creating new opportunities in defense and exploration

    WASHINGTON — Intuitive Machines says its acquisition of satellite manufacturer Lanteris Space Systems will open new opportunities for the company, from participation in Golden Dome to developing a crewed lunar lander.

    Intuitive Machines announced Nov. 4 that it had reached an agreement with Advent International, the private equity firm that owns Lanteris, to purchase the company for $800 million in cash and stock.

    On an investor call after the announcement, company executives said buying Lanteris, previously known as Maxar Space Systems, will allow Intuitive Machines to expand beyond its lunar-focused markets, such as landers and relay satellites, into new applications.

    “Intuitive Machines is positioned to become the next-generation space prime, applying our demonstrated agility and innovation with Lanteris’ unmatched satellite production scale and proven spaceflight reliability,” said Steve Altemus, chief executive of Intuitive Machines.

    “The transaction represents the next step in Intuitive Machines’ evolution from a lunar-proven space infrastructure company to a vertically integrated space prime provider of choice, serving national security, civil and commercial customers.”

    One opportunity Altemus cited is Golden Dome. Lanteris has contracts to provide its Lanteris 300 satellite buses to L3Harris for that company’s Space Development Agency (SDA) awards for Tracking Layer Tranche 1 and Tranche 2 satellites.

    Those contracts “unlocked the potential of Lanteris 300 series spacecraft for national security applications and established it as a trusted, competitive supplier,” Altemus said. He added that the combination with Intuitive Machines could amplify that position.

    “As Golden Dome takes shape, the combination of the ingenuity and innovation that Intuitive Machines brings with its systems and communications and navigation schemes, coupled with the very capable satellite buses produced by Lanteris, offers unique solutions that I don’t think are in the market today with any other vendor,” he said. “We feel like we’re in a good position for the future opportunities coming out of Golden Dome.”

    The acquisition also advances Intuitive Machines’ lunar ambitions. Altemus suggested the company may use Lanteris’ capabilities to develop a larger lunar lander, potentially one capable of carrying astronauts.

    “We actually are in a fantastic position to build a team and offer solutions for the Human Landing System. NASA is keenly interested in finding a way to deliver that earlier,” he said. “Intuitive Machines is going to throw our hat in the ring with Lanteris by our side and other companies joining our team. So you can expect an offering from Intuitive Machines.”

    It’s currently unclear what ring, if any, Intuitive Machines will be able to throw its hat into. NASA Acting Administrator Sean Duffy announced Oct. 20 that the agency would “open up” the existing Artemis 3 contract to competition, but so far that means only seeking acceleration options from Blue Origin and SpaceX and a request for information, which has not yet been publicly released, for other companies.

    Another lunar opportunity created by the acquisition could come from using Lanteris’ satellite buses for lunar spacecraft. Altemus said that while Intuitive Machines is building the first three satellites for a lunar communications relay constellation to serve NASA and other customers, future spacecraft may be built by Lanteris.

    “We anticipate in that lunar constellation that there will be more demand and more customers for the satellites as we move forward over the coming three or four years, and so we’re anticipating that need and providing more capability for size, weight and power on those buses,” he said. That could include providing cislunar space domain awareness capabilities using those satellites.

    He added that using larger Lanteris satellites for the lunar constellation “can prove out the capability for Mars data relay, and essentially those satellites would be precursors to Mars data relay satellites in the future.”

    Intuitive Machines shared few details about how the Lanteris deal came together. “We had an M&A strategy that we’ve been working on for some time,” Altemus said, referring to mergers and acquisitions. He noted that in August, the company announced an agreement to acquire KinetX, which specializes in deep-space navigation and mission design, for $30 million.

    “It was small but strategic, and they’re brilliant people that we added to the company. Next on the list was Lanteris,” he said.

    The deal is financed in part by proceeds from a $345 million sale of convertible notes in August. The company said at the time that it planned to use most of the funds for general corporate purposes, including potential acquisitions.

    “In August, we completed a $345 million gross convertible note offering with the intent to acquire a company that would transform us into a next-generation space prime,” said Pete McGrath, chief financial officer of Intuitive Machines. “Lanteris is that company.”

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