Category: 3. Business

• 17LIVE Group’s significant private equity firms ownership suggests that the key decisions are influenced by shareholders from the larger public

• A total of 3 investors have a majority stake in the company with 53% ownership

• Insiders own 35% of 17LIVE Group

This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.

A look at the shareholders of 17LIVE Group Limited (SGX:LVR) can tell us which group is most powerful. And the group that holds the biggest piece of the pie are private equity firms with 43% ownership. In other words, the group stands to gain the most (or lose the most) from their investment into the company.

Meanwhile, individual insiders make up 35% of the company’s shareholders. Institutions often own shares in more established companies, while it’s not unusual to see insiders own a fair bit of smaller companies.

Let’s delve deeper into each type of owner of 17LIVE Group, beginning with the chart below.

Check out our latest analysis for 17LIVE Group

Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.

Since institutions own only a small portion of 17LIVE Group, many may not have spent much time considering the stock. But it’s clear that some have; and they liked it enough to buy in. If the business gets stronger from here, we could see a situation where more institutions are keen to buy. When multiple institutional investors want to buy shares, we often see a rising share price. The past revenue trajectory (shown below) can be an indication of future growth, but there are no guarantees.

Hedge funds don’t have many shares in 17LIVE Group. Our data shows that Temasek Holdings (Private) Limited is the largest shareholder with 27% of shares outstanding. With 14% and 12% of the shares outstanding respectively, Aika Tong and Li-An Huang are the second and third largest shareholders.

To make our study more interesting, we found that the top 3 shareholders have a majority ownership in the company, meaning that they are powerful enough to influence the decisions of the company.

While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock’s expected performance. There is some analyst coverage of the stock, but it could still become more well known, with time.

Story continues

• Curious whether Arcutis Biotherapeutics is actually a hidden gem or just riding the hype? You are not alone; many investors wonder if now is the time to buy or wait on the sidelines.

• Arcutis shares have been on a tear, jumping 11.0% in the last week, a massive 57.6% over the past month, and an impressive 112.6% so far this year. This results in a 164.4% return over the last twelve months.

• Recent headlines reflect this momentum, with news around regulatory milestones, fresh clinical trial updates, and new product launches putting Arcutis firmly in the spotlight. These stories have driven both optimism about the company’s growth prospects and big swings in risk sentiment among market watchers.

• So how does the stock stack up on valuation? Arcutis scores a 3 out of 6 on our undervaluation checks. In the next section, I will break down what this means using different valuation methods, and there will be a discussion at the end on a smarter way to interpret valuation.

Arcutis Biotherapeutics delivered 164.4% returns over the last year. See how this stacks up to the rest of the Biotechs industry.

The Discounted Cash Flow (DCF) model estimates a company’s intrinsic value by projecting its future cash flows and then discounting those values back to today. This approach helps investors understand what a company’s shares might truly be worth, separate from daily market fluctuations.

For Arcutis Biotherapeutics, the DCF uses the 2 Stage Free Cash Flow to Equity method. Currently, the company is generating Free Cash Flow (FCF) of -$45.4 million, which means it is still burning cash as it invests in growth. Analyst estimates point to rapid improvements, with FCF projected to reach $93 million in 2026 and $295.5 million by 2029. Beyond that, further growth assumptions are made to extend the picture over the next ten years, with FCF expected to rise steadily each year through 2035.

Based on these cash flow projections, the DCF assessment arrives at an intrinsic value of $69.61 per share. This suggests the stock is roughly 55.5% undervalued relative to its current market price, leaving considerable upside potential if management can deliver on future growth.

Result: UNDERVALUED

Our Discounted Cash Flow (DCF) analysis suggests Arcutis Biotherapeutics is undervalued by 55.5%. Track this in your watchlist or portfolio, or discover 926 more undervalued stocks based on cash flows.

Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Arcutis Biotherapeutics.

For high-growth companies like Arcutis Biotherapeutics that are not yet profitable, the Price-to-Sales (P/S) ratio is often the preferred valuation metric. This is because sales figures are more stable and less susceptible to the large swings seen in earnings during the early stages of commercial development. This stability makes it easier to benchmark the company against peers and the broader market.

Generally, a “normal” or fair P/S ratio for a company is influenced by its growth prospects and the risks it faces. Faster expected growth or lower risks can justify a higher multiple, while slower growth or elevated risks should mean a lower multiple. For context, Arcutis currently trades at an 11.93x P/S ratio. This is just below the biotech industry average of 12.33x, and modestly above the 9.17x average of its closest peers.

Simply Wall St’s proprietary Fair Ratio for Arcutis is 10.66x. Unlike simple comparisons to the industry or peer averages, the Fair Ratio is designed to account for a company’s real growth potential, profitability outlook, margins, market cap, and risk profile. This results in a more tailored and accurate benchmark for valuation.

Comparing the Fair Ratio to Arcutis’s actual P/S multiple suggests the stock is valued a little above what fundamentals and outlook imply, but not by a large margin.

Result: ABOUT RIGHT

PS ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1435 companies where insiders are betting big on explosive growth.

Earlier we mentioned that there’s an even better way to understand valuation. Let’s introduce you to Narratives. A Narrative is your story, the rationale and expectations you have for a company, translated into numbers like forecast revenue, profit margins, and ultimately a fair value estimate.

Unlike traditional valuation models that just crunch numbers in isolation, Narratives tie the business’s journey and unique context directly to financial forecasts and a price target. This makes it much easier for investors to see how their beliefs about the company (such as product launches, market size, or competitive advantages) map onto real-world valuations and actionable decisions.

You do not need to be a financial expert. Narratives are quick to create and update, and you can easily find and interact with them on Simply Wall St’s Community page, used by millions of investors around the world.

Crucially, Narratives dynamically update when new news, earnings, or clinical trial results come in. This helps you continually compare your Fair Value to the current market Price to spot attractive entry or exit opportunities that fit your unique perspective.

For instance, one bullish user expects accelerating adoption of ZORYVE and predicts a price target of $40 per share, while a more cautious Narrative sets fair value closer to $19. This demonstrates how different perspectives can drive very different investment decisions on Arcutis Biotherapeutics.

Do you think there’s more to the story for Arcutis Biotherapeutics? Head over to our Community to see what others are saying!

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 ARQT.

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

Inserting a biofuels loophole in the EU 2035 cars law could see a huge spike in demand for biofuels from waste feedstocks like animal fats, used cooking oil and palm oil by-products, new T&E analysis finds. A car running on animal fats, for example, would require the equivalent of 120 pigs a year. This additional demand could lead to cars, planes and ships consuming two to nine times more advanced biofuels than can be sustainably sourced in the future.

The EU is under pressure from the fuels and cars industries to allow new combustion engines running on biofuels to be sold after its 2035 deadline for zero-emission cars. This loophole, which is also supported by the Italian government, would see cars gobble up the very limited supplies of sustainable, advanced biofuels and make it more difficult to green hard-to-decarbonise sectors like aviation. Based on current European targets, planes and ships alone will require roughly double the amount of advanced biofuels than can be sustainably sourced in Europe – in the most optimistic scenario – in 2050.

Lucien Mathieu, cars director at T&E, said: “The push for biofuels is absurd. Europeans can’t eat enough pork or fries to sustainably run even a fraction of Europe’s cars let alone its ships and planes. Why are the car and oil lobbies flogging non-solutions when we have a ready technology in electric cars? This is nothing but a delay tactic that will leave Europe uncompetitive in the global EV market.”

Advanced biofuels such as waste-based fuels are not scalable. Europe already imports more than 80% of its used cooking oil from places like China and Malaysia. Animal fats are one of the most popular waste feedstocks. Already today, European cars use 1.3 million tonnes of animal fats per year – equivalent to 200 million slaughtered pigs. For every new car running on animal fats, around 120 pigs would be required a year, the analysis finds. Alternatively, a new car running on used cooking oil would need 25 kg of fries per day.

A huge gap between the demand and the availability of sustainably sourced biofuels will also increase Europe’s dependency on imports. Currently, T&E estimates that 60% of Europe’s biofuels – including crop-based and advanced – are imported from third-countries. With the extra demand for cars created by a biofuels loophole, this could rise to 90% in 2050, the analysis finds.

A greater dependency on biofuels imports would also increase the risk of fraud where virgin palm oil and other edible vegetable oils are passed off as waste oils. Previous investigations by T&E have shown alarming mismatches in waste biofuel imports into Europe, strongly suggesting fraud is occurring. For example, Europe imports three times more used cooking oil from Malaysia than can be collected in the country. In another investigation, T&E showed that Europe imports more palm oil mill effluent – a palm oil byproduct – than can be collected globally.

Last week the German car lobby VDA joined with automotive supplier association CLEPA and 28 fuels companies and associations to tell the EU Commission that vehicles running on biofuels should be treated as zero emissions after 2035.[1] The European carmaker association ACEA has called for a “pragmatic implementation” of rules allowing new cars powered by carbon neutral fuels to be registered after 2035.[2]

Notes to editors:

[1] “Vehicles running exclusively on renewable fuels, must be recognised as zero-emission vehicles… Those fuels shall include renewable and/or synthetic fuels, such as biofuel, biogas, biomass fuel, renewable liquid and gaseous transport fuel of non-biological origin (RFNBO) or a recycled carbon fuel (RCF).”

Joint letter by VDA, CLEPA and fuels companies and associations to the EU Commission:

https://www.vda.de/dam/jcr:c2010722-0e33-43f3-b1d1-c6d17ab07835/2025_Joint%20Statement_ENG.pdf?mode=view

[2] ACEA position paper, October 2025, page 8.

ACEA-policy-paper-EU-regulatory-framework-for-the-decarbonisation-of-road-transport.pdf

By Jules Rimmer

Alphabet could be selling 1 million AI chips by 2027, analysts say

Alphabet’s AI efforts – from Gemini 3 to custom-built tensor processing units – have been winning praise.

A report that Meta is in discussions to buy billions of dollars’ worth of Alphabet’s highly specialized AI microchips has led to speculation that the Google parent could encroach on Nvidia’s dominant market share.

Morgan Stanley on Wednesday became the latest to weigh in on what has become the hottest topic on Wall Street. It’s “not unreasonable” to suggest that by 2027, Alphabet (GOOG) (GOOGL) could be shipping 500,000 to 1,000,000 of its TPUs, or custom chips known as tensor-processing units, analysts led by Brian Nowak said in a note to clients.

The number is notable because Alphabet designed the chips for internal use, but its success with them – plus the global crunch for more computing power – has sparked external interest.

In the market for artificial-intelligence chips, Nvidia (NVDA) has a roughly 90% share, according to third-party industry data. The company’s dominance helped it achieve a market capitalization of $5 trillion less than a month ago, though the stock’s recent pullback has brought Nvidia’s market value down to $4.3 trillion.

A recent report from the Information said that Meta (META) could start using Alphabet’s highly specialized chips, cutting Nvidia’s market share. That could spark boosts to Alphabet earnings forecasts, which have driven Alphabet’s stock price up in anticipation and lifted its market capitalization to the brink of $4 trillion.

Shares of Alphabet slipped 1% on Wednesday.

Morgan Stanley’s calculations showed an 11% uplift to Alphabet’s cloud revenues and a 3% uplift to earnings per share for every 500,000 TPUs that the company sells externally. Moreover, faster cloud growth and expansion into this market could allow Alphabet shares to command a higher price-earnings (P/E) multiple.

In a Tuesday post on X from Nvidia, the company’s newsroom wrote: “We are delighted by Google’s success,” while pointing out Nvidia is “a generation ahead of the industry – it’s the only platform that runs every AI model and does it everywhere computing is done.”

Nvidia recently commanded the overwhelming majority of the market for graphics processing units.

Nowak said that Alphabet has invested many resources into developing its TPUs to make them compatible with more systems, including through software enhancements.

These latest developments could help Alphabet’s stock sustain its recent AI-fueled momentum that extends beyond chip excitement. The company’s Gemini 3 launch earlier this month was generally regarded as hugely successful, positioning Alphabet’s large-language model as a serious competitive threat to OpenAI’s ChatGPT.

Alphabet’s stock has risen 56% over the past three months, bringing its year-to-date gains to 71%. Nvidia’s stock is off 2% over a three-month span but ahead 32% in 2025.

-Jules Rimmer

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US food company Campbell’s has dismissed an executive who was recorded criticising its food as made for “poor people” and disparaging its Indian employees.

Martin Bally was a vice-president in Campbell’s information technology department. An audio recording of his alleged comments was released by another former employee who claims Campbell’s fired him in retaliation for speaking up about Bally.

Campbell’s, known for its canned soups, made “highly processed food” for “poor people”, Bally told former employee Robert Garza, according to the lawsuit Garza filed in Michigan last week. Bally also claimed that Indian workers at Campbell’s were “idiots”, the suit alleged.

Garza said he had met Bally about a year ago to discuss his salary. There, Garza heard “several racist comments that shocked” him, the lawsuit said. Soon after reporting the comments to his manager, Garza was terminated.

Bally, whose LinkedIn profile described him as vice-president as well as chief information security officer at Campbell’s, could not immediately be reached for comment.

Campbell’s said it first learned of the litigation and heard segments of the audio recording last Thursday. Campbell’s believes that the voice on the recording is Bally’s.

“The comments were vulgar, offensive and false, and we apologise for the hurt they have caused. This behaviour does not reflect our values and the culture of our company, and we will not tolerate that kind of language under any circumstances,” Campbell’s said, adding that Bally left the company on Tuesday.

Campbell’s, established in 1869 in Camden, New Jersey, changed its name from Campbell Soup in 2024 after it diversified into snacks and other foods. Its revenue totalled $10.3bn in the latest fiscal year.

Like other packaged food companies, Campbell’s profits and sales volumes have declined as consumers pull back in the face of higher food prices. It is also contending with renewed scrutiny of food ingredients as the so-called Make America Healthy Again movement is embraced by the Trump administration.

In audio aired by a local Michigan television station, Bally is recorded saying he does not want to eat Campbell’s “bioengineered meat” or “a piece of chicken that came from a 3D printer”.

“Campbell’s does not use 3D-printed chicken, lab-grown chicken, or any form of artificial or bioengineered meat in our soups,” the company said.

(Bloomberg) — Asian equities were set to open higher Thursday after US stocks notched a fourth straight gain ahead of the Thanksgiving break, lifted by growing expectations for interest-rate cuts.

Equity futures for Japan, Australia and mainland China signaled early gains, while Hong Kong looked flat. The S&P 500 rose 0.7% Wednesday, extending its advance after reclaiming its 50-day moving average — a key technical support level. The tech-heavy Nasdaq 100 added 0.9%.

The gains tracked firming expectations for Federal Reserve easing, with money markets pricing in a roughly 80% chance of a Fed quarter-point cut next month and three more by the end of 2026. A week ago, traders expected only three cuts in total.

The release of the US central bank’s Beige Book showed US employment declined slightly and prices rose moderately, according to the survey of regional business contacts. Spending also declined further, except among higher-end shoppers. Separate initial jobless claims fell slightly, defying expectations for a modest increase.

The US data “reinforced the notion that there are crosscurrents and mixed performance in the real economy,” said Ian Lyngen at BMO Capital Markets. “That being said, there is nothing within the reports that will derail the FOMC from cutting by 25 basis points on Dec. 10.”

Long bonds rallied slightly while the shorter end of the curve ended Wednesday’s session lower. An index of the dollar fell 0.3%, while gold and Bitcoin advanced. Australian yields fell in early Thursday trading.

The cross-asset moves signal cautious optimism across global markets after concerns around tech valuations hammered US stocks earlier in the month. Sentiment has since improved as dovish remarks by Fed officials revived bets on a December rate cut.

Those expectations strengthened after it emerged that White House National Economic Council Director Kevin Hassett is the leading contender for the next Fed chair — a choice investors see aligning with President Donald Trump’s push for lower rates.

In Asia, data set for release Thursday includes business confidence in New Zealand, industrial profits for China and an interest rate decision in South Korea. Bank of Japan official Asahi Noguchi is also set to speak. US markets will be closed Thursday for Thanksgiving.

In Japan, Prime Minister Sanae Takaichi’s government plans to issue more new bonds to fund its economic package, according to people familiar with the matter.

UK Budget

Elsewhere, China Vanke Co. proposed delaying repayment on a local bond for the first time, while Hong Kong property group New World Development Co. received additional bondholder support in its debt swap plan, a filing showed.

Hong Kong rescue workers are seeking to contain a major blaze at a high-rise complex that’s killed at least 36 people and resulted in 279 people missing.

In the UK, Chancellor of the Exchequer Rachel Reeves expanded her fiscal buffer to £22 billion ($29 billion) in her latest budget. She funded the increase with £29.8 billion in new taxes, including levies on gambling and prime real estate.

The pound and gilts gained as she delivered her speech in Parliament. They had earlier swung after a premature release of an Office for Budget Responsibility analysis gave traders plenty to parse.

Oil bounced off a one-month low as the White House signaled optimism about a peace deal between Russia and Ukraine, which could bring back Moscow’s barrels into an already saturated market.

Some of the main moves in markets:

Stocks

Hang Seng futures were little changed as of 7:23 a.m. Tokyo time S&P/ASX 200 futures rose 0.2% Nikkei 225 futures rose 0.9% Currencies

The Bloomberg Dollar Spot Index fell 0.3% The euro was little changed at $1.1596 The Japanese yen was little changed at 156.47 per dollar The offshore yuan was little changed at 7.0699 per dollar Cryptocurrencies

Bitcoin was little changed at $90,246.73 Ether fell 0.1% to $3,019.89 Bonds

Australia’s 10-year yield declined four basis points to 4.48% This story was produced with the assistance of Bloomberg Automation.

©2025 Bloomberg L.P.

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Today’s Key Reads

It’s all about the Fed

AI-heavyweight Nvidia rebounded from a 2.6% drop in the prior session and declines in three of the past four, to rise more than 1% on Wednesday.

Keep this up and the S&P 500 could avoid breaking its impressive six-month winning streak.

This even as fresh data showed the job market is holding up just fine — which means the Fed has less reason to rush those rate cuts. Jobless claims actually fell to a seven-month low last week.

For now, the economy is pulling off a neat balancing act: not crashing, but just soft enough to give the Fed room to keep cutting rates.

Still, investors would do well to remember that Friday’s short trading session could spring a surprise. Thin crowds and low liquidity can make for wild swings in either direction. Don’t say we didn’t warn you.

What could move markets tomorrow?

(U.S. markets are closed on Thursday, November 27, for Thanksgiving Day)

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