MWS Capital

[MWS Capital @MWSCapital]

@Borlaug_ @CoalemusGuy Just very simply not outgrowing the market

[MWS Capital @MWSCapital]

@Borlaug_ @CoalemusGuy Pretty skeptical given prior experience with bioprocessing and stocking issues! Also think it's a problem for them that Merck was +16.2% and Thermo c.+15% this quarter...

[MWS Capital @MWSCapital]

@orrdavid How do you value the miners given this thesis? Do you just assume a mid-cycle price for Grupo Mexico?

[MWS Capital @MWSCapital]

@Borlaug_ @CoalemusGuy How do you think about this ATF destocking issue this year?

[MWS Capital @MWSCapital]

@Borlaug_ @CoalemusGuy Only took them 1 week this time!

[MWS Capital @MWSCapital]

@Borlaug_ Great post - agreed that numbers look low for this quarter/2025. What makes you convinced that Sartorius orders were driven by a single giant CDMO order? They are pretty insistent that there weren't any one-offs in the quarter..

[MWS Capital @MWSCapital]

@burgesschats Agree with you that other client cash can bounce around but bank sweep deposits were flat to positive (depending on if/how much they transferred from the BDA) versus $3-20bn negative in the prior months. That would suggest that outflows have abated.

[MWS Capital @MWSCapital]

@jimdelisle If the ending TCE was $2bn based on $16bn of losses occurring roughly equally across the quarter wouldn't that imply the starting TCE would have needed to have been $17.7bn to get the $9.7bn average? But Q2 TCE was $8.8bn so that doesn't seem to fit..

[MWS Capital @MWSCapital]

@burgesschats How do you get to 27x earnings? You have them earning $2.4 as a result of continued cash sorting?

[MWS Capital @MWSCapital]

@burgesschats @DividendMaster It was around the time the CFO began speaking - would guess based on his commentary that they believe Q2 NIM was the trough and that supplemental funding was down $12bn from the peak.

[MWS Capital @MWSCapital]

@siyul I'm not saying it justifies the share price move but those FHLB numbers are averages - quarter end FHLB usage declined from $45.6bn to $41bn which coupled with NIM guidance paints the picture that this was potentially the trough quarter...

[MWS Capital @MWSCapital]

@oli_sgm @ArmsGarrett @BillAckman This is the CFO from the Q4 2022 results on 2nd March 2023.

[MWS Capital @MWSCapital]

@ArmsGarrett @oli_sgm @BillAckman