Michael Miller

Finance Guy. Occasional Writer.

Author of The Big Raise.

Appeared on @BNNBloomberg and @ViceCanada.

Best reading is the original source material.

[Michael Miller @Porters6thForce]

Investors seeing SEDAR+ for the first time.

[Michael Miller @Porters6thForce]

Investors seeing SEDAR for the first time.

[Michael Miller @Porters6thForce]

@badendave @FoodProfessor Varies based on historical redemption patterns, jurisdiction, buying method, etc.

https://t.co/2LFnHKzOIE

[Michael Miller @Porters6thForce]

@FoodProfessor 2nd most popular spirit by net sales.

https://t.co/NCI13WfYiG

[Michael Miller @Porters6thForce]

@JACruickshank @ManyBeenRinsed @Bullseye_DM @407ETR @deeb_nina Yes, they recognized that they are going to have to make a Schedule 22 Payment for 2025 that is payable in 2026 due to traffic levels not hitting minimum thresholds.

Currently estimated at $35.4M for the first 3 quarters of 2025 with the final Q4 adjustment TBD.

[Michael Miller @Porters6thForce]

@ManyBeenRinsed @JACruickshank @407ETR They don't disaggregate the exact figure, however, both metrics include promotional driving offers.

With revenue up 19.3% and average revenue per trip up 13.2%, any new incremental promotional rate drivers are being more than offset by the toll hikes they have imposed.

[Michael Miller @Porters6thForce]

@JACruickshank @ManyBeenRinsed @407ETR Total trips and vehicle kilometres travelled were both up ~6% YoY over the first 3 quarters of 2025.

[Michael Miller @Porters6thForce]

@MelissaRoszkow1 @MikeGilbert311 @JCup2013 Nexstar is the majority owner of the CW and they are a separate public company.

https://t.co/gGCiJXh2sy

[Michael Miller @Porters6thForce]

@Malevolent_Man @HMBohemond You can get their financial statements including their latest FY 2025 results here if you are looking for the newest figures or if you wanted to run the margin calculations.

https://t.co/nEKU73vKZP

[JUNK BOND ANALYST @junkbondanalyst]

First Brands off balance sheet factoring facilities:

[Michael Miller @Porters6thForce]

@resaleTOhomes @ManyBeenRinsed $458M

https://t.co/eVbznu1uWh

[Michael Miller @Porters6thForce]

@ManyBeenRinsed Up over 20% but closer to $107M as of the end of 2024, no?

https://t.co/UPzGRpO5Pe

[Michael Miller @Porters6thForce]

@WeedStreet420 Might be a good time to check in on the morale of the employees still holding options at a $585.10 CAD exercise price.

[The Globe and Mail @globeandmail]

Businesses, it’s time to fly the flag and capture long-term market share https://t.co/jYT7sSAtVo

[Michael Miller @Porters6thForce]

@Tablesalt13 Sales by country of origin from their 2023 Annual Report.

https://t.co/q6Tp6ej2Hm

[Robert Sterling @RobertMSterling]

“Deloitte said the EBITDA adjustments have been properly vetted.”

“I don’t really care, Margaret. I don’t want those adjustments in my LBO model.”

[Michael Miller @Porters6thForce]

@YoungJustin Why not do both? $HAS

[Michael Miller @Porters6thForce]

@David_Moscrop Postmedia Network recognized $7.1M in journalism tax credits in their fiscal 2023.

[EB (Derogatory, Respectfully) @EllliotttB]

Every time a junior PE analyst realizes IRR is an input and the assumptions are the output, a fairy gets her wings

[Michael Miller @Porters6thForce]

@nationalpost plz fix

[High Yield Harry @HighyieldHarry]

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