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By Value Equity Research in Consumer Cyclical — 19 Dec 2025

Carnival Corporation & plc (CCL): Improving return profile with moderating leverage posture

Carnival Corporation & plc (CCL): Improving return profile with moderating leverage posture

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Conagra Brands, Inc. (CAG): Margin recovery and return profile improvement amid softer revenue

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Paychex, Inc. (PAYX): Acquisition-driven expansion with shifting leverage and return profile

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