Hints and tips:
...In 2006, the maison bought Villa Empain in Brussels, restoring the house and turning it into a Centre of Art and Dialogue between eastern and western cultures. boghossianjewels.com C is for Brunello CucinelliThe...
...A: The Flippening Who, twice, threatened Jemima Kelly with “definition lawyers” after she asked some difficult questions about a crypto project?...
...Anyway, here are names and links — we’ll let you make your own mind up: Liquid 2 Venture Fund III L.P . . . . Lake Nona Fund / LN Sports & Health Tech Fund I, LP . . ....
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...Avast currently trades at 21x FY21e P/E or c. 5.5% FCFF yield, a level we continue to view as attractive vs. the wider software sector, especially given WFH benefit as well as optionality around M&A/buybacks...
...L’économie en procède, n’oublions jamais que l’économie est une science morale. Mais quand tout explose, votre P&L il explose avec, c’est ce qu’on est en train de vivre....
...I very much believe it's going to be a very strong third pillar for our business, and I think it could be a significant P&L contributor to our company, definitely within five years, and definitely within...
...L-f-l rents down 27%: net rental income fell down to just £87.3m which represents a l-f-l fall of 27% (excluding premium outlets), as a result of covid and the reduced rent collection rate....
...This all follows M&C blowing up last year due to borked books and big bonuses....
...Amey, Macclesfield; George Warburg, Connecticut Polymath 1,030: David Wadsworth, London Crossword 16,212: Caroline Sproule, Moira; L Stone, Dorset; Nancy Cooper, London Polymath 1,029: James Birkett,...
...Our forecasts assume the full £500m is invested in land in FY20, and that the benefit in the P&L is seen later 2022 but to a larger extent in FY23....
...DC is currently trading at c.9x CY20E P/E and offers a c.5% dividend yield. It is one of the most sensitive stocks in the sector to the £ sterling, given its low margins and supplier pricing power....
...There’s a rejig of forecasts on a Norway tax break and a bit of fantasy M&A, which seems to be obligatory in E&P notes at the moment....
...France L&S and Italy will not pay dividends this year, and XL Bermuda is unlikely to. The slack is only partly taken up by France P&C which is over distributing....
...This is however negligible in the wider context of the P&L and the land bank, with the impact on future gross margin of 17bps small and which will likely be mitigated....
...We do not think that management would have referred to “strong cash conversion” and emphasized delivering if the beat in the P&L were not flowing through well to cashflow, so we believe that the commentary...
...However, the outlook is uncertain, rising one-offs make P&L valuations less relevant and cash conversion is declining. In addition, top management changes add another layer of complexity....
...Apart from negative l-f-l rental and value growth, we assume recapitalizations to an LTV of c.35% by 2021 lowering the EPS and NAV by c.49% and c.61%....
...Over 2009-19, SWMA achieved average organic sales and operating profit growth of c.5% p.a. and c.7%, respectively and EPS growth of 10% p.a....
...more of a primary event), UK P&C (~14% of premium), and then the multilines (~10%)....
...However, with limited upside to our price target on c.15x P/E 2020E, we downgrade to Hold....
...through the P&L....
...Similarly we expect M&A (acquisitions) to be on the back burner for now, no bad thing given again we see few assets that fit with Sukari....
...net debt of c£18.9bn....
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
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