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...Before I go, I would urge you to check out FT Edit, our new app for getting eight bits of the best journalism every week day....
...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 . . ....
...Glaring value? The bulls will point to a P/B below 1, FY21e EV/EBITDA of 4x and EFCF Yield of 8% as evidence of clear value....
...It’s actually about protecting and preserving, sometimes restoring, high carbon stores.”...
...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...
...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....
...EV/EBITDA of 270x FY21 BBG consensus); after all, IFRS 15 means that the new Solutions contracts are only reflected in the P&L with a lag....
...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....
...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....
...There’s little agreement on how high the S&P 500 will go before correcting again....
...L and net debt....
...Conditions are virtually impossible both on the high street (where c200 post office stores remain open), and in travel (all stores of which are essentially shuttered, apart from the hospital outlets (which...
...Since 2016, we estimate the Kingfisher P&L has had an £81m transactional benefit from weaker sterling. FX could become a headwind once trade talks are agreed (or not)....
...through the P&L....
...What happens further down the P&L is largely a question of capital structure, but it appears most will be either loss-making or make only marginal PBT....
...L’Oréal shares are trading at all-time highs and are valued at 23.6 times enterprise value-to-ebitda, or a 38 per cent premium to the S&P 500 Consumer Staples index, according to Capital IQ data....
...Based on company commentary so far, we still believe potential COVID-19 claims (including BI) are a manageable P&L event for the sector, although the devil will be in the detail when it comes to BI policy...
...And I have two from his first own-label couture line, furiously fought over by customers and department stores, with aprons of taffeta and fichus worn à l’Arlésienne, like 19th-century portraits....
...He told us:: It was mad in the stores after a retirement was announced....
...After initially closing stores through 3/27, US Apple stores are now closed ‘indefinitely’....
...Company commentary supports our view of limited direct impact to P&C : Hannover Re: noted a potential €200m loss across P&C and L&H; Munich Re: noted a €500m loss should all the events it covers for communicable...
...In fact, it was the auditor’s insistence on booking these in the p&l that led to £28m of charges and a profit warning....
...FY19 results last week also indicated that 2H19 saw a – frankly – VAST uptick in NGP investment through the P&L. BAT invested an incremental £700m+ in NGPs in 2019, of which ~£600m came in 2H19....
...The difficult day for the sector, which sent the S&P Retail index down 3.4 per cent, was capped by an announcement from Gap after the market closed that it was eyeing hundreds of store closures....
...stores....
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