Hints and tips:
...The Granolas’ share of the Stoxx Europe 600 index has climbed to 25 per cent, approaching the Magnificent Seven’s 28 per cent weighting in the S&P 500....
...In both instances, a gain is recorded and runs through the P&L to create income and then equity capital boosts at essentially no cost....
...Hence we think share price underperformance of wholesale banks such as DBK (4.7x P/E 2024E), BARC (3.9x P/E 2024E), BNP (6.9x P/E 2024E) as well as by some Money Center Banks is overdone....
...Essentially, to juice its P&L in the short term, SVB ambled into 2023 almost completely unhedged — in effect, a massive multibillion-dollar bet that interest rates were approaching their peak....
...Finally, modern private equity is adept at shunting risk capital on to the tax-deductible debt side of the P&L....
...The tilt towards higher growth markets, allied with a leaner structure, brings P&L benefits. Siemens has carved out the low-growth energy business....
...About half of S&P 500 companies have CEOs who also chair the board. Data shows that nearly 50 shareholder proposals come up in the US each year asking companies to separate the two jobs....
...“It took about two years until we saw this effect going through the P&L,” he said. “I think that is a good estimate of what we have to expect for the US.”...
...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....
...L Brands was the worst performer in the S&P 500 on Friday, falling more than 7 per cent after Credit Suisse downgraded the Victoria’s Secret owner along with Macy’s and Gap to “underperform” from “neutral...
...Increased focus on the home, reversing some L-T adverse trends....
...The 10 largest hedge funds delivered an average loss after fees of 4.5 per cent, a weaker performance than the S&P 500....
...“The more the market gets used to [fund managers] paying for research from their own P&L, the more it gets harder for people not to do that.”...
...You would have thought Deutsche was keen to recruit trainees who are the polar opposite of the current lot lousing up the P&L. At one level, that is the idea....
...The outcome looks very binary to risk P&L now. The interesting spin in this story this week is the Fed’s reaction function....
...In the P&L you just find the commissions (typically a small single digit percentage of the transaction volume) as revenue.”...
...This effectively serves as a large VaR shock to the market, at a time when investors were already sensitive to poor p&l performance for the year.”...
...“If we don’t see a recovery, this could have a significant negative impact on balance sheets and P&L.”...
...(Reuters) Liliane Bettencourt Ten people close to the L’Oreal heiress go on trial today charged with exploiting her mental fragility....
...Shares of several large specialist retailers declined following lacklustre June sales figures from Victoria’s Secret owner L Brands....
...Any meaningful change on the P&L is unlikely in 3-4 years but there are several “potential” gains that can be used to justify a higher price target: (1) with better volume visibility, it can be valued on...
...This centrifuged the smartest bankers out of Barcap and into Wall Street banks, leaving behind holes in the P&L and a bunch of plodders....
...Since hitting a record high at the start of August, the S&P 500 has lost 2.9 per cent, denting sentiment globally....
...By contrast, P&G’s troubles are exemplified by Olay, which is losing share, most notably to L’Oréal....
...(Wall Street Journal) Libor might become confused about its L under EU plans to supervise the rate from Paris....
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