Hints and tips:
...You would not stay there very long unless you boosted the P&L....
...The MSCI ACWI returned 8.48 per cent annualised in the 10 years to the end of 2023, while the MSCI USA index returned 11.98 per cent....
...Through the sale of bracelets and pendants, the brand has raised more than $20mn to provide water, immunisations and educational tools to those in need. louisvuittonforunicef.com V is for Visual AidsAcne...
...V Vaccination Pretty much the only thing that stood between Novak Djokovic and this year’s Australian Open title. Oops....
...After surging prices in April — the biggest rise on the S&P 500 since 1987 — we are already well along the uphill slope of the V....
...Wilson, Windermere; D Barter, Cumbria; Jean-Marc Sellier, California Polymath 1,010: Robert Jelly, Warwickshire Crossword 16,093: V Le Quesne, Salisbury; Sue Topham, Newark; Anthony Evans, Hove Polymath...
...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....
...If you are looking to predict the shape of the US economic recovery — be it V, W, L or even K — don’t look at the markets....
...If the economic trajectory does indeed look more like an “L” than a “V” or “U”, portfolios will need to combine recovery stocks with cash and lower-risk bonds as well....
...And now a fifth expect a “V-shaped” economic recovery, up from a 10th in the previous month....
...Our current FY21E estimates effectively assume flat admissions versus FY19 (which were 14% below FY18 in the USA)....
...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...
...More an I-shaped recovery than a V-shaped! Indeed, we see positive longer-term implications from the accelerated change in behaviour from the virus. • Updates to follow....
...While I would not advocate for helicopter money in normal circumstances, we need to use every tool to ensure this is a ‘V’ shaped recovery — and helicopter money could be an effective tool....
...My own feeling is that this will not be a V or even a U-shaped recovery, but a downwardly trending W that has a high risk of turning into a L....
...We also show the “true” trough P/E (i.e. with perfect foresight for actual earnings, not forecast). This tends to be c.20% higher....
...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)....
...Campari will be hard hit by COVID-19 due to high On Trade exposure, especially in core markets of Italy and the USA....
...Increased focus on the home, reversing some L-T adverse trends....
...Will Wallis at Numis can give us the detail of the strategy review: We summarise the outcome as a focus on self-help, requiring upfront P&L investment....
...L and net debt....
...Rate relief drops away in FY22 so the recovery profile, in EPS at least, is not V-shaped....
...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....
...requirement, and with alpha splitting, would require the Tagrisso arm to have at least 40% stronger efficacy for the Tagrisso arm, vs....
...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...
International Edition