Hints and tips:
...(Alphaville believes that using L’Oréal as an O is cheating, even if it makes your acronym look nicer.)...
...Apple’s status as the world’s most valuable company — a position it has held almost continuously for more than a decade — could come to an end in 2024....
...Over the past 10 years, the 1.5 per cent the FTSE 100 has returned annually on average has been dwarfed by the 9.7 per return an investor in the S&P 500 has enjoyed....
...Chart of the week The S&P 500 index, which measures the performance of US blue-chip stocks and sets the tone for investors around the world, is on track for one of its best half-years in two decades....
...Part of the problem is that they get coerced into what I consider to be exploitative [limited partnership] agreements. I’ll give you an example of one....
...Moody’s followed S&P Global and Fitch in withdrawing credit ratings for Russian entities....
...The stock has also soared from $31 to $135.34 since that listing, inclusive of an over 100 per cent gain in 2021, dramatically outperforming the S&P 500....
...Nor is an IPO imminent....
...Valuation and Rating: On our estimates, Glencore trades at a 2020 EV/EBITDA of 4.6x and a P/NPV of 0.9x. We are bullish the cycle, but we reiterate our Hold rating on GLEN shares. ITV’s up a tad....
...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....
...The moral of the story here is not to distrust the sellside -- in our view they often do an admirable job with limited resources and massive pressure -- but to be more cautious of their work when a stock...
...EBITDA was $361.8m, +452% y/y, giving an EBITDA margin of 64%. The company has announced an interim dividend of $101m ($0.9531 p/s) and is launching a new $67.3m share buyback today....
...Nuxe (which is backed by THG investor Sofina)....
...through the P&L....
...Stress testing balance sheets for GFC falls in EBITDA As we move into recession mode, incoming questions from investors have switched from a focus on the P&L to the balance sheet....
...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....
...But risk-oriented investors do not have the luxury of sitting back and hoping for the best, and Trucost — an affiliate of rating agency S&P Global — set out to tackle the query head-on....
...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 risk for them now is that, like Apple, they become prisoners of that day’s mood music....
...But some investors have questioned whether Danone overpaid for its $12.5bn acquisition of WhiteWave, an upmarket US producer of alternative milks in 2016....
...Having said that a young investor — in particular, the son of an FT journalist — would do as well in the S&P as in Berkshire, Buffett provides a clue: “I think your son will learn more by being a shareholder...
...For instance, could an investor lose money by buying Apple stock? Absolutely. Is that a systemic risk? Unlikely....
...Encouragingly, this momentum was sustained further down the P&L — reflecting the relatively small increase in costs required for FairFX to keep growing....
...When I joined Aifa it was kind of moribund and I was responsible for changing its business model, giving it a new P & L, reconnecting it to its membership and delivering quite a lot of organisational change...
...There is a limited overlap between the two companies, so although a full purchase of L'Oréal by Nestlé would be huge, the antitrust hurdles are straightforward."...
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