Hints and tips:
...Not everyone gets great results from retinol or from vitamin C, but we know the majority will. That’s just how it is.”...
...Almost every line on the quarterly P&L beat expectations. Investment banking, the engine of Barclays’ recovery, did not outperform peers on revenues, but instead due to a surprising drop in costs....
...This aggressive mark down came in the form of ERVs -12% l-f-l and yields expanding +17bps....
...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....
...Refining capacity is to shrink c.30% by 2030, from c.1.7mbd to 1.5mbd by 2025 then to 1.2mbd by 2030....
...L’Oreal’s been downgraded at Credit Suisse. Stock priced for a V-shaped recovery that’s looking increasingly unlikely, they say: Downgrade to Underperform (from Neutral)....
...Because of its merger with Sprint in Apr-20, TMUS's portfolio of spectrum below 6 GHz is now c.3x that of Verizon and c.2x that of AT&T....
...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....
...Do you think we are in a commodities supercycle, or do you think the rebound that we've seen in commodity prices over the past year, which has been very strong, is just a cyclical recovery?...
...Current company-compiled consensus expectations are for revenue decline of c.7% for FY20 and EBITDA decline of c.15% (i.e. revenues of £516m and EBITDA of £115m)....
...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%....
...at the ‘C-suite’....
...Following 9 quarters of consecutive net outflows we estimate Q220 mutual fund net inflows of +£0.4bn, with a recovery seen in funds such as Dynamic Bond fund....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...2019) on our numbers, followed by a c.5% annual recovery in the subsequent two years....
...According to Bloomberg, consensus is currently forecasting PBT of c£185m (giving EPS of c6.9p) in FY 2020/21 and c.£340m (12.7p) in FY 2021/22....
...It gets straight to the point: We now assume an L-shaped RevPAR recovery (previously V-shaped), based on Jefdata consumer surveys, corporate guidance and industry forecasts. .....
...The move fuelled a significant escalation of trade tensions with some of Washington’s closest allies, and prompted retaliatory Canadian duties on C$16.6bn ($12.2bn) worth of US goods....
...We forecast an avg month-end net cash position in FY20 of c.£190m, (from £324m at FY19)....
...Increased focus on the home, reversing some L-T adverse trends....
...We note the c.30% premium to key peer Sodexo....
...“A lot of lenders moved away from accepting as much variable income as they did before the pandemic,” says David Hollingworth, director at mortgage broker L&C Mortgages....
...Modelling a recovery to 4% margins by FY24, we derive a £37 target price. 1H revenue growth of +21% was supported by a successful Jan/Feb period (rev +23%, c.+800bps vs cons)....
...strong recovery in demand since lockdown....
...Here’s Investec (sell) to summarise: [L]ockdowns are impacting consumption in North America (c. 30% of sales), Europe (c. 20% of sales), India (c. 10% of sales), Africa (12% of sales) and many countries...
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