Hints and tips:
...COE manteigariasilva.pt Manuel Tavares, Lisbon This bustling produce and wine shop in the centre of Lisbon dates from 1860....
...Late last month, S&P scored a big acquisition with its $44bn purchase of IHS Markit, which will help the credit rating company incorporate emissions data into ESG scores (S&P acquired RobecoSAM’s ESG ratings...
...Our PT values CPR on 40x 2021 P/E (ex-further M&A) vs Spirits on 23x. ST momentum to hold....
...The stock trades at 21x FY22E P/E. During the lockdown, we have seen major brands, i.e....
...Our back-of-the-envelope $1.5bn WW recurring sales for AZN assumes 250m doses p.a. for developed countries at c.$6 per dose, a discount to estimated US flu vaccine revenue/dose around $11-13 given likely...
...We maintain our 30% benchmark, and hence a PT of €83 and move to Hold from Buy. Tencent direct is our preference (Thomas Chong’s recent PT hike)....
...Downgrade to Hold with PT to €133/$157: Filgotinib is now worth €21/share (c.16% of NPVs), from €95/share (c.45% of NPVs), based on our lower peak sales and probability....
...more of a primary event), UK P&C (~14% of premium), and then the multilines (~10%)....
...Our Outperform rating on LLOY (PT 40p) assumes there is not a rate cut. We recommend long LLOY, short RBS (SP, PT 110p) to clients specifically interested in hedging the negative interest rate risk....
...We cross-check our PT with a 2024E P/E multiple discounted to present value; our PT would imply a 15x P/E multiple vs 23.0x developed Sx pharma 12m forward P/E average....
...In 2024/25, we model £1.3bn p/a in group FCF. At c.14% FCF yield in 2023, and >17% in 2024/25, we continue to see attractive upside to equity in the medium term....
...One factor impacting underperformance, is a reduced E&P valuation, and we now carry £0.6bn vs a £1.2bn valuation in Dec ‘19. The -£0.6bn change in our E&P valuation is equivalent to c.11p....
...Avast currently trades at 21x FY21e P/E or c. 5.5% FCFF yield, a level we continue to view as attractive vs. the wider software sector, especially given WFH benefit as well as optionality around M&A/buybacks...
...However, the sales unwind into 2H20-1H21 could be significant, which is a risk given a 2021e P/E ratio of almost 27x....
... Wizz Air - Reiterate as OW (Dec-20 PT of €41.5): We continue to see Wizz as a core holding for European airline investors....
...At c30x P/E, we do not feel valuation fairly reflects these risks and thus downgrade to Sell with a GBp385 price target, suggesting c30% downside from current levels....
...At our PT, the stock would trade at an average 2020/21 P/E of 7.9x, -17% vs. last 24M average P/E; this discount is justifiable, in our view, given Centrica's tight balance sheet. • Updates to follow....
...Valuation: We value Greencore at 10x and Bakkavor at 6x 2022E P/E, representing discounts of 20% and 50% to MSCI UK Staples, respectively, implying PTs of 140p and 70p....
...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....
...On this basis, we see material upside potential and lift our PT to €152....
...We increase our PT to £19.00 (from £12.60) reflecting a 70% 2021 P/E premium to the sector in-line with its MT top-line outperformance. H1 2020 preview....
...We also double-upgrade Securitas from UW to OW with a PT of SEK130....
...On a sum-of-the-parts basis, we estimate the implied FY21 P/E for Primark is c.15x, which we think is undemanding for a best-in-class value retailer, with good international prospects....
...Trading on 6.8x CY21E P/E, we cut our PT by 30% but double upgrade to a Buy rating. FirstGroup, Reiterate Hold: We cut FY20E/21E EBIT forecasts by 2% and 81% respectively (noting April year-end)....
...Our reduced PT of 250p is equivalent to c. 1x TNAV and we upgrade to Buy from Hold. .......
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