Hints and tips:
...“The run-up in bankruptcies and default rates last year is a very important reminder that the cost of capital matters,” said Apollo’s Slok....
...“PE compensation is predominantly derived from the P&L of the firm — which is based on the management fee of the fund, and this is locked in for the life of the fund,” said Tom Thackeray, a partner at Heidrick...
...Revenues have been flat for the past seven years, according to S&P CIQ data, which means they are falling in real terms....
...German shoemaker Birkenstock’s IPO, meanwhile, could be valued above $8bn — unlocking a big return for its owner L Catterton, the private equity firm backed by French luxury fashion house LVMH....
...Blackstone in September became the first private equity group to be included in the S&P 500 index and its rivals Apollo Global and KKR are hoping they are not far behind....
...“There remains some hardware headwinds, which may give us a read on the overall consumer right now,” said David Wagner, portfolio manager at Aptus Capital Advisors....
...He joins from GCA Advisors, which was acquired by Houlihan in 2021....
...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....
...The stunt was to mark the debut 30 years ago of State Street Global Advisors’ S&P 500 Depository Receipt, or SPDR, on January 29 1993....
...The S&P 500 is often used as the default comparison because of its ubiquity, but, in reality, it’s a poor benchmark for private equity returns given how top-heavy it is....
...The S&P 500 fell a bit yesterday, but growth was unbothered. Google even staged a nice little rally, after Bill Ackman and Dan Loeb disclosed fresh investments....
...Torsten Slok, chief economist at Apollo Global Management, described the new messaging as “incredibly complex”, but investors seemed to get the idea....
...L’Oréal, the world’s largest cosmetics maker, anticipates that supply-chain challenges and pandemic-induced inflationary pressures will fade from mid-year....
...Wilson ambitiously compares L&G with BlackRock and Apollo, rather than Aviva. If investors applied even a small part of premiums enjoyed by those US powerhouses, L&G would be unassailable....
...Total issuance of CLOs in the US this year is running at a record pace around $70bn, according to data from S&P Global Market Intelligence, with the total market now sitting at $770bn outstanding, according...
...But that all changed on Thursday when T Rowe unveiled the acquisition of New York-based Oak Hill Advisors for up to $4.2bn in cash and shares....
...She was previously general counsel at State Street Global Advisors....
...The S&P 500 fell almost 5 per cent last week, and the Vix volatility index rose to its highest level since June....
...EV/EBITDA of 270x FY21 BBG consensus); after all, IFRS 15 means that the new Solutions contracts are only reflected in the P&L with a lag....
...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...
...“The schools are requesting things like the P&L [profit and loss] of companies they used to work for among other ridiculous things like six months’ bank statements and other personally and commercially confidential...
...Our PT values CPR on 40x 2021 P/E (ex-further M&A) vs Spirits on 23x. ST momentum to hold....
...JP Morgan -- Jupiter’s corporate broker and joint advisor on its not very popular recent deal to buy Merian -- says to buy Jupiter. “Overweight”, December 2021 target of 300p....
...On our current published forecasts, Royal Mail trades on a March 2020E P/E of 10.3x and EV/EBITDA of 3.6x (rising to a March 2021E P/E of 13.4x and EV/EBITDA of 3.8x)....
...The initial consortium of bidders was: 1) Centerbridge and TowerBrook, 2) Platinum Equity Advisors, and 3) Warburg Pincus....
International Edition