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...Gideon RachmanYou’ve been associated with a couple of honourable lost causes, if you like....
...As such, we see the CET1 ratio dropping below the interim target in 2024 (as a result of losses), but still above regulatory minima at c.12%....
...And the shares, and the associated cash, have not disappeared....
...Franklin’s childhood was dominated by her father C L Franklin, a Baptist minister and celebrity preacher, who took her on the road with him on his “gospel caravan” tours when she was 12....
...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-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....
...Because as we're seeing a lot of stimulative packages associated with this energy transition, this is infrastructure intensive....
...So it was a century ago at Appomattox [Lee’s surrender of the Confederacy]. So it was last week in Selma, Alabama....
...Valuation and scenarios: We use a DCF model with an 8.6% WACC and 4% terminal growth to derive our 2500p price target....
...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....
...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%....
...Shares reside at price-to-book multiple of c.1.3 times and we have a dividend yield of c.5% for 2021E at this point....
...But fear of the virus, and associated disruption, is harder to assess....
...We value Sumo based on a PE multiple of c.36x FY20E, a c.10-15% premium to the global peer group average (falling to 27x in FY21E)....
...net debt of c£18.9bn....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...This was not because lenders predicted a crash in house prices, says David Hollingworth, a director at broker L & C Mortgages, but because offices had been inundated with requests from existing customers...
...Shetty, his associated family members and his associated family holding companies in the Ordinary Shares of the Company, and that this review also has implications for the holdings and interests of H.E....
...Why do so many people who have been given a year left to live because of a terminal illness often say that it was the richest year of their life?”...
...a deferred tax asset, which accounted for c.8pp of the 20% beat....
...Company commentary supports our view of limited direct impact to P&C : Hannover Re: noted a potential €200m loss across P&C and L&H; Munich Re: noted a €500m loss should all the events it covers for communicable...
...The group has c.2.7x ND/EBITDA against a covenant of 4.25x....
...£680m [freehold estate value of c£1.1bn and pre-IFRS16 net debt of c£420m] vs a current market cap of just c£250m). 1:00pm GMT - It’s another bazooka, another whatever-it-takes moment, another exercise...
...What do with Refinitiv’s main product The Eikon terminal is simply a bad version of a Bloomberg terminal. Will that ever change? DD take: Nope....
...with sulphur; any wine containing more than 10mg/l of sulphur dioxide has to be labelled “contains sulphites”)....
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