Hints and tips:
...Many of the big issuers of exchange traded funds, such as WisdomTree, Deutsche Bank and Legal & General Investment Management, are active in the S&L space....
...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....
...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....
...Norwegian government support for the oil industry is nothing new, but the materiality impresses even us and once again underlines the low-risk element of Norway E&P investments (if they have quality assets...
...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....
...The shares trade on 2.5x 2022 P/E, 4.2x EV/EBITDA....
...With top-line beat flowing through the P&L, core op. profit was +8% vs cons and core EPS +12%. ¾ of the EBIT beat seems inventory related. Q: What were the most noteworthy areas in the results?...
...We see fair value 12m forward P/E of 21x (if the TIPS yield falls to -2%). • Excess liquidity remains highly supportive: Growing at 20%, consistent with a 90% re-rating....
...Jupiter funds account for £700m of the redemptions, with Merian funds driving the rest....
...L and net debt....
...Between 2009-10, Hays traded at an average 2 year forward multiple EV/GP multiple of 2.2x. We apply 2.2x to normalised FY22 estimates along with a DCF to derive our new PT of 145p....
...What happens further down the P&L is largely a question of capital structure, but it appears most will be either loss-making or make only marginal PBT....
...Since 2016, we estimate the Kingfisher P&L has had an £81m transactional benefit from weaker sterling. FX could become a headwind once trade talks are agreed (or not)....
...RB's unmatched P&L flexibility is paving the way for fast improving market share momentum, notably in the 20% of its cells that have been persistent underperformers. ... and for Unilever, a €43/£40 target...
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...We lower our forecasts by ~10% to reflect a slightly slower run-rate, FX and ongoing investment....
...Despite sell-offs, we remain cautious near term on MO (COVID; PT -24%) and PM (FX, COVID; PT -22%). Stay U/P SM; valuation still too rich. ......
...We now assume the following: (1) RR’s credit rating will be cut; if S&P cuts its rating then RR will move to non-investment grade. (2) RR will scrap its dividend. (3) We have not modelled an equity raise...
...The acid test ratio at the end of H1 FY20 was a comfortable 2.2x....
...We note that in March ’09, the European equity market bottomed at a lower multiple of 8.2x. Sectors that currently trade at the biggest P/E discount to history are Autos, Banks, Energy and Miners....
...Overall, while the stock trades on only 0.25x P/TBV there remains no visibility on when it will generate sustainable profits....
...This puts the sector on a relative P/E premium of 35% on NTM+1 (Apr 21-Mar 22), 16.2x for Beverages vs 12.0x for the Market....
...Table 1 starts with RR’s u/l EBITA in 2022E and then deducts the utilisation of cash provisions, the excess of investment over D&A, then interest and tax....
...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....
...In the US Netflix has risen 50 per cent since the start of the year, making it the top performer in the S&P 500, while Victoria’s Secret owner L Brands is down 29 per cent, making it the second worst....
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