Hints and tips:
...Black British Artist Grant, an annual programme giving a leg up to figures within the arts and addressing diversity and visibility across the creative sector. a-cold-wall.com; community.samuel-ross.com B...
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p. 39)....
...I think the extent to which, really, Putin has become the state, it's like maybe - I might be getting the French king wrong, but I think it's Louis XIV who said, l'etat c'est moi - I am the state....
...I mean, the World Bank is saying that we might need over 3bn b tonnes of new metal to achieve the 2-degree C future. But where's all this copper, cobalt going to come from?...
...Hoare, North Yorkshire; Christina McKittrick, Kingston Polymath 1,011: Dr S Bailey, Swindon Crossword 16,099: Suzanne P Wilson, Windermere; D Barter, Cumbria; Jean-Marc Sellier, California Polymath 1,010...
...This is however negligible in the wider context of the P&L and the land bank, with the impact on future gross margin of 17bps small and which will likely be mitigated....
...DC is currently trading at c.9x CY20E P/E and offers a c.5% dividend yield. It is one of the most sensitive stocks in the sector to the £ sterling, given its low margins and supplier pricing power....
...The bulls will point to a P/B below 1, FY21e EV/EBITDA of 4x and EFCF Yield of 8% as evidence of clear value....
...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%....
...If the bondholders call in their debt, M&B could sell some of its 1,356 securitised pubs (last valued at c£4bn) to pay off c£1.7bn of notes and c£0.3bn of MTM swaps....
...We value IAG at a P/B 2019 of 0.4x (as for AF-KLM / at a 20% discount to Lufthansa’s P/B multiple in the lows in 2009; IAG was formed in 2011)....
...We also index the S&P 500 to its February 2020 high....
...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...
...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....
...If we assume that ISM ends the year at 50 and spreads fall marginally, then S&P 500 fair value is 2,700....
...through the P&L....
...The business is fit for purpose given the strong b/s and low fixed cost base, and the step up in home consumption in the US during lockdown has provided a tailwind for premium mixers to become part of the...
...With 24% of companies having reported, earnings growth for the S&P 500 is at -16%....
...B is for blown — as in, “I've blown all my money”. C is for centralisation — which is always going to be quicker and cheaper than blockchain....
...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....
...On current multiples LSL is trading on a PE of 12.8x fo Dec 2020 while Countrywide is on 12.2x our 2020 estimates albeit it has c. £75m of debt vs a market cap of c. £123m....
...Also weakness in L&S. And, for Remy specifically, we should also note a Credit Suisse downgrade saying nCov may be temporary but cognac brand dilution is permanent....
...This compares to the S&P 500’s YTD decline of 15% and a 19% decline below its all-time high on February 19th. Valuations have contracted in the past three weeks....
...UK recovery will be slower than peers: (a) larger service sector: (b) weakness of business investment: (c) lack of clear social distance messaging....
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