Hints and tips:
...Basel III ❤️ deposits. Bleed to the digital euro would erode banks’ Net Stable Funding Ratios as well as Liquidity Coverage Ratios....
...Murray Auchincloss, the interim boss, took the top job in September after Bernard Looney resigned over his failure to disclose past relationships to the board....
...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....
...Anyway, here are names and links — we’ll let you make your own mind up: Liquid 2 Venture Fund III L.P . . . . Lake Nona Fund / LN Sports & Health Tech Fund I, LP . . ....
...Broker Berenberg said the share valuation will depend on how quickly L&G can achieve its total target for operating profit of between £600mn and £700mn by 2025....
...While AstraZeneca/Oxford are racing headlong into Phase III they’re still to report interim Phase I, so that’s very likely to be what we get tomorrow....
...Interims from the financial administration outsourcer miss both on revenue and margin....
...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....
...years resulting in cumulative provisions of 314bps over 2020-22E; and iii.)...
...P&C outperformed into the corrections in the past 8 years....
...Our assumptions on the stopping criteria are line with those for the Imfinzi PACIFIC stage III lung cancer 70% interim....
...Gym Group, the gym group, is unchanged after interim results that don’t reveal a whole lot....
...Our forecasts assume the full £500m is invested in land in FY20, and that the benefit in the P&L is seen later 2022 but to a larger extent in FY23....
...GNC is also eligible for Goverment COVID Financing Facility (CCFF) funding. Non essential capex and pension cash funding is being deferred. Likely to be materially negative for consensus....
...Overall, we estimate that Hiscox is valued at 10.2x 2021F P/E or 8.0x 2022F P/E. Our valuation would value Hiscox at 12.5x 2021F P/E and 9.8x 2022F P/E....
...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)....
...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?...
...With AAL’s balance sheet having more than adequate capacity to pay $300m p.a. in capex over the next 2 years, Anglo can unwind this discount....
...That’d be the ESM funding itself through European Central Bank liquidity....
...Lloyds trades on 0.6x 2011 p/TCE. At least they didn’t mention the share price! Year-to-date, Lloyds is the worst performing stock in the FTSE 100....
...Investors appear to have already priced in the fall, with the shares edging up ¼p to 99¼p on Monday, valuing Xchanging’s equity at £237m, compared with a peak of £660m in June 2007 when it was considered...
...In proposals for the implementation of Basel III into law in Europe, the EC weakened its definition of regulatory capital and delayed the introduction of leverage and minimum funding ratios until at least...
...On the positive side, limits on investing in private equity will likely lead to an improved ROE in that business (with less capital deployed), though the total P&L hit might be a drag....
...In view of our decision to halt the current sales process of AIB Group (UK) p.l.c. AIB intends to increase the size of its planned capital raising from €5.4bn to €6.6bn....
...Unilever fell 2.4 per cent to £18.21 awaiting interim results next week, which are likely to focus on Western Europe after L’Oréal and Reckitt Benckiser both said demand had worsened....
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