Hints and tips:
...(Another was the liability-driven investing strategies that blew up in UK pension funds last autumn.)...
...L&G’s share price rose almost 3 per cent on Thursday, more than the wider blue-chip stock index, after it posted a trading update in line with market expectations....
...It is an opulent reinterpretation of a very old accord called a L’Origan, which was first created by Coty in a perfume bearing the same name....
...David Hollingworth, director at broker L&C Mortgages, says the Help to Buy equity loan — available in England, Scotland and Wales in various forms — has helped many people get on the ladder or make their...
...Following recent share price strength, this should l take the edge off an otherwise solid print today....
...We acknowledge the premium the company currently enjoys on a P/E basis, but note that on an EV/EBITDA basis this is not apparent....
...It is impossible to be precise but we think that in general when companies refer to “materially ahead” they are referring to c.10%....
...But their ability to sell tickets may be limited by restrictions on mass gatherings....
...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%....
...However, with limited upside to our price target on c.15x P/E 2020E, we downgrade to Hold....
...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)....
...Increased focus on the home, reversing some L-T adverse trends....
...RMV’s ARPA has increased almost 4x in the last 10 years and now represents c.5% of an agent’s revenue (compared to c.3% for Scout24)....
...With over £500m liabilities repayable in Q1/20 and limited visibility on receivables, a second equity raise may be needed in H2/20....
...Most life companies have limited exposure to speculative grade market....
...This action frees up c£2.5bn in cash flow for other uses and protects the BBB+ credit rating, according to the company....
...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...
...And Kepler: With very limited visibility, we would expect IAG to require c. EUR4bn additional liquidity if the current level of activity was to continue until the end of Q3....
...The shares currently trade on a 2020E PE multiple of c.17 times and an EV:Sales multiple of c.0.92 times in the context of Group margins of c.7.6%....
...Here, the designer commissioned a hand-painted trompe‑l’oeil wall painting as a backdrop to a switchback staircase, opening up an otherwise cramped space with the feeling of billowing striped fabric....
...The company’s FY 2019 net debt/EBITDA of 3.5x left it with a limited margin for error and restricted its operational and strategic flexibility....
...I bought them from an épicerie called L’Amoncel run by two elderly women who have shelves of products you’re unlikely to see anywhere else....
...is unaware of its obligations towards its workforce — indeed, without an engaged workforce a company has a limited future....
...She was also accused of compromising her principles in 2006 when she sold The Body Shop to L’Oréal, the biggest company in the beauty industry....
...Further to its announcement of 22 January 2015, Quindell Plc (AIM: QPP.L) notes the further press speculation and announces that it has extended Slater & Gordon Limited’s (“SGH”) exclusivity period relating...
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