Hints and tips:
...The S&P 500 is up 10 per cent from its lows of two weeks ago, and 5 per cent above where it closed last Thursday....
...The crash in token prices, which have fallen about 70 per cent from their peak last autumn, has provided dealmaking opportunities for stronger companies....
...Each row height represents the peak publication for each term showcasing patterns throughout the year....
...The shares have fallen 37 per cent from their peak last February....
...And outperforming, say, the S&P 500 becomes a matter of accurately timing market tops and bottoms more than almost anything else....
...Passengers on one side of a plane heading west from London’s Heathrow airport can see Windsor Castle, home to Queen Elizabeth II....
...However, on metrics that smooth out investment, like P/E, BT looks very cheap, on 6x P/E (sector 15x). Our price target remains 130p....
...BEst eps (aka price/peak eps ratio) bottomed on March 23 at 18.5x after peaking at 23.1x (top panel)....
...Multiple Phase II pipeline readouts expected in 2H’20, but these data points are less key to the company’s current investment thesis: GLPG have three Phase II trial readouts scheduled for 2H’20; namely,...
...Trading at 4.4x adjusted EV/EBITDA and 9.5x P/E on our 2022 estimates, shares look attractive given: i) FY3 average of 5.2x and 10.9x respectively since 2017, and ii) 18% and 13% discount to peers (SUMCO...
...The slack is only partly taken up by France P&C which is over distributing....
...B relative of small caps relative to large caps is well below its 2009 low and the yield relative is unusually high – P/Es are meaningless in the current environment with loss-making small caps back to peak...
...they have been outside any recession apart the peak of the GFC....
...Then, revenue fell by 28% LFL from its previous peak (see charts later)....
...(ii) such a property wealth tax would lead to inefficiency in investment behaviour....
...) estimates i.e. an attractive valuation, however: i.) preprovision profit in our base case is declining -2% CAGR ‘19-22E and ii.) our L-T recession scenario sees only 1% p.a....
...TNAV came in at 284p (flat qoq), putting the stock on 0.39x trailing P/TBV....
...The discount of our UK domestic basket at 10% (24-month Internationalfwd P/E) is not especially wide by comparison to the past 4 years post the EU referendum....
...However, we want to see a peak in the US dollar, a trough in PMIs (April) and peak in non-Chinese infections, especially in Italy (during SARS, HK troughed a month after the peak in the infection rate)....
...The shares are now trading on 23x FY20 P/E (five months of consolidation of TI Media) and 19x FY21 P/E (full year of TI), while providing an three-year EPS CAGR of c30%....
...A TIPS yield of -2% easily justifies a P/E of 21x....
...L.P. (“KKR”) and GK Investment Holding Group SA (“GKI”) (each a “Potential Offeror”) regarding possible offers for the Company....
...On our new estimates, the stock is trading on 8.7x and 8.1x 2021/22E P/E vs. a 5y median of 14.7x (and on 6.2x and 5.6x 2021/22E EV/EBITDA vs. a 5y median of 10.5x)....
...Today we’re testing positive for MIFID II violations. What follows is little more than a comprehensive bundling of sellside research....
...Our $1.5bn peak potential could prove conservative, given we only model China use with an access-cut, not broad China NRDL Adjuvant coverage....
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