Hints and tips:
...L-T....
...Franklin’s childhood was dominated by her father C L Franklin, a Baptist minister and celebrity preacher, who took her on the road with him on his “gospel caravan” tours when she was 12....
...He added: “President Donald J Trump will serve 4 more years!!!” The post has almost 80,000 upvotes, and has been viewed 3.5m times....
...Staffordshire, England Polymath 1,040: Patricia Blakemore, West Midlands, England Crossword 16,272: Martha F Browne, New York; Sean Putnam, Wellingborough, UK; Richard Cauman, Knoxville, US Polymath 1,039...
...We now forecast FY21e PBT of £162m, with an 8.4% organic revenue decline, and have reduced our FY21e forecasts by c.30%....
...“L&G offers a 6.3% 2020E dividend yield, 1.2% above the sector average. Pre-2016 L&G's yield averaged 0.4% above the sector.”...
...A lower EBIT margin online vs C&H as a whole also means that if M&S does grow online to 30% of C&H sales by FY22e, the impact on margins will still be negative....
...According to Bloomberg, consensus is currently forecasting PBT of c£185m (giving EPS of c6.9p) in FY 2020/21 and c.£340m (12.7p) in FY 2021/22....
...We reduce our Operating EPS estimates by 4% for 2020E and 2% on average for 2021-22E....
...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%....
...We estimate 2020 cash remittances from local OEs totaling €4.7bn which would be €0.9bn lower than last year. France L&S and Italy will not pay dividends this year, and XL Bermuda is unlikely to....
...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)....
...net debt of c£18.9bn....
...These trends do not favour M&S or Primark. We reduce our sales growth to -7.5% yoy in CY20 (from +0.4%), with a recovery to +5.9% yoy in CY21 (from +3.4%)....
...and FCFE yield; and; 4) Trading at 45% discount to property NAV (€1.1bn)....
...Modelling a recovery to 4% margins by FY24, we derive a £37 target price. 1H revenue growth of +21% was supported by a successful Jan/Feb period (rev +23%, c.+800bps vs cons)....
...s a slight positive)....
...So there was still an underlying beat of c. 3-4% on Q1 revenues. China grew 17% in Q1 despite COVID, which is impressive....
...Brent and metals are off 4 per cent or so. You know why....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...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...
...The timing of the low: On our scorecard, we now rank 3.4 out of 5....
...The group has c.2.7x ND/EBITDA against a covenant of 4.25x....
...Ethernet is a low visibility business for Spirent (we believe c.2-4 week lead time) and tends to be 4Q-weighted....
...The medium price move after these cuts were +2.8% (1w), -4.3% (6m) and -9.2% (1yr)....
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