Hints and tips:
...From €195, alcuzcuz.es Ajesh Patalay Muxima, Aljezur, Portugal I’m not sure I had ever actually seen frogs perched on lilypads outside a Beatrix Potter illustration, but you’ll come eyeball to eyeball...
...and this year announced the investment of €1mn in the Himalayan Regenerative Fashion Living Lab, which helps develop regenerative farming and support textile makers in the area. brunellocucinelli.com D...
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...Or at least the Cigna C-suite....
...The woman replied, “I’m a mother, it’s what we’re here for!”...
...an energy price shock that is worse than in some other places (eg the US); d) interest rates that are likely to rise by more than the BoE appears to think; and e) investment spending deterred by uncertainty...
...A merger between Pharos and Transglobe would create an Egypt oil-focused E&P with >£100m market cap and >20Mboe/d oil-weighted production....
...Bakkavor and more potential for revenue synergies from recent M&A (e.g....
...National Express currently trades at 4.3x December 2022E P/E....
...However, the sales unwind into 2H20-1H21 could be significant, which is a risk given a 2021e P/E ratio of almost 27x....
...Harley, Stockton-on-Tees, England Crossword 16,284: J Vercoe, Dorchester, UK; Anna Bruce, Wiltshire, UK; J Ireland, Bristol, UK Polymath 1,041: Phoebe Sutherland, London Crossword 16,278: Peter Bromwich...
...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....
...We increase our PT to £19.00 (from £12.60) reflecting a 70% 2021 P/E premium to the sector in-line with its MT top-line outperformance. H1 2020 preview....
...Avast currently trades at 21x FY21e P/E or c. 5.5% FCFF yield, a level we continue to view as attractive vs. the wider software sector, especially given WFH benefit as well as optionality around M&A/buybacks...
...We cross-check our PT with a 2024E P/E multiple discounted to present value; our PT would imply a 15x P/E multiple vs 23.0x developed Sx pharma 12m forward P/E average....
...However, in the context of a challenging retail consumer environment, revenue recovery in 2021E still leaves H&M revenue c.-5% below 2019....
...M&S first ......
...And here’s JP Morgan Caz on the E&P sector’s looming and largely irrelevant Q1 earnings season....
...And you don’t hear much complaining when the industry does beat the S&P, as was the case in 2018....
...We expect underlying FCF of c.>€1.1 bn in 2021E and FCF to be positive ex WC from 2022. Valuation - Renault trades at c.4.2x 2021E P/E, a c.10% discount to its 3-year median....
...Securitas trades on a 2021E P/E of 11x (13x 10Y median) and G4S on 6x (11x 10Y median). They trade at cycle lows vs. the OMX/ASX indices....
...GILD’s c$15bn cost base vs $11bn core op.income, of which c$5bn lies in R&D/SG&A), but also require very significant job cuts at a time of global economic hardship....
...At c30x P/E, we do not feel valuation fairly reflects these risks and thus downgrade to Sell with a GBp385 price target, suggesting c30% downside from current levels....
...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 see fair value 12m forward P/E of 21x (if the TIPS yield falls to -2%). • Excess liquidity remains highly supportive: Growing at 20%, consistent with a 90% re-rating....
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