Hints and tips:
...industry....
...Shares in the asset manager rose 5.7 per cent on the day the deal was announced, and this year they have nearly doubled the S&P 500’s performance....
...Andrew Garthwaite et al at Credit Suisse has had a fiddle about with the model portfolio, resulting in insurers getting a push....
...Unilever “needs to reinvent itself” and “needs to look more like P&G” by adding “later income cycle adopted products.”...
...Likewise, the recovery in the last three weeks is largely due to relief that the hit might not be as bad as feared (e.g....
...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....
...… and high cash burn and capital commitments mean leverage has taken a permanent step up....
...Sit back, relax and enjoy the first day of the V-shaped recovery. ... Which is not to suggest that - ... Neverthele - ... Yet let’s not overlook the fact tha - ... If you’ll just let me fini - ......
...There’s not much precedent to support the idea that Shina et al can walk away based on a MAC clause: WPP was forced against its will to buy Tempus in 2001, Guy Hands couldn’t scrap a bid for East Surrey...
...Rate relief drops away in FY22 so the recovery profile, in EPS at least, is not V-shaped....
...The energy transition strategy update in March is key to becoming more positive on the stock, absent a V-shaped recovery for their O&G customers. Glaring value?...
....• The current story - reduce cash burn and rebuild liquidity: We remain in this phase, in our view, where the industry has been since mid-March....
...Key Points • Ubisoft’s FY2021 features a robust game pipeline, or what management has described as “the most ambitious line-up in the industry”, including five AAA titles (e.g., Assassin’s Creed Valhalla...
...Some of the regulations were good for that, for liquidity and capital, et cetera....
...It gets straight to the point: We now assume an L-shaped RevPAR recovery (previously V-shaped), based on Jefdata consumer surveys, corporate guidance and industry forecasts. .....
...WPP will also reduce is planned capex from £400m to v£300m....
...A flack adds to Bloomberg this morning: “[G]eneral business interruption policies across the industry, including Hiscox’s, were not designed to cover the extraordinary circumstances caused by this pandemic...
...V, U, or L? The nature of Covid-19 growth impact means that some elements – e.g., production resumption, inventory restocking, and travel normalisation – would lend a natural rebound to growth....
...Recent medical literature suggests that severe manifestations of COVID19 may be due to tissue damage caused by severe immune dysregulation (Li H, et al; The Lancet; April 2020)....
...If Debt/GDP is about 1 now (UK-US levels) you can run a primary deficit of (g-r) — where g is growth rate and r is real cost of borrowing — and keep Debt/GDP constant....
...It is time for the entire oil and gas industry to do the same....
...Feldman et al. have a sense why that is:The access to capital investment and the ability to spread risks among many small shareholders appears to facilitate heavier investments in R&D, arguably the riskiest...
...Furthermore, motivated by the results of Agarwal et al. (2009) and Joenväärä et al. (2015), we consolidate six hedge fund databases to ensure a wide coverage of funds over a long time period (January 1994...
...P&G is not alone....
...(BBG) Intel/Apple: short-circuited (FT Lex) Pfizer in talks with P&G on sale of its consumer business, though they are far apart on price (CNBC) Jumbo deal for Akzo Nobel unit LBO stirs debt markets (...
International Edition