Hints and tips:
...Credit rating agency S&P Global downgraded Ethiopia’s debt to default on December 15 after the initial deadline for payment was missed....
...The Economic Government of the World, 1933-2023 by Martin Daunton (Allen Lane) In this ambitious and comprehensive book, Daunton traces out the history of the global economic order over a century....
...It’s also one of the only places to still enjoy p’tcha (jellied calves’ feet), but interested parties should call in advance to confirm availability....
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p. 39)....
...Our back-of-the-envelope $1.5bn WW recurring sales for AZN assumes 250m doses p.a. for developed countries at c.$6 per dose, a discount to estimated US flu vaccine revenue/dose around $11-13 given likely...
...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...
...In terms of the impact, we expect that this will continue to drive prices up for the near future, while the insurers most exposed are Swiss Re (via P&C Re and Corporate Solutions), Allianz (via AGCS), AXA...
...However, with limited upside to our price target on c.15x P/E 2020E, we downgrade to Hold....
...The P/E troughed first in the GFC, then P and finally, much later, E (Figure 2). Earnings estimates do not turn until c.10 weeks after the trough in the market....
...Without conviction in wider P&P sector pricing upside near term and the stock likely being put in the penalty box by some investors as they question earnings resilience, in our view DS Smith lacks near-term...
...Here’s Goldman: MCRO released a mixed 1HFY20 trading update today, with revenues at c.$1.45bn down -11% yoy ex-fx, and c.5% below GS/Reuters consensus expectations....
...What follows is little more than a comprehensive bundling of sellside research....
...Helpful, then, that Halfords is the market leader in bicycle sales (c.25% market share) and PACs (c.15%)....
...The fund manager owns shares worth $306m in CoreCivic and $335m in Geo, according to S&P Capital IQ, the data provider....
...Trade Wars are Class Wars Matthew C. Klein and Michael Pettis, Yale University Press, RRP$28/£20 This is a very important book....
...Based on our revised forecasts, Hikma trades on a 2021E P/E of 16.6x, a 26% discount to its UK specialty peers....
...The ONS estimates the value of land and assets-over-land to be over £5tn compared to a GDP of c£2tn....
...For example, the Shenzhen Composite index has among the lowest correlations of all major global indices to the S&P 500 index at just c. 8%, and the volatility implied via the derivatives market on the largest...
...Reuters has its trailing P/E ratio at, errr, 54. (eBay, its former parent company, has a trailing P/E ratio of 5.5.)...
...Why, then, is the S&P 500 index a 10th higher than on election night, and near all-time highs?...
...The M came off first, then the P. Soon the T, R and U were gone too....
...(Note that Bison is not a comprehensive database because it only includes funds owned by pensions and endowments that disclose their holdings....
...Thank heavens for Other Comprehensive Income. This is the rug, conveniently separate to the P&L, under which RBS will sweep a £1.6bn extra charge for pensions....
...Gridlock clearly pleases the world’s largest equity market, but the continued lack of comprehensive action from Washington represents a lost opportunity and one that could well come back to haunt investors...
...“We also continue to encourage the US to approve a budget for 2014 and replace the sequester with gradually phased-in measures that would not harm the recovery, and to adopt a balanced and comprehensive...
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