Hints and tips:
...But, you know, where could a Trump Mark II lead us to? Most people feel he will sell Ukraine out....
...Hence we do not view the sharp rise in bond yields as a risk for the annuity and PRT business, in contrast it further strengthens the outlook for this business. (LGIM declined to comment.)...
...the Great Pyramid of Giza (itself visible from the museum’s panoramic windows); the Merneptah Pillar; and, in the soaring atrium, the 3,200-year-old, 83-tonne, 11-metre-high monumental figure of Ramesses II...
...As such, we see the CET1 ratio dropping below the interim target in 2024 (as a result of losses), but still above regulatory minima at c.12%....
...Race Capital II, LP . . . Lifelike Capital [ridiculously minimalist website award winner] . . . ....
...We built a cashflow model to check this and can confirm that, in our view, L&G can write £10bn of annuities each year and grow its dividend by 8%pa....
...France L&S and Italy will not pay dividends this year, and XL Bermuda is unlikely to. The slack is only partly taken up by France P&C which is over distributing....
...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%....
...Current company-compiled consensus expectations are for revenue decline of c.7% for FY20 and EBITDA decline of c.15% (i.e. revenues of £516m and EBITDA of £115m)....
...at the ‘C-suite’....
...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,...
...net debt of c£18.9bn....
...We estimate Aviva’s Group Solvency II ratio stood at 180% at 1Q20 (on a shareholder basis)....
...Furthermore, the updated liquidity and cost targets read quite well, in our view....
...That is not an issue short-term, in our view. We believe Rolls-Royce to be worth considerably more than this....
...Here’s Investec (sell) to summarise: [L]ockdowns are impacting consumption in North America (c. 30% of sales), Europe (c. 20% of sales), India (c. 10% of sales), Africa (12% of sales) and many countries...
...The shares currently trade on a 2020E PE multiple of c.17 times and an EV:Sales multiple of c.0.92 times in the context of Group margins of c.7.6%....
...L.P. (“KKR”) and GK Investment Holding Group SA (“GKI”) (each a “Potential Offeror”) regarding possible offers for the Company....
...The division is margin dilutive to the Group at a c.13% operating margin (Group c.18-19%)....
...Strong balance sheet-backed business, in our view....
...This action frees up c£2.5bn in cash flow for other uses and protects the BBB+ credit rating, according to the company....
...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...
...Today we’re testing positive for MIFID II violations. What follows is little more than a comprehensive bundling of sellside research....
...We estimate Whitbread's annual rates bill is c.£120m, equivalent to c.35% of FY20e PBT (Feb YE). Mitchells & Butlers' rates bill is also around c.£100m, c.50% of FY19 PBT (Sep YE)....
...As the group delevers to 3.0x in FY 2021, this will drive a re-rating, in our view....
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