Hints and tips:
...It is too late to undo the damage of opportunities foregone. It is not too late to stop inflicting more harm in the future....
...One ad is for a specialist in the private equity secondary market as well as other senior roles in equities, fixed-income and portfolio management....
...Anyway, here are names and links — we’ll let you make your own mind up: Liquid 2 Venture Fund III L.P . . . . Lake Nona Fund / LN Sports & Health Tech Fund I, LP . . ....
...In Zambia’s South Luangwa and in Zimbabwe, C+L has partnered with Tusk Trust to give clients active placements in handpicked conservation projects – working (really working) alongside leading conservationists...
...The RateSetter acquisition, which has been well-received by the market over the past 48 hours, will “cost” c.0.3%. The Income Statement makes for grim reading....
...I mean, the World Bank is saying that we might need over 3bn b tonnes of new metal to achieve the 2-degree C future. But where's all this copper, cobalt going to come from?...
...L-f-l rents down 27%: net rental income fell down to just £87.3m which represents a l-f-l fall of 27% (excluding premium outlets), as a result of covid and the reduced rent collection rate....
...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 do not think that management would have referred to “strong cash conversion” and emphasized delivering if the beat in the P&L were not flowing through well to cashflow, so we believe that the commentary...
...Management guides to c£60mn of net benefit in 2H (c£78m extra costs offset by six month business rates relief of £137mn)....
...for acquisition over the last 12 weeks and a similar number are in the immediate pipeline....
...at the ‘C-suite’....
...C&H store sales are down by nearly half and that is despite the discounting of many lines to get them out of the door. Management has booked extra warehouse space to ‘over-winter’ some stock. . . ....
...per seat is worth c.£37m to 2021E PBT....
...However, the outlook is uncertain, rising one-offs make P&L valuations less relevant and cash conversion is declining. In addition, top management changes add another layer of complexity....
...net debt of c£18.9bn....
...Increased focus on the home, reversing some L-T adverse trends....
...This will give the management more visibility on the rest of the year....
...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...
...Key points: The Stars Group acquisition closes today creating a c£14.5bn global market leader in online gambling....
...Over the medium term, which we read to be c.FY23, management intends these self-help actions to deliver revenues flat to low single-digit growth, with EBITDA margins in the mid-40s....
...EPS accretion cancelled out by AUM declines: Management guidance is for the acquisition of Merian to result in “low to mid-teens” EPS accretion....
...Operating performance: intu’s like-for-like net rental income declined 9.1% in 2019, in line with management’s November guidance of c. 9%....
...This stronger foundation should be supported through 2020 as management bandwidth improves further (with only one remaining C-suite role to be filled)....
...The division is margin dilutive to the Group at a c.13% operating margin (Group c.18-19%)....
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