Hints and tips:
...Unquestionably, China (14% of group sales in FY19) continues to be a stand-out success story for L’Oréal; we expect the beauty category in China to register HSD growth this year and for L’Oréal to outperform...
...Weighing in at ~7,000 words and with 84 references, G4S’s Wiki “controversies surrounding . . .” rap sheet is longer than the ones for the Legion of Christ and Grand Theft Auto V, though not quite as long...
...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%....
...The V-shaped recovery in consumer spending feels too bullish in our view....
...And GTA V’s publisher Rockstar has a history of delaying titles in the name of quality; GTA V, Red Dead Redemption, RDR2, Max Payne and L.A. Noire were all delayed....
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