Hints and tips:
...e ratio of 9 times next year’s earnings in China....
...So I have no other assets, no other unit trusts, no property, nothing else, no other savings except one SIPP and one pension fund with a previous employer, which I’m hoping to put into a SIPP....
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p. 39)....
...Bakkavor and more potential for revenue synergies from recent M&A (e.g....
...However, the sales unwind into 2H20-1H21 could be significant, which is a risk given a 2021e P/E ratio of almost 27x....
...MONC shares trade at 27x FY21E P/E, 17.4x EV/EBITDA and 5.9x EV/sales (vs 27x, 15.5x and 3.9x Euro luxury sector average ex Hermes) offering limited upside valuation support in our view. 12:30pm BST - Sigh...
...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?...
...EnQuest’s cash netback lead among UK E&P’s has improved further as yet more legacy high-cost fields are shut-in permanently....
...BT trades on 2021/22E 5.8x P/E and a 7.9% dividend yield....
...Valuation: Our 12-month price target of 5,300p (unchanged) is DCF-derived and implies a 16x FY22E P/E multiple. Given limited upside, we downgrade the stock to Neutral (from Buy)....
...Based on our revised forecasts, Hikma trades on a 2021E P/E of 16.6x, a 26% discount to its UK specialty peers....
...At c30x P/E, we do not feel valuation fairly reflects these risks and thus downgrade to Sell with a GBp385 price target, suggesting c30% downside from current levels....
...We believe this will likely remain supportive of improving E&P share prices....
...Barclays trades at 5.3x P/E ‘22e, 0.4x PTNAV for a RoTE of 7.1% ‘22e, we remain OW and reiterate Barclays as our top pick in the UK. What else?...
...(e.g Allianz offers 6.7% for 2020)....
...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 see potential for S32 to exit orphan (e.g. nickel) or downstream (e.g. smelters) assets medium term; it recently placed the Metalloys Mn alloy smelter on care & maintenance....
...Compared to nearly one month ago, tests per million capita has significantly increased (e.g. Italy/ U.S.: 11,442/ 5,436 as of 5-Apr vs. 1,423/ 42 as of 12-Mar)....
...Here’s Commerzbank: Equity markets staged a decent rally last week with e.g. the S&P 500 up 10.4% w/w, and weekly trough to peak performance exceeding 20%....
...On a sum-of-the-parts basis, we estimate the implied FY21 P/E for Primark is c.15x, which we think is undemanding for a best-in-class value retailer, with good international prospects....
...In recent years, like-for-like price inflation has also outpaced peers at 4-5%, compared to e.g. 2-3% for Auto Trader....
...On our new estimates, the company is trading on 27x 2020E P/E and 18x 2021E P/E (our base case assumes a 3-month shutdown in most countries)....
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...At 8.3x 2021E P/E, 5.5x EV/EBITDA and 10% FCF yield, WPP trades at a 42% P/E discount to the market (vs. 3Y median discount of 29%) which we believe does not reflect earnings rebound potential and self-help...
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