Hints and tips:
...In 2006, the maison bought Villa Empain in Brussels, restoring the house and turning it into a Centre of Art and Dialogue between eastern and western cultures. boghossianjewels.com C is for Brunello CucinelliThe...
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...& D Barden, Cambridge, England Crossword 16,308: Chris Coleman, Cheltenham, England; Mark Huggins, Buckinghamshire, England; Neil Woolhouse, Wakefield, England Polymath 1,045: Jane Rowe, Cheshire, England...
...The slack is only partly taken up by France P&C which is over distributing....
...However, the sales unwind into 2H20-1H21 could be significant, which is a risk given a 2021e P/E ratio of almost 27x....
...This all follows M&C blowing up last year due to borked books and big bonuses....
...However, in the context of a challenging retail consumer environment, revenue recovery in 2021E still leaves H&M revenue c.-5% below 2019....
...National Express currently trades at 4.3x December 2022E P/E....
...However, on metrics that smooth out investment, like P/E, BT looks very cheap, on 6x P/E (sector 15x). Our price target remains 130p....
...Our price target is based on a mix of our DCF as well as P/E and EV/EBITDA multiples....
...There’s a rejig of forecasts on a Norway tax break and a bit of fantasy M&A, which seems to be obligatory in E&P notes at the moment....
...We expect underlying FCF of c.>€1.1 bn in 2021E and FCF to be positive ex WC from 2022. Valuation - Renault trades at c.4.2x 2021E P/E, a c.10% discount to its 3-year median....
...This puts the sector on a relative P/E premium of 29% on NTM+1 (Apr 21-Mar 22), 18.5x for Beverages vs 14.3x for the Market....
...If the bondholders call in their debt, M&B could sell some of its 1,356 securitised pubs (last valued at c£4bn) to pay off c£1.7bn of notes and c£0.3bn of MTM swaps....
...more of a primary event), UK P&C (~14% of premium), and then the multilines (~10%)....
...We see fair value 12m forward P/E of 21x (if the TIPS yield falls to -2%). • Excess liquidity remains highly supportive: Growing at 20%, consistent with a 90% re-rating....
...Our last published fair value of 440p (29% upside) is equivalent to a P/TNAV multiple of 0.79x....
...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....
...This is based on a P/E of 14.5x 22E, set in line with IMI’s 5-year average P/E. The current P/E relative to the sector at a c30% discount is at the low end of the 30 year trading range....
...In 2024/25, we model £1.3bn p/a in group FCF. At c.14% FCF yield in 2023, and >17% in 2024/25, we continue to see attractive upside to equity in the medium term....
...Securitas trades on a 2021E P/E of 11x (13x 10Y median) and G4S on 6x (11x 10Y median). They trade at cycle lows vs. the OMX/ASX indices....
...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...
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...P/E, a c.30% premium to the sector (incl. ASOS and boohoo). JD Sports’s shares have declined c.50% in the last few months, and we see this as an entry point to one of the finest UK retail stocks....
...We believe risk is pronounced despite trading on 2.3x CY21 P/E. We downgrade to Underperform with c.18% downside. Morgan Sindall (Buy; PT 1,550p)....
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