Hints and tips:
...Proforma leverage adjusting for this transaction would be meaningfully lower at c.2x 2020E (vs our current 4.5x estimate) and the cash-in represents c.60% of Freenet’s equity value....
...Because of its merger with Sprint in Apr-20, TMUS's portfolio of spectrum below 6 GHz is now c.3x that of Verizon and c.2x that of AT&T....
...We note Pernod Ricard has recently called out a negative 2% organic sales and 3% organic EBIT impact for FY20 due to COVID, which may look conservative now given its c2x exposure to Asia vs Diageo....
...Barclays can summarise the rest: Key numbers: 4Q Retail LFL: -2.2%, vs Barclays -2.3% Underlying FY EBIT: £513m, vs Barclays £516mn, consensus £517m Underlying FY PBT: £408m, vs Barclays £410, consensus...
...Or, rather shorter, Barclays: FY19 results were ahead of expectations (3% at EBITA and 5% at EPS vs. Barclays) but some of the beat is phasing of investment and cost savings....
...Tate now trades on 14.5x CY20E PE, a premium to nearest peer Ingredion and to higher growth mid-cap Consumer stocks such as C&C. This premium is unwarranted in our view, absent a deal....
...Modelling a recovery to 4% margins by FY24, we derive a £37 target price. 1H revenue growth of +21% was supported by a successful Jan/Feb period (rev +23%, c.+800bps vs cons)....
...Consequently, we expect limited (c. 3%) growth in EBITDAR over FY20-23, despite improving RevPAR momentum....
...Spirent Communications is down and Goldman’s not a fan: We downgrade Spirent to Sell (from Neutral) and reduce our 12m PT to 175p (from 195p)....
...Kevin: It’s not quite that simple, J-C. Stefan: It could be! MyPrivateBanking.com showed how to do it in 2014....
...Are these ecosystems defined by institutions that can be copied or by mysterious, unidentifiable factors (endogeneity vs exogeneity)? How do new inventions lead to faster economic growth?...
...American Economic Journal: Applied Economics, 3(1): 129-51.Gasparini, L., and Lustig, N. (2011). The rise and fall of income inequality in Latin America. In Ocampo, J. A. and Ros, J....
...Here is a report from Professors Ronald J. Huefner and James A....
...Lloyds lost 4.3 per cent to 43¼p and Barclays closed 3.4 per cent weaker at 221p. Royal Bank of Scotland fell 3.2 per cent to 35p....
...ARTICLE XIX FREEDOM OF EXPRESSION AND COMMUNICATION 19....
...Denrell, J., Fang, C. & Winter, S. G. 2003. „The Economics of Strategic Opportunity.”. Strategic Management Journal, 24 (10): 977-90. Hart, S. L. & Sharma, S. 2004....
...Mr Bush countered by citing Iowa's low jobless rate, which stood at 4.3 per cent in June and has been below the national average....
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