Hints and tips:
...portfolio value decline to £2.3bn (with Covent Garden down -17% l-f-l) drove EPRA NTA down -18% to 241p, which is already ahead of our 12/20E of 252p....
...However, at c.18x recovered earnings, we’d prefer to look elsewhere or wait for a cheaper entry point....
...Management guides to c£60mn of net benefit in 2H (c£78m extra costs offset by six month business rates relief of £137mn)....
...It gets straight to the point: We now assume an L-shaped RevPAR recovery (previously V-shaped), based on Jefdata consumer surveys, corporate guidance and industry forecasts. .....
...UK peers (with US valuation based on 20.5x P/E, in-line with peers). NG's d/y (JEFe 5.6%) is above its historic average. Scenario analysis suggests credit concerns are overdone....
...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...
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...And with value likely to outperform both in the mild and severe scenarios, AXA is the pick among the multilines, L&G’s favoured in life, plus Prudential....
...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....
...Point72 Asset Management has hired Matthew Karchmer as a portfolio manager covering the consumer sector. He was previously at DE Shaw & Co....
...Courtesy of the SEC, if you’re not the reading kind… And if you are… … the allegations: Washington, D.C., June 21, 2011 – The Securities and Exchange Commission today announced that J.P....
...Of those 30 affected banks, only 4 have remained rated at C or above, whereas 17 are now rated between C- and D, and nine are rated D- or E+....
...Floating Rate Notes due April 2050 rated Aa3; EUR 35,000,000 Class D Secured Floating Rate Notes due April 2050 rated Baa1; EUR 20,000,000 Class E Secured Floating Rate Notes due April 2050 rated Ba1; EUR...
...(d)call upon the United Kingdom government to accept the primary responsibility to pay compensation for land acquired from former land owners for resettlement; (e) work together to secure international...
...Linda C. Thomsen Director Division of Enforcement Securities and Exchange Commission 100 F St., NE Washington, D.C. 20549 Mr. John W....
...Giorgio De Santis, portfolio manager, quantitative investing. Katinka I. Domotorffy, portfolio manager. Donald J. Duet Jason H. Ekaireb Peter C....
...Giorgio De Santis, portfolio manager, quantitative investing. Katinka I. Domotorffy, portfolio manager. Donald J. Duet Jason H. Ekaireb, structured products, Europe Peter C....
...THE MARCH by E.L....
...Shaw, Chairman and CEO, D.E. Shaw Co. Stanley S. Shuman, Managing Director, Allen Co....
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