Hints and tips:
...“F.E.E.L.I.N.G.C.A.L.L.E.D.L.O.V.E” and “Sorted for E’s & Wizz” were ticked off like rites of passage from someone moving from Sheffield outsider to Britpop in-crowd....
...Fund manager M&G is to close its £565mn property fund following sustained outflows by UK retail investors looking to get out of the ailing real estate market....
...Here’s what L&G shares have done year-to-date: L&G’s been under the microscope because of the size of its LDI solutions business....
...“We shouldn’t give up on DB because the average duration is still 15 years,” says Nigel Wilson, chief executive of L&G....
...For example, Dominic Rowles, an ESG analyst at Hargreaves Lansdown, recommends a global tracker fund like the L&G Future World ESG Developed Index or, as a more conservative option, the BNY Mellon Sustainable...
...Forthcoming highlights include, on May 16, Cimarosa’s rarely heard L’Olimpiade (not strictly an opera about the Olympics, though Paris 2024 is clearly its peg and the games are alluded to in its libretto...
...The Stories She Wears is a six-month programme focusing on teaching practical techniques in local styles, upcycled fashion, traditional textile design and financial literacy. pradagroup.com; unfpa.org G...
...Today, it employs more than 1,000 staff and serves a roster of multinational companies in the Philippines that includes Unilever, P&G, L’Oréal and Nestlé....
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...L&G said there were no defaults and just 0.6% downgraded to high yield (vs market which saw 1.5%). We note L&G has a very high quality corporate bond portfolio with an average rating of single-As....
...“L&G offers a 6.3% 2020E dividend yield, 1.2% above the sector average. Pre-2016 L&G's yield averaged 0.4% above the sector.”...
...France L&S and Italy will not pay dividends this year, and XL Bermuda is unlikely to. The slack is only partly taken up by France P&C which is over distributing....
...: Chris Todd-Davies, Reading; Elaine Chance, Tamworth, Staffordshire; M Rennie, Aberdour Polymath 1022: Elayne Murphy, France Crossword 16,164: Robert Langston, Somerset; Allen Boxer, Berlin; Anthony G...
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...Credit uncertainty remains the greatest risk for UK life insurers, including L&G, with COVID and Brexit both likely to exacerbate credit concerns....
...nickel) or downstream (e.g. smelters) assets medium term; it recently placed the Metalloys Mn alloy smelter on care & maintenance....
...at the ‘C-suite’....
...Current company-compiled consensus expectations are for revenue decline of c.7% for FY20 and EBITDA decline of c.15% (i.e. revenues of £516m and EBITDA of £115m)....
...Apart from negative l-f-l rental and value growth, we assume recapitalizations to an LTV of c.35% by 2021 lowering the EPS and NAV by c.49% and c.61%....
...M&G, in our view, now screens as the next most likely defer its dividend given the reported poor flow picture YTD and that includes a de-merger special of 3.9p (M&G under pressure as investors flee flagship...
...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. .....
...We value Sumo based on a PE multiple of c.36x FY20E, a c.10-15% premium to the global peer group average (falling to 27x in FY21E)....
...Insurer dividends are a bit of a shitshow, to use the regulatory terminology, so who knows whether or not L&G’s resolve will be overrode either by the PRA or the local regulators that rule over its subsidiaries...
...Increased focus on the home, reversing some L-T adverse trends....
...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...
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