Hints and tips:
...However, EBIT missed company compiled consensus by 12% (€6mn) due to a c.25% drop in spares revenues and the GTF warranty work dilution....
...Savings are expected to be greater than £100m vs. previous guidance of c£100m....
...The slack is only partly taken up by France P&C which is over distributing....
...will not use the partial unemployment scheme in France (comments regarding Italy were less clear); v) the FY19 dividend will be cut 30% vs initial announcement. c) SGe almost unchanged with a small cut...
...Where does that leave the oil companies that have not reported yet?...
...FY20 consensus sales & EBITA have come down by c. £160m & £30m respectively. That implies an H2 sales decline of c.20% and a drop-through margin on lost sales of c.19%....
...This action frees up c£2.5bn in cash flow for other uses and protects the BBB+ credit rating, according to the company....
...(v) Restructuring continues. Of course it does. But what about that Tesla, eh?...
...The V-shaped recovery in consumer spending feels too bullish in our view....
...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....
...The T&C's refer only to "Content" and define that the company can “use, copy, reproduce, process, adapt, modify, publish, transmit, display and distribute such Content in any and all media or distribution...
...Looked at differently, Cyclicals are still priced for a V-shaped recovery, which might not happen....
...Whilst we have a BUY rating on the name, it is hard to see how this is not an obvious and relatively more significant event for HSBC given the outperformance of the name YTD (-23% v SX7P down 38%; LLOY down...
...And GTA V’s publisher Rockstar has a history of delaying titles in the name of quality; GTA V, Red Dead Redemption, RDR2, Max Payne and L.A. Noire were all delayed....
...WPP will also reduce is planned capex from £400m to v£300m....
...Delayed disposal proceeds: COVID-19 is delaying certain regulatory approvals required for the agreed disposal of its Spanish shopping centre, Puerto Venecia. intu now expects to receive the £95mn proceeds...
...There’s also a warning of material uncertainty over the possibility for asset disposals or additional funding....
...From what we see,the company’s current approach to fixed-cost allocation is completely appropriate, but the effects are magnified by effectively being a one-product company....
...As we have stressed before, C&I loan conditions are crucial for investment in human, physical and working capital....
...Citi analysts recently dubbed the 15 per cent rise in full-year revenues and 12 per cent rise in pre-tax profits, as “Ctrl+c, Ctrl+v”....
...And, finally, RELX – the FTSE 100 scientific data and publishing group – is again in debt to whoever invented the keyboard shortcuts Ctrl-C and Ctrl-V....
...This at least was what C-Tech Innovation, a UK company, and the Nonwovens Innovation and Research Institute, which develops new textiles, concluded when they wanted to commercialise a technology to prolong...
...Since his first novel, V, came out in 1963, when he was 26, Thomas Pynchon has written two kinds of book....
...“He could see around corners,” says Edward Matthews, one of Mr Greenberg’s most senior lieutenants at AIG and then at C.V. Starr, his investment vehicle....
International Edition