Hints and tips:
...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....
...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...
...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....
...In November 2020, MSCI downgraded P&G’s ESG rating to A from AA. Peltz started on the company’s board in 2018....
...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....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...I very much believe it's going to be a very strong third pillar for our business, and I think it could be a significant P&L contributor to our company, definitely within five years, and definitely within...
...to the crosswords The following people are winners of the Monday and Saturday puzzles Crossword 16,425: Bill Stewart, Leicester; R Harpur, Herefordshire; Martyn Abbott, Lincolnshire Polymath 1,065: P...
...Credit uncertainty remains the greatest risk for UK life insurers, including L&G, with COVID and Brexit both likely to exacerbate credit concerns....
...On our new estimates, L’Oréal trades on an FY21E P/E of 32.6x, the highest premium versus the consumer staples sector for over 10 years....
...Since 2016, we estimate the Kingfisher P&L has had an £81m transactional benefit from weaker sterling. FX could become a headwind once trade talks are agreed (or not)....
...Dixons Carphone currently trades at c.6x CY21E P/E. In non-results sellside the only thing standing out is Gulf Keystone Petroleum. It’s rated a new “buy” at Berenberg, as is Energean Oil & Gas....
...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%....
...This is however negligible in the wider context of the P&L and the land bank, with the impact on future gross margin of 17bps small and which will likely be mitigated....
...at the ‘C-suite’....
...Our forecasts assume the full £500m is invested in land in FY20, and that the benefit in the P&L is seen later 2022 but to a larger extent in FY23....
...However, the outlook is uncertain, rising one-offs make P&L valuations less relevant and cash conversion is declining. In addition, top management changes add another layer of complexity....
...through the P&L....
...Over 2009-19, SWMA achieved average organic sales and operating profit growth of c.5% p.a. and c.7%, respectively and EPS growth of 10% p.a....
...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....
...P&C outperformed into the corrections in the past 8 years....
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