Hints and tips:
...“That could mean a race to the bottom when it comes to production fees.”...
...Drawing à l’infini presents nearly a thousand works — notebooks, drawings and engravings. The drawings illustrate Picasso’s constant process of reinvention and renewal....
...And there’s a holistic approach to production, with washes and treatments that minimise the use of water and chemicals....
...“It will be exciting when our generation is in the driving seats of bigger industry businesses,” he says....
...Now what is the price required to incentivise capital, which is going to be more expensive, incentivise new production?...
...This aggressive mark down came in the form of ERVs -12% l-f-l and yields expanding +17bps....
...Its head of equity management, Gerrit Smit, has welcomed the net-zero commitments made by multinationals L’Oréal, Adidas and Givaudan....
...L-f-l rents down 27%: net rental income fell down to just £87.3m which represents a l-f-l fall of 27% (excluding premium outlets), as a result of covid and the reduced rent collection rate....
...Management has taken important actions since March: deferring £1bn of capex due in the next three years; raising c£2bn of debt financing and £419m in an equity issuance; and launching a major cost-savings...
...And in terms of recent trading, back to Kepler: Q2 hydrocarbon production is coming better than the initial Q1 guidance (which was admittedly extremely conservative) due to lower voluntary production economic...
...at the ‘C-suite’....
...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. .....
...As has been the case in Food, a raft of new external management appointments in C&H has potential to improve performance. We like the Simply Food and its differentiated premium offer....
...Do you know your swoosh from your L-shape? Only one in 10 fund managers expects the kind of rapid US economic recovery illustrated by a V-shaped graph....
...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...
...Increased focus on the home, reversing some L-T adverse trends....
...Rate relief drops away in FY22 so the recovery profile, in EPS at least, is not V-shaped....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...The basic argument here is that if Tesla can grow to become the OEM supplying industry standard-bearer for battery production and/or autonomous driving then it can grow into the current valuation....
...Point72 Asset Management has hired Matthew Karchmer as a portfolio manager covering the consumer sector. He was previously at DE Shaw & Co....
...V, U, or L? The nature of Covid-19 growth impact means that some elements – e.g., production resumption, inventory restocking, and travel normalisation – would lend a natural rebound to growth....
...However, based on management guidance for FY20/21 EBITDA of c.€14.5bn and the consensus net debt estimate of €43.2bn, VOD’s net debt/EBITDA will still be at 3.0x after two years of the three-year guidance...
...This stronger foundation should be supported through 2020 as management bandwidth improves further (with only one remaining C-suite role to be filled)....
...HSBC has some discussion about V and W shaped recoveries; its own model resembling “the Nike swoosh” is made by combining a proper V in mainland China forms and more of an L among Western European and American...
...Q4 2019 u/l PBT beat “rebased” consensus expectations by £111m (13%), though the outlook statement is somewhat sobering. ......
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