Hints and tips:
...As the futurist Arthur C Clarke had it, “Any sufficiently evolved technology is indistinguishable from magic.”...
...We inspected rusting bridges, marooned barges and overgrown locks abandoned when the canal was widened and, often, rerouted....
...of “radical” — a faux-leather bomber jacket in the current collection is accented by his typical giant pockets and oversized shoulder line, but it’s not intimidating....
...Refining capacity is to shrink c.30% by 2030, from c.1.7mbd to 1.5mbd by 2025 then to 1.2mbd by 2030....
...For Jupiter to trade in-line with the sector average, would need c£15bn of additional net outflows. Valuation....
...In our view, the current valuation assumes L’Oréal’s top-line growth quickly resumes its pre-COVID-19 momentum which is too optimistic....
...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)....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...at the ‘C-suite’....
...Given the commercial challenges facing Grocery Home Delivery (GHD) it remains to be seen whether the Ocado JV will materially benefit the bottom line....
...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)....
...Bottom line, BP is moving step by step forward to reinvest itself....
...Across our coverage, we estimate non-US commercial property exposures comprise ~15% of P&C premium, with exposure for the London Market (~20% of premium) reinsurers (~18%, although we see this BI issue as...
...According to its last trading update (3 April 2020), commercial sales at its regional bus companies were at c.15% of ‘normal’ levels....
...non-contracted commercial and c.10% product sales....
...If we assume business rates are paid broadly in line with sales, this would imply MRW pays c.£300mn on stores and £340mn overall, 7% and 8% of market cap....
...This tends to be c.20% higher....
...Company commentary supports our view of limited direct impact to P&C : Hannover Re: noted a potential €200m loss across P&C and L&H; Munich Re: noted a €500m loss should all the events it covers for communicable...
...The group has c.2.7x ND/EBITDA against a covenant of 4.25x....
...But Lacroix was unquestionably a commercial disaster. In 22 years, the house never turned a profit. Its much-fêted debut perfume, C’est la Vie, was launched in 1992....
...“This has proved very effective for our clients from an investment and inheritance tax planning perspective,” says Iain Tait, a partner in L&C’s private investment office, noting a long-standing fiscal incentive...
...It would be surprising if these benefits did not fall through to the bottom-line.”...
...The regional exposure and ability to react in terms of both product and distribution channel can lead to significant differences in the top-line impact....
...Almost four years ago, he and the brand’s majority shareholder, Spanish group Puig, announced he was stopping his lossmaking women’s and men’s ready-to-wear lines, citing “commercial constraints” and the...
...Diane Parks, Theranos’s chief commercial officer, had twenty-five years of experience at pharmaceutical and biotechnology companies....
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