Hints and tips:
...was a disagreement over the appointment of new board members at the £13.4bn FTSE-listed company....
...David Hollingworth, director at broker L&C Mortgages, says the Help to Buy equity loan — available in England, Scotland and Wales in various forms — has helped many people get on the ladder or make their...
...They reside on a 2021E price-to-book multiple of c.1.04 times with a dividend yield of c.4% - our dividend forecasts already assume a 2.5 times dividend cover....
...However, with limited upside to our price target on c.15x P/E 2020E, we downgrade to Hold....
...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)....
...In March F1 signed a long-term sponsorship deal with Saudi Aramco, the state oil company, but a looming global recession has led to companies slashing marketing budgets....
...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%....
...Increased focus on the home, reversing some L-T adverse trends....
...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)....
...However, a more bearish scenario similar to McLaren is emerging. With over £500m liabilities repayable in Q1/20 and limited visibility on receivables, a second equity raise may be needed in H2/20....
...We forecast c.10-15% FY20 earnings decline in Construction, but Support Services should be more resilient....
...Based on company commentary so far, we still believe potential COVID-19 claims (including BI) are a manageable P&L event for the sector, although the devil will be in the detail when it comes to BI policy...
...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...
...Most life companies have limited exposure to speculative grade market....
...through the P&L....
...This action frees up c£2.5bn in cash flow for other uses and protects the BBB+ credit rating, according to the company....
...As a result, Ashtead now sees PBT for the financial year ending Apr-20 to be c£1,050m (-10% vs. previous consensus c£1,170m)....
...Data centre construction is a c$50bn industry in the US, or 20% of US office construction (vs 10% in FY15);and 56% of starts are concentrated in 8 states....
...Limited companies are one of three main types of business in Britain. The others are sole traders and partnerships, neither of which have limited liability....
...is unaware of its obligations towards its workforce — indeed, without an engaged workforce a company has a limited future....
...On the other hand, in developing Asia, with low-cost financing and low labor and construction costs, both capital costs and the cost of financing are diminished, making fuel costs a principal driver of overall...
...In the Journal of Economic Perspectives, Joel Mokyr, Chris Vickers, and Nicolas L Ziebarth write: [We] are skeptical for a number reasons that a horizon is relatively near—say, within a few decades—either...
...Further to its announcement of 22 January 2015, Quindell Plc (AIM: QPP.L) notes the further press speculation and announces that it has extended Slater & Gordon Limited’s (“SGH”) exclusivity period relating...
...… Kevin Gold, managing partner, Mishcon de Reya Under the leadership of Kevin Gold, Mishcon de Reya, with a planned conversion to a full-equity limited liability partnership and a formal application...
...Since the early 1990s, however, a lack of funding has limited new council housebuilding to fewer than a thousand homes a year....
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