Hints and tips:
...But otherwise, give me a V-sweet C-suite job any time. As if anyone would....
...This includes the elimination of two inter-company business lines, new direct reporting from the LOBs to the C-suite for the first time ever, and collapsing of management layers from a remarkably high 13...
...As always, you can reach us at Imani.Moise@ft.com or Sid.V@ft.com. Thanks for reading....
...The slack is only partly taken up by France P&C which is over distributing....
...We model a £40m provision release at the full year with a c.12bp benefit to the CET1 ratio. A provision release would not be a surprise to the market as this was well flagged by the company....
...When asked about what path the S&P 500 recovery will take, W remained the most popular choice with 45% percent of the vote. Just 30% expect a V shaped recovery in the stock market....
...and there will be a “knock on impact on 2021 delivery”, broadly in line with our expectations for FY20 volumes -39% and FY21 -19% below 19 levels; v) Lastly it is also noteworthy to see the company stating...
...Because of its merger with Sprint in Apr-20, TMUS's portfolio of spectrum below 6 GHz is now c.3x that of Verizon and c.2x that of AT&T....
...P&C outperformed into the corrections in the past 8 years....
...The company will now look to raise c.$200M in new equity to complete the deal....
...We expect underlying FCF of c.>€1.1 bn in 2021E and FCF to be positive ex WC from 2022. Valuation - Renault trades at c.4.2x 2021E P/E, a c.10% discount to its 3-year median....
...Weighing in at ~7,000 words and with 84 references, G4S’s Wiki “controversies surrounding . . .” rap sheet is longer than the ones for the Legion of Christ and Grand Theft Auto V, though not quite as long...
...However the shares are up c.30% in the last month and have rerated by c.15pp compared to our FY22 PBT estimate....
...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...
...At 28.7x P/E CY21, we move to Sell from Neutral. Burberry has already underperformed peers YTD... Burberry’s share price has underperformed the luxury peers by c.12% year to date....
...at the ‘C-suite’....
...However, EBIT missed company compiled consensus by 12% (€6mn) due to a c.25% drop in spares revenues and the GTF warranty work dilution....
...Helpful, then, that Halfords is the market leader in bicycle sales (c.25% market share) and PACs (c.15%)....
...However, the sales unwind into 2H20-1H21 could be significant, which is a risk given a 2021e P/E ratio of almost 27x....
...BP aims to reach a 12-14% ROACE by 2025 at $50-60//bbl 2020 real (2025 JPMe 12.3% at $60 Brent), and the company guides to a 2021-25 ‘balance point’ of c$40 Brent (in-line with JPMe)....
...The companies have made use of ST unemployment schemes, which help reduce the c.30% drop-through we assume....
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...more of a primary event), UK P&C (~14% of premium), and then the multilines (~10%)....
...Some companies (such as Taylor Wimpey) escape....
...fine payment c.£140mn)....
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