Hints and tips:
...E&P businesses that are already public have also stepped up share sales, with six deals in September alone raising $1.5bn....
...A: Wall-E 4....
...Happily, the Frelimo slogan did go on to say: “Victoria e Cerba!”....
...Most Davos delegates are still persuaded by the commercial opportunity represented by at least the “E” in ESG....
...hotel (Wall Street Journal) S&P’s $44bn IHS deal set to win EU antitrust approval (Reuters)...
...The US is different because it is a net exporter of oil and natural gas; and (c) the structure of the housing and mortgage market in the UK is such that the pass-through from higher interest rates to household...
...Perhaps all we can do is to take the pencil’s advice and trust in the invisible hand....
...) to classic Roman pasta kits (carbonara, amatriciana, cacio e pepe), are top of the class....
...E valuation, significantly above its 3-year historical average of 14.8x NTM P/E....
...However, on metrics that smooth out investment, like P/E, BT looks very cheap, on 6x P/E (sector 15x). Our price target remains 130p....
...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....
...We cross-check our PT with a 2024E P/E multiple discounted to present value; our PT would imply a 15x P/E multiple vs 23.0x developed Sx pharma 12m forward P/E average....
...According to Aveva, the combined company’s exposure to Oil & Gas will reduce to c.35% from c.40% for Aveva currently....
...On our forecasts, IWG trades on 77.4x 2021E P/E, before the impact of this placing....
...Very optimistic to assume everything will be fine from here: Following a steep rebound, Rightmove trades at a P/E of 32x on consensus 2021 EPS, earnings which consensus expects to be broadly stable compared...
...Big Oils (-35%) is at the top end of the historical range, while the correction is in line with history for oil services and E&Ps; 3) Big Oils are better prepared than in previous downturns, in terms of...
...Second quarter results served to highlight both the challenges facing the Major oils (weak E&P/refining margins, spending deficits, etc.), but also the material divergence in both portfolios and strategy...
...At 12.5x P/E to Jan 21e, falling to 9.4x thereafter, the shares are trading close to our view of fair value. We upgrade to Hold from Sell....
...Premier Oil has halved at pixel, leading a FTSE 250 fallers list that’s mostly oil or oil related, such as petrodollar exposed sportscars: 9:35am GMT -- Berenberg stress tests the E&P majors for famine...
...Overall we forecast $4.2 billion of capex across the International E&P sector in 2020....
...A TIPS yield of -2% easily justifies a P/E of 21x....
...Second, we conclude the sector would still have c.30-50% downside on average, however Smiths stands out with no downside on any of the three scenarios (P/B through, EV/Sales and through earnings) and Siemens...
...On our current published forecasts, Royal Mail trades on a March 2020E P/E of 10.3x and EV/EBITDA of 3.6x (rising to a March 2021E P/E of 13.4x and EV/EBITDA of 3.8x)....
...Shot: NMC Health plc (“NMC” or the “Company”) notes the recent media speculation and confirms that it has received highly preliminary approaches from Kohlberg Kravis Roberts & Co. L.P....
...All 3 UK names are the cheapest in our European coverage by some margin, at 10-12X P/E and 8-10% FCF yield....
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