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...European coffee group JDE Peet’s is replacing its two top executives as controlling shareholder JAB Holding seeks to shake-up the owner of L’Or, Kenco and Douwe Egberts following a long period of underperformance...
...F1’s operating profit rose by 64 per cent to $392mn in 2023 from a year earlier, as revenues jumped to $3.2bn from $2.5bn....
...; 15 per cent protein, less fat than chicken or beef, calcium, iron, selenium plus a garnish of vitamins E, A, K and B12....
...(Alphaville believes that using L’Oréal as an O is cheating, even if it makes your acronym look nicer.)...
...Shares in US-listed Ulta and e.l.f. have also suffered. Despite this, Puig’s mooted valuation looks achievable....
...Peers e.l.f. Beauty, Coty and Estée Lauder were lower by 9.7 per cent, 5.1 per cent, and 4 per cent, respectively....
...Another short-selling aspect that often gets forgotten is how higher interest rates also help L/S hedge fund returns by increasing their cash returns....
...The forward P/E of the Mag 7 is 31. The rest of the S&P 500, excluding the Mag 7 and four stocks with negative expected earnings, has a forward P/E of 19....
...Thus only a fraction of overall AUM is deployed in strategies that have a direct impact on the VIX® index (e.g. 1-month over/underwriting strategies on the S&P 500 index)....
...As such the buyout does not look too shabby at 20 times this year’s operating profit on S&P Capital IQ estimates. But with more effort management might be able to double these earnings....
...The group has a record of profitable exits — such as 2023’s $8.6bn listing of German sandal maker Birkenstock — and Tod’s has a good potential to turn into another success story, say analysts....
...The S&P 489 has a weighted average P/E of 24, cheaper than the whole index, but not by much....
...If you take the Magnificent 7 out of the S&P 500, its multiple moves from 22 to 19. The S&P 350 is at 14....
...Shepherdson argues that declining S&L tax revenue augurs poorly for future S&L spending, as this chart shows: It’s a reminder to investors that markets are sensitive to changes, not levels....
...The Granolas as a group have climbed 18 per cent over the past 12 months beating the Stoxx 600’s 7.5 per cent rise over the same period....
...Looking at a 20-year chart of the price/earnings valuations of the S&P 500 and its small cap sibling the S&P 600, it seems possible that this is what has happened to small stocks: Small caps (dark blue...
...Eskizzo wool Utah waistcoat, €109 Louis Vuitton gold and diamond Cuban Chain earrings, POA A.W.A.K.E....
...Using national level S&L data back to 1955, we find that changes in revenues over the prior year account for 40% of the variance in S&L consumption and gross investment....
...The leading seven tech stocks traded on a 24-month forward P/E of 52x in 2000, more than double the Mag7’s 25x....
...The investor group also includes private credit groups Ares Management and HPS, and L Catterton, a private equity group that invested in Equinox in 2017....
...High multiples on which they trade have pushed the broader S&P 500 Shiller price-to-earnings ratio, aka the cyclically adjusted p/e ratio (CAPE), up from less than 30 times in late 2022 to 34 times....
...The Fédération de l’industrie Horlogère Suisse has released its export report for March 2024 and . . . hoo, boy....
...There could be more to come for investors in E&Ps too. alan.livsey@ft.com...
...On a forward P/E basis, the S&P 500’s 2021 (harmonic) average was 23, versus an average of 22 in the past four months and 18 in the past three decades....
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