Hints and tips:
...given its P&L seasonality (2H represents 77% of EBIT vs 56% for luxury peers)....
...P review out....
...On our new estimates, L’Oréal trades on an FY21E P/E of 32.6x, the highest premium versus the consumer staples sector for over 10 years....
...Here’s Investec (sell) to summarise: [L]ockdowns are impacting consumption in North America (c. 30% of sales), Europe (c. 20% of sales), India (c. 10% of sales), Africa (12% of sales) and many countries...
...The bulls will point to a P/B below 1, FY21e EV/EBITDA of 4x and EFCF Yield of 8% as evidence of clear value....
...fine payment c.£140mn)....
...When we come out of this period of lockdown, we believe it will be into a V-shaped recovery (which remains our core case), and we will eventually end up with higher inflation as governments and central banks...
...It gets straight to the point: We now assume an L-shaped RevPAR recovery (previously V-shaped), based on Jefdata consumer surveys, corporate guidance and industry forecasts. .....
...What is the likely shape of the growth trajectory? V, U, or L?...
...With top-line beat flowing through the P&L, core op. profit was +8% vs cons and core EPS +12%. ¾ of the EBIT beat seems inventory related. Q: What were the most noteworthy areas in the results?...
...Royal Bank of Scotland is changing its name to Sellafield Natwest....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...What happens further down the P&L is largely a question of capital structure, but it appears most will be either loss-making or make only marginal PBT....
...Containment of the number of new cases has been impressive in mainland China, and we now expect a V-shaped recovery from the second quarter onwards there....
...Now here he is on a blast from the past… It’s Allied Bank International v Banco Credito Agricola de Cartago et al....
...LLC; Carlyle Investment Management L.L.C.; Blackstone Capital Partners V L.P.; Centerbridge Capital Partners, L.P....
...Via Securities Docket, emphasis ours: The SEC charged Renato Negrin, a former portfolio manager at hedge fund investment adviser Millennium Partners L.P., and Jon-Paul Rorech, a salesman at Deutsche Bank...
...suspension of technical assistance to Zimbabwe by the International Monetary Fund; (c)suspension of grants and infrastructural development support to Zimbabwe by The World Bank; and (d)imposition of targeted...
...V....
...Antonveneta over that of ABN Amro, the Dutch bank....
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