Hints and tips:
...for a strong recovery; ii) commodity supply is broadly tight; iii) global stimulus offers a demand safety net; iv) reflation could re-emerge; and v) the US dollar appears overvalued, as per our macro team...
...P review out....
...A V-shaped recovery in kneecaps isn’t in the price, they say....
...Rate relief drops away in FY22 so the recovery profile, in EPS at least, is not V-shaped....
...Today’s early rally seems to be fading a bit, having always been easier to attribute to net underweight equities positioning than curve-flattening V-shaped optimism....
...its banks .….but its shares haven’t....
...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....
...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....
...V, U, or L? The nature of Covid-19 growth impact means that some elements – e.g., production resumption, inventory restocking, and travel normalisation – would lend a natural rebound to growth....
...Our small estimate changes reflect less net M&A contribution in 2019, which flows through into 2020....
...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...
...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?...
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...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. .....
...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....
...The US should manage to avoid an L-shaped recession – and may even escape with a short V-shaped recession....
...The economic crisis proved the trigger for a renewed burst of reforms under the Congress government of P.V. Narasimha Rao and his then finance minister, Manmohan Singh....
...Given a lack of defaults, the instruments should perform fine if one can survive the P&L volatility of the tranches....
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