Hints and tips:
...Hence we think share price underperformance of wholesale banks such as DBK (4.7x P/E 2024E), BARC (3.9x P/E 2024E), BNP (6.9x P/E 2024E) as well as by some Money Center Banks is overdone....
...Five days, starting September 4, from SFr2,890 (£2,656); e-alps.com A luxury treehouse in Peru The Peruvian Amazon covers more than half the country, and is home to some 800 bird species and 2,500 butterflies...
...From $2,250, thepointresort.com MCO’F Artist Residence, Brighton When Justin Salisbury’s mother was injured in an accident, he stepped in to run her seaside hotel....
...The Stories She Wears is a six-month programme focusing on teaching practical techniques in local styles, upcycled fashion, traditional textile design and financial literacy. pradagroup.com; unfpa.org G...
...There is no middle ground. For amateurs, see also forehand smash. E Equality Prize money is equal at major tournaments....
...“There are no equivalent 100 per cent mortgages in the standard market,” says David Hollingworth of UK mortgage broker L&C....
...Broker Berenberg said the share valuation will depend on how quickly L&G can achieve its total target for operating profit of between £600mn and £700mn by 2025....
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p. 39)....
...The price target is £2.0 assuming 3x P/E (half our normal valuation pending dilution), 4x EV/EBITDA....
...We have no issue with the fact that Ocado’s near-term valuation looks very high on ‘conventional’ measures (e.g....
...France L&S and Italy will not pay dividends this year, and XL Bermuda is unlikely to. The slack is only partly taken up by France P&C which is over distributing....
...L-f-l rents down 27%: net rental income fell down to just £87.3m which represents a l-f-l fall of 27% (excluding premium outlets), as a result of covid and the reduced rent collection rate....
...Bakkavor and more potential for revenue synergies from recent M&A (e.g....
...Nous avons nationalisé les salaires et le P&L d’à peu près toutes nos entreprises. C’est ça ce qu’on fait. Toutes les économies, y compris les plus libérales, font ça....
...Hoare, North Yorkshire; Christina McKittrick, Kingston Polymath 1,011: Dr S Bailey, Swindon Crossword 16,099: Suzanne P Wilson, Windermere; D Barter, Cumbria; Jean-Marc Sellier, California Polymath 1,010...
...“L&G offers a 6.3% 2020E dividend yield, 1.2% above the sector average. Pre-2016 L&G's yield averaged 0.4% above the sector.”...
...E valuation, significantly above its 3-year historical average of 14.8x NTM P/E....
...EnQuest’s cash netback lead among UK E&P’s has improved further as yet more legacy high-cost fields are shut-in permanently....
...Current company-compiled consensus expectations are for revenue decline of c.7% for FY20 and EBITDA decline of c.15% (i.e. revenues of £516m and EBITDA of £115m)....
...National Express currently trades at 4.3x December 2022E P/E....
...They reside on a 2021E price-to-book multiple of c.1.04 times with a dividend yield of c.4% - our dividend forecasts already assume a 2.5 times dividend cover....
...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....
...We do not think that management would have referred to “strong cash conversion” and emphasized delivering if the beat in the P&L were not flowing through well to cashflow, so we believe that the commentary...
...Apart from negative l-f-l rental and value growth, we assume recapitalizations to an LTV of c.35% by 2021 lowering the EPS and NAV by c.49% and c.61%....
...This is however negligible in the wider context of the P&L and the land bank, with the impact on future gross margin of 17bps small and which will likely be mitigated....
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