Hints and tips:
...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%....
...Given our view of a lower rate of u/l FCF, we think the release of LT deposits has been required to replenish lower 1H inventories in 2H and service ST debt....
...And every morning, you’d wake up and ask, ‘Where did Charlie go?’ And the nurses would all say, ‘He went home.’ And we’d say, ‘Oh that’s great, he went home!’...
...And it lives on in all the Americans who’ve dropped everything to go some place they’ve never been and pull people they’ve never known from rubble, prompting chants of “U.S.A.! U.S.A.! U.S.A!”...
...Michael V....
International Edition