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...year and disclose any deficit as a financial liability in their accounts just as they would a bank loan or a bond issue....
...was a disagreement over the appointment of new board members at the £13.4bn FTSE-listed company....
...David Hollingworth, director at broker L&C Mortgages, says the Help to Buy equity loan — available in England, Scotland and Wales in various forms — has helped many people get on the ladder or make their...
...The supply of assets to offset insurers’ longest-term liabilities, such as infrastructure, is limited and can be expensive....
...Fund management, market-making and advisory services are all mentioned, and FTX is listed as a strategic partner: Satori doesn’t seem to have a lot of followers (264 on Twitter, 119 on Medium at pixel),...
...Iger’s only other for-profit board position was Apple, which he left last year as the Disney Plus streaming service made the two companies direct competitors....
...The opportunity ahead is massive given there are £2trillion of UK defined benefit pension liabilities. L&G is well placed to take it as the market leader. Balance sheet robust....
...L&G and its UK life peers were broadly allowed to pay dividends at FY19. Further, the UK regulator’s recent stress tests commentary suggest limited risk for life companies....
...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....
...Management guides to c£60mn of net benefit in 2H (c£78m extra costs offset by six month business rates relief of £137mn)....
...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)....
...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....
...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%....
...net debt of c£18.9bn....
...Limited visibility over the route new management will adopt and execution risk mean re-rating anytime soon is unlikely – hence our Equal-weight rating....
...Increased focus on the home, reversing some L-T adverse trends....
...However, with limited upside to our price target on c.15x P/E 2020E, we downgrade to Hold....
...Our forecasts assume the full £500m is invested in land in FY20, and that the benefit in the P&L is seen later 2022 but to a larger extent in FY23....
...forecasts both in terms of P&L and net debt....
...The recent raise of c£513m has bought the new Chairman, effective 20th April, time to appoint a new management team and reset the strategy....
...Most life companies have limited exposure to speculative grade market....
...Based on company commentary so far, we still believe potential COVID-19 claims (including BI) are a manageable P&L event for the sector, although the devil will be in the detail when it comes to BI policy...
...This action frees up c£2.5bn in cash flow for other uses and protects the BBB+ credit rating, according to the company....
...Company commentary supports our view of limited direct impact to P&C : Hannover Re: noted a potential €200m loss across P&C and L&H; Munich Re: noted a €500m loss should all the events it covers for communicable...
...Consequently, we expect limited (c. 3%) growth in EBITDAR over FY20-23, despite improving RevPAR momentum....
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