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....
...In 2006, the maison bought Villa Empain in Brussels, restoring the house and turning it into a Centre of Art and Dialogue between eastern and western cultures. boghossianjewels.com C is for Brunello CucinelliThe...
...Today, it employs more than 1,000 staff and serves a roster of multinational companies in the Philippines that includes Unilever, P&G, L’Oréal and Nestlé....
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...Trading at 4.4x adjusted EV/EBITDA and 9.5x P/E on our 2022 estimates, shares look attractive given: i) FY3 average of 5.2x and 10.9x respectively since 2017, and ii) 18% and 13% discount to peers (SUMCO...
...Ethan Ilzetzki, associate professor of economics at LSE: The UK will lag behind other developed economies in 2023....
...L in Hollywood”....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...The price target is £2.0 assuming 3x P/E (half our normal valuation pending dilution), 4x EV/EBITDA....
...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....
...E valuation, significantly above its 3-year historical average of 14.8x NTM P/E....
...Surrey, UK; Max Stewart, Australia; David Brown, Massachusetts, US Polymath 1,048: Craig Shadbolt, New Jersey, US Crossword 16,320: Robert Holloway, Paris, France; Michael Shipster, Winchester, England; S Fisher...
...EnQuest’s cash netback lead among UK E&P’s has improved further as yet more legacy high-cost fields are shut-in permanently....
...We cross-check our PT with a 2024E P/E multiple discounted to present value; our PT would imply a 15x P/E multiple vs 23.0x developed Sx pharma 12m forward P/E average....
...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%....
...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...
...On a sum-of-the-parts basis, we estimate the implied FY21 P/E for Primark is c.15x, which we think is undemanding for a best-in-class value retailer, with good international prospects....
...SSP trades on a CY19 P/E of 21.8x, EV/EBITDA of 9.9x and FCF yield of 5%. This compares to a peak P/E of 25.7x (Sep-18)....
...And you don’t hear much complaining when the industry does beat the S&P, as was the case in 2018....
...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....
...Since 2016, we estimate the Kingfisher P&L has had an £81m transactional benefit from weaker sterling. FX could become a headwind once trade talks are agreed (or not)....
...P&C outperformed into the corrections in the past 8 years....
...However, with limited upside to our price target on c.15x P/E 2020E, we downgrade to Hold....
...at the ‘C-suite’....
...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....
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