Hints and tips:
...“F.E.E.L.I.N.G.C.A.L.L.E.D.L.O.V.E” and “Sorted for E’s & Wizz” were ticked off like rites of passage from someone moving from Sheffield outsider to Britpop in-crowd....
...Europe also boasts the Amundi MSCI India II Ucits ETF, which tracks the same index as the iShares ETF, and the L&G India INR Government Bond Ucits ETF, for those interested in fixed income....
...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....
...Forthcoming highlights include, on May 16, Cimarosa’s rarely heard L’Olimpiade (not strictly an opera about the Olympics, though Paris 2024 is clearly its peg and the games are alluded to in its libretto...
...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...
...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....
...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....
...I think this too (at least the “E” and “S” parts; there may be hope for “G”), but it means a lot more coming from him, and he does not hold back....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...For example, the Rize ETF may have a broader remit than L&G Cyber Security, even if they share some holdings....
...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....
...The price target is £2.0 assuming 3x P/E (half our normal valuation pending dilution), 4x EV/EBITDA....
...“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.”...
...EnQuest’s cash netback lead among UK E&P’s has improved further as yet more legacy high-cost fields are shut-in permanently....
...to the crosswords The following people are winners of the Monday and Saturday puzzles Crossword 16,425: Bill Stewart, Leicester; R Harpur, Herefordshire; Martyn Abbott, Lincolnshire Polymath 1,065: P...
...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....
...at the ‘C-suite’....
...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...
...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)....
...E valuation, significantly above its 3-year historical average of 14.8x NTM P/E....
...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....
...through the P&L....
...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)....
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