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....
...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....
...“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.”...
...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....
...China), find a non-supermarket customer or tweak the model (e.g. setting up multi-user CFCs)....
...Credit uncertainty remains the greatest risk for UK life insurers, including L&G, with COVID and Brexit both likely to exacerbate credit concerns....
.... nickel) or downstream (e.g. smelters) assets medium term; it recently placed the Metalloys Mn alloy smelter on care & maintenance....
...at the ‘C-suite’....
...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)....
...The driver of some pull-ins in March was product shortages that had become apparent (e.g., MLCCs, optics), some hoarding in China, and emerging delays in logistics that threaten to delay shipment both of...
...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%....
...It gets straight to the point: We now assume an L-shaped RevPAR recovery (previously V-shaped), based on Jefdata consumer surveys, corporate guidance and industry forecasts. .....
...Increased focus on the home, reversing some L-T adverse trends....
...(e.g Allianz offers 6.7% for 2020)....
...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....
...Insurer dividends are a bit of a shitshow, to use the regulatory terminology, so who knows whether or not L&G’s resolve will be overrode either by the PRA or the local regulators that rule over its subsidiaries...
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...To protect the balance sheet, Ashtead has tightened cost control (e.g. cutting discretionary costs; freeze on new hires, but no redundancies or use of furloughing schemes), suspended its M&A programme, paused...
...In recent years, like-for-like price inflation has also outpaced peers at 4-5%, compared to e.g. 2-3% for Auto Trader....
...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...
...And, for some UK airports they have lost their largest customer (e.g FlyBE represented 96% of the capacity at Southampton in 2019)....
...E is for Excel Spreadsheet — which is just as good as a blockchain. F is for Federal Reserve — the overseer of the true stablecoin....
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