Hints and tips:
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...P-I-M-F-A. Claer Barrett Write this down, people. Moira O’Neill They show you what wealth managers in the City, what types of asset allocations they’re doing for their client....
...There’s a lot of companies in the double-B category that were downgrades from triple-B. They’re better companies. It’s a different high-yield than, say, 10 years ago ....
...But at 12.4mn b/d it’s still well-below the pre-pandemic highs. And the administration does not think last year’s growth rate will be repeated, forecasting a rise of just 250,000 b/d by next January....
...Between 10:51 a.m. and 12:00 p.m., the messages included: “Just keep selling it every 5 points,” “You’ve just got to keep selling,” “I just sold a load more s[***] at 14,” “I was on the phone to [a person...
...The S&P 500 index of US blue-chip stocks fell 2 per cent....
...We expect a peak-to-trough fall in GDP of around 2.5 per cent....
...Super-appetising, though woe betide anyone who drinks it without food. £17.08 Lay & Wheeler Dom Borgeot, Davys’s Red Burgundy 2019 Bourgogne 12.5%From Borgeot of Remigny, a clever place to look for good-value...
...On the influence of ESG on M&A: “Over the next 5-10 years there will be a massive shift towards clean energy focuses....
...After buying a shoebox of matchbooks at a French foire à tout about 12 years ago, he became “obsessed” and started buying them on eBay. He pays between $5 and $60 for a single book....
...Rystad says the shale patch will rack up a record-high $12bn hedging loss this year. 2....
...In reviewing clothing market revenue trends across H&M’s 3Q20, we note that German store-based clothing sales growth in August so far is c.-12% yoy, similar to the -10% yoy decline in July, and hence the...
...Avast currently trades at 21x FY21e P/E or c. 5.5% FCFF yield, a level we continue to view as attractive vs. the wider software sector, especially given WFH benefit as well as optionality around M&A/buybacks...
...Raising medium-term forecasts, now ~5% above consensus Adjusted EBIT/EPS reduced by ~10% in FY20E but raised by ~10-15% in FY21E on stronger top-line....
...Investment levels: As of 20 Aug 2020, the company reports investment levels of 5-10% in EQT IX, and 80-85% in EQT Infrastructure IV, an improvement from the 70-75% invested for Infrastructure IV as of 12...
...RBC says it was on £2bn or 5x EV/ 2021E EBITDA, which is at the bottom of the historical M&A range of 5-8x EV/EBITDA....
...Valuation premium justified and trades at c14% discount to historical P/B. Reiterate Buy, PO raised to GBp5,300.”...
...BT trades on 2021/22E 5.8x P/E and a 7.9% dividend yield....
...Bond default risk: M&B has only received a temporary waiver until 15 May on its cessation covenant....
...believe that +2.5% is most appropriate....
...Our revised 2022 volume forecasts assume they remain 5-10% shy of 2019 levels. Balance sheets....
...The M&A strategy appears intact with 10 acquisitions closed during FY20 adding 5% to sales and adj. PBT....
...The P/T NAV ratio of <1.4x is low, relative both to the normalised >10% RoTE potential of the group, and other UK banks with similar return prospects....
...Value drivers: Structural margin expansion should finally convert XP Power’s leading sales growth into earnings, with organic earnings growth increasing 2.5x to 11-12%, with M&A on top....
...[B]reakeven rates dropped from 2% to zero rapidly during Sep-Nov 2008....
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