Hints and tips:
...Some can establish discretionary loss-absorbing buffers before accounting P&L is calculated (eg NBB and DNB)....
...But he knows how to read a P&L, a cash flow and a balance sheet....
...Almost every line on the quarterly P&L beat expectations. Investment banking, the engine of Barclays’ recovery, did not outperform peers on revenues, but instead due to a surprising drop in costs....
...“All of this is going to have an impact on banks’ P&L [profit and loss accounts] that is going to be non-trivial,” said one banking adviser....
...The price target is £2.0 assuming 3x P/E (half our normal valuation pending dilution), 4x EV/EBITDA....
...In addition, in our L-T recession scenario, although banks meet min. capital requirements under Basel 3, under Basel 4 a number of banks in our view would not have sufficient buffer to return capital to...
...In any assumption other than an L-shaped recovery, the risks of failure are not yet that extreme. So can a valuation argument be built around those facts alone?...
...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....
...We also note S&P’s CreditWatch on the BBBrating will be resolved when ‘financial performance and liquidity resulting from COVID-19 can be assessed’....
...through the P&L....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...The company has announced an interim dividend of $101m ($0.9531 p/s) and is launching a new $67.3m share buyback today....
...S&P 500 futures triggered the limit-down circuit breakers at about 5am GMT, the index having bounced 6 per cent in the regular session....
...Bob McNally of Rapidan Energy told Herman Wang of S&P Global Platts that “we think there is well below 1.5m b/d [of spare capacity] today”....
...Stuffy broking and merchant banking partnerships, where promotion depended on a candidate’s DNA rather than on his P&L, were bought out by foreign banks, most of them from the US....
...As a financial institution belonging to the public sector within the meaning of Article 3 of Council Regulation (EC) No 3603/93 of 13 December 1993 (OJ L 332 of 31 December 1993, p. 1), the European Stability...
...They also want to be able to include a wider variety of assets in their liquidity buffers, such as equities. Part of their concern is about profits. “It is a very straightforward P&L hit....
...It drove up the pro-cyclicality of the P&L and the solvency requirement of pension funds. That made them more vulnerable to the swings of the market.”...
...At that rate Santander has just over one quarter’s worth of generic buffers before loan losses need to be recognised in the P&L....
...The broker also saw potential for a 20 per cent dividend hike this year, With L&G management now concentrating on cashflow, not all the capital will need to go towards building bigger buffers, it said....
...Tuesday’s announcement followed a 30 per cent fall in L&G’s share price in the previous five days as investors fretted that the company’s need for a larger capital buffer would force a rights issue or dividend...
...L&G shares fell almost 10 per cent to a fresh low of 49½p on concern about the value of the bond portfolio....
...its equity overvaluation and having the need to build a buffer for future losses....
...L&G slid 9.6 per cent to 49½p as five times the daily average of shares were traded. Meanwhile, Aviva lost 6.3 per cent to 341¼p and Prudential was down 2.2 per cent to 320¾p....
...JP Morgan said the same treatment for L&G would trigger a £2.4bn mark-to- market loss against its annuity portfolio, eroding the group’s capital buffer to just £200m....
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