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....
...Some can establish discretionary loss-absorbing buffers before accounting P&L is calculated (eg NBB and DNB)....
...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...
...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....
...L’Oréal releases its full-year results. GlaxoSmithKline: The UK drugmaker publishes its fourth-quarter results. GSK raised its full-year profit forecast in October....
...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....
...“There are no equivalent 100 per cent mortgages in the standard market,” says David Hollingworth of UK mortgage broker L&C....
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...Anyway, here are names and links — we’ll let you make your own mind up: Liquid 2 Venture Fund III L.P . . . . Lake Nona Fund / LN Sports & Health Tech Fund I, LP . . ....
...Results: ABN Amro Q4, Adyen H2, Aegon Q4, Akzo Nobel Q4, Barratt Developments H1, Dunelm H1, Equinor Q4, GlaxoSmithKline Q4, Handelsbanken FY, Honda Q3, L’Oréal FY, Maersk Group Q4, Mediobanca H1, Smurfit...
...hotel (Wall Street Journal) S&P’s $44bn IHS deal set to win EU antitrust approval (Reuters)...
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...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...
...P&G, the world’s largest consumer goods company, bought the vitamins and supplements business of pharmaceutical group Merck for $4.2bn in 2018....
...L’économie en procède, n’oublions jamais que l’économie est une science morale. Mais quand tout explose, votre P&L il explose avec, c’est ce qu’on est en train de vivre....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...L-f-l rents down 27%: net rental income fell down to just £87.3m which represents a l-f-l fall of 27% (excluding premium outlets), as a result of covid and the reduced rent collection rate....
...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)....
...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...
...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....
...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....
...EnQuest’s cash netback lead among UK E&P’s has improved further as yet more legacy high-cost fields are shut-in permanently....
...DC is currently trading at c.9x CY20E P/E and offers a c.5% dividend yield. It is one of the most sensitive stocks in the sector to the £ sterling, given its low margins and supplier pricing power....
...Whilst the mid-term investment case retains merit, the breakup story has become less compelling given 2019's c.2-point P/E re-rating and confirmation the Consumer spin will have to wait until H2'22, leaving...
...However, the outlook is uncertain, rising one-offs make P&L valuations less relevant and cash conversion is declining. In addition, top management changes add another layer of complexity....
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