Hints and tips:
...limited exposure to Europe (23.4% of sales) versus 44.2% for the STOXX 600 as a whole....
...It’s one of these consumer travel companies. It’s got a pretty modest p/e ratio given how much profit growth it’s had, which is a lot. And the reason for that in part is it’s a competitive industry....
...In lieu of healthcare, many addicts turn to Gamblers Anonymous....
...This year’s drop includes a limited-edition tote and pouch. You can also pick up merchandise from previous collections or make a direct donation....
...equity group L Catterton....
...Merck sold its consumer products division to P&G in 2018. A year later GSK and Pfizer formed a joint venture from their consumer products divisions, which they plan to spin off next year....
...Moody’s followed S&P Global and Fitch in withdrawing credit ratings for Russian entities....
...The consumer healthcare business, which owns brands such as Centrum vitamins and Sensodyne toothpaste, is a joint venture with Pfizer....
...at L’Oréal....
...sectors beyond just healthcare....
...PCI is a privately-held company founded in 2012 and headquartered in Philadelphia, close to UDG’s main Sharp campus in Pennsylvania....
...and financially leveraged to a prolonged consumer downturn....
...The first step is the break-up of the company, due by 2022, into a consumer healthcare business and separate pharma and vaccines group....
...Stress testing balance sheets for GFC falls in EBITDA As we move into recession mode, incoming questions from investors have switched from a focus on the P&L to the balance sheet....
...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...
...They include a mix of healthcare, consumer staples and tech: GlaxoSmithKline, Roche, ASML, Nestlé, Novartis, Novo Nordisk, L’Oréal, LVMH, AstraZeneca, SAP and Sanofi....
...forecasts both in terms of P&L and net debt....
...A modest contribution from the group's growth engine, a lower exposure than peers to e-commerce and limited P&L flexibility add to our concerns that the challenges faced by Unilever will take time and money...
...Key points: Primark’s prices position it well for a consumer downturn....
...However, over the longer term, we expect that consumers' desire to socialize using alcohol as a lubricant will not change, even if we may possibly see some changes in how consumers socialize....
...Based on company commentary so far, we still believe potential COVID-19 claims (including BI) are a manageable P&L event for the sector, although the devil will be in the detail when it comes to BI policy...
...Could that mean that we might see more M&A in the banking space? Possibly. There are endless rumours about Goldman buying a sizeable consumer bank or even asset manager....
...Most life companies have limited exposure to speculative grade market....
...What happens further down the P&L is largely a question of capital structure, but it appears most will be either loss-making or make only marginal PBT....
...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...
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