Hints and tips:
...Obvious beneficiaries are likely to be the Aim/Aquis category, says Panmure Gordon....
...The benchmark S&P 500 ended the quarter down nearly 5 per cent....
...S&P also noted that the number of companies in the US and Canada on one of the lowest rungs of the ratings ladder — rated triple C plus — has almost doubled since the start of the year....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...Our target P/TBV multiple for PAG is 1.01x, derived using a Gordon Growth model based on an 11% COE, our FY22E forecast RoTE of 11.1% and a 2% perpetual growth rate....
...FY21 EBITDA forecasts (c.£850m), back to c.90% of pre-COVID levels, already appear more realistic....
...We are downgrading FY21 by c.7-8%....
...It is impossible to be precise but we think that in general when companies refer to “materially ahead” they are referring to c.10%....
...RBC Fundamental View: Frasers has a strong position in UK mass market sports retailing and has freehold asset backing (c.£1bn), plus a now c.£200mn stake in Hugo Boss....
...Over in non-results sellside, HSBC gets a downgrade to “hold” from Ian Gordon at Investec....
...The shares trade at a premium to a Gordon Growth Model using valuation using our 2022 est....
...The P/E troughed first in the GFC, then P and finally, much later, E (Figure 2). Earnings estimates do not turn until c.10 weeks after the trough in the market....
...Here’s Panmure Gordon: We think there is some logic to the story, albeit there are good counterpoints too....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...If the bondholders call in their debt, M&B could sell some of its 1,356 securitised pubs (last valued at c£4bn) to pay off c£1.7bn of notes and c£0.3bn of MTM swaps....
...We expect Total to do what Exxon, Chevron and BP did and leave its dividends flat; though it would be prudent to move away from its 5-6% p.a. dividend growth target....
...Here’s Ian Gordon at Investec: We think that CEO Alison Rose faces something of a Hobson’s choice as she seeks to respond to a c.21% YoY decline in underlying profit before tax in 2019; today’s down-sizing...
...LLOY is continuing to target a CET1 capital ratio of c.12.5% plus a management buffer of c.1% - this looks light and will drive many questions....
...And Panmure Gordon: The move to cut the dividend by one-third has come earlier than we expected: we thought that the decision would rest with the incoming CEO....
...Citigroup is the first of the US banks to report on Monday and in all nearly 60 companies in the S&P 500 are expected to report results. Here’s more on this week’s earnings....
...And here’s Panmure Gordon: Few reputations will survive COVID-19....
...The shares are now trading on 23x FY20 P/E (five months of consolidation of TI Media) and 19x FY21 P/E (full year of TI), while providing an three-year EPS CAGR of c30%....
...Heading into what we anticipate to be a c....
...Trevor’s “peak gin” note from December (highly recommended) highlighted that Diageo’s massive in UK gin and, while growth of Gordons and Tanqueray are fine, it’s Gordons Pink that’s been keeping pace with...
...Panmure Gordon downgrades Trainline to “hold”, mostly on valuation but also on competition and regulation. Unchanged 517p target....
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