Hints and tips:
...Today’s top stories The US Federal Reserve announces its decision on interest rates at 2pm ET/7pm London today. Check back here for details and reaction....
...And Peel Hunt: The company’s elevation strategy is undoubtedly the right one....
...The energy transition strategy update in March is key to becoming more positive on the stock, absent a V-shaped recovery for their O&G customers. Glaring value?...
...Andrew Garthwaite et al at Credit Suisse has had a fiddle about with the model portfolio, resulting in insurers getting a push....
...Unilever “needs to reinvent itself” and “needs to look more like P&G” by adding “later income cycle adopted products.”...
...However, the recent rally leaves the sector trading on c19x 2021 P/E. Although not cheap, there remain opportunities in UK construction and thus stock picking is crucial....
...We continue to use a very conservative methodology, taking a 7x EBITDA multiple (being the lo end of healthcare service companies’ historical trading range) and further discounting by 30% for the uncertainty...
...Jefferies incoming: Current trading suggests mild improvement from lockdown trough....
...Here’s Commerzbank: Equity markets staged a decent rally last week with e.g. the S&P 500 up 10.4% w/w, and weekly trough to peak performance exceeding 20%....
...Rate relief drops away in FY22 so the recovery profile, in EPS at least, is not V-shaped....
...S32’s FCF is ~5% at spot, rising to ~9% with prices of its key commodities at the marginal cost; it is trading at ~0.8x P/NPV vs a long-term average of 0.9x Catalysts: Buy-back, SA coal sale, Hermosa PFS...
...Chart via Peel Hunt, numbers via dead cat: What now tho? Words via JP Morgan Cazenove. Global infections grew 62% w/w to 1,275,542....
...There’s not much precedent to support the idea that Shina et al can walk away based on a MAC clause: WPP was forced against its will to buy Tempus in 2001, Guy Hands couldn’t scrap a bid for East Surrey...
...At 8.3x 2021E P/E, 5.5x EV/EBITDA and 10% FCF yield, WPP trades at a 42% P/E discount to the market (vs. 3Y median discount of 29%) which we believe does not reflect earnings rebound potential and self-help...
...And, as lockdown measures are softened, the return of the likes of Gregg's, Starbucks et al to the UK FtG market will increase competition....
...Our analysis suggests there is limited liquidity risk under our base case with all companies having sufficient funds to last until trading is forecast to normalize in September....
...Looking at GFC valuations, European banks are trading at 20% P/E premium to GFC lows and inline on TBV but with potential capital at risk under Basel 4....
...Meanwhile, Peel Hunt’s gone to “buy” from “add” on pub operator Mitchells & Butlers with a 300p target....
...MSCI Europe is now trading on 10.3x Fwd P/E, down from 15.1x last month and 24% below the historical median of 13.6x....
...For a company like Rural that is traded on a major exchange, ―[t]urnover measured by average weekly trading of . . . 1% would justify a substantial presumption‖ of market efficiency. 5 Bromberg et al., Bromberg...
...Oxford Instruments NanoAnalysis (I) Oxford Programs t/a Oxford Royale Academy P P & B Metal Components Pathway Intermediates Pearson Engineering (I) Pearson-Harper Peel Jones Copper Products Peratech...
...Related links: SEC V. TREVOR G. COOK, PATRICK J. KILEY, ET AL, Case No. 09 CV 3333 – SEC Litigation release...
...Boone Pickens et al, you have to look at their views with a jaundiced eye. After all, Mr Pickens manages a $4bn energy hedge fund. So he obviously has a vested interest in the direction of prices....
...Will you invest in a company trading at 25 per cent of its NTA, but generate low return (almost breaking even or a small loss) as the assets’ (e.g. prime land) potential has not been fully realised yet....
...THE ENCYCLOPEDIA OF GUILTY PLEASURES edited by Michael Moran et al John Murray ₤12.99, 352 pages Classic toilet material: its half-page alphabetical entries are eclectic, opinionated tilts at icons and...
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