Hints and tips:
...Asset manager Schroders has sold its remaining investments in an Odey fund that was held by two of its multi-manager products....
...Most derivatives are settled on a net basis: on the settlement date, the “winner” of the trade receives a payment from the “loser” reflecting the P&L....
...So, to elucidate: most investment used to run through the cash flow statement as capital expenditure, and then be amortised through the P+L over the asset’s useful life. You build a factory for $20m....
...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....
...We run our L-T recession scenario analysis, factoring in: i.) earnings stress (15% p.a. decline in Net Income vs. base case 2020-22E); ii.) asset quality stress of -2.7% GDP (EBA stress test) over three...
...But buying assets would drag the company into another multi-year transformation that would involve front-loading cash costs for uncertain rewards longer term....
...On our new estimates, L’Oréal trades on an FY21E P/E of 32.6x, the highest premium versus the consumer staples sector for over 10 years....
...BT will yield zero for the next c.18 months and its leadership still refuses to underpin its confidence in BT’s value prospects with explicit, multi-year EBITDA and FCF guidance (despite having a multi-scenario...
...At c30x P/E, we do not feel valuation fairly reflects these risks and thus downgrade to Sell with a GBp385 price target, suggesting c30% downside from current levels....
...SocGen has a multi-asset portfolio strategy note out that advises against panic yet starts off with a big red graphic that doesn’t exactly scream “calm”: We do not recommend switching away from a balanced...
...When I joined Aifa it was kind of moribund and I was responsible for changing its business model, giving it a new P & L, reconnecting it to its membership and delivering quite a lot of organisational change...
...And on the negative rates to close, we’d suggest it’s a little early to chase the banks....
...One of the problems with green energy finance is the nature of the asset....
...There’s an aphorism we’d like observers to remember, as we digest S&P’s warning that the French banks’ Greek debt rollover plan is a sovereign default....
...Both sides are exasperated by New Delhi’s indecision, which some interpret as political opposition to the deal between two UK-listed entities....
...Officials argued that they could not do this since the toxic assets are more widespread than in the S&L days, and banks are now marking their books to market prices....
...WW: No, the assets remain in BA. FT: Revenue then? WW: Well, the revenue…BA will have P&L; Iberia will have P&L. So the CEOs of BA and Iberia will have P&L accountability....
...In the subsequent decades, Strauss watched her father develop the Strauss Group into a global entity, including tie-ups with Danone and Unilever....
...“I had just called in to New York, and found we were having the best P&L day since we’d started. So I was biking down this hill, when I got a call from someone at our prime broker....
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