Hints and tips:
...S&P this month downgraded Thames Water’s top-ranked class A debt to BBB-, the bottom rung of investment-grade, just one notch above junk....
...The value of short positions against Argentine bonds lent by international custodian banks is currently $41mn, a sharp increase from $25mn ahead the mid-August vote, according to data from S&P Global Market...
...Analysts at Peel Hunt recently compared the bargains on offer with those available in the wake of the financial crash, with private equity and property trusts looking especially cheap alongside growth-minded...
...At the Bush Theatre, Waleed Akhtar’s The P Word chooses the latter, with immensely moving results. Here the prejudices under scrutiny are racism and homophobia....
...As Bloomberg pointed out at the time, that made it bigger than about a third of S&P 500 Index members. It didn’t last. The share price was largely wiped out on Thursday, plummeting 95 per cent....
...Last year, for example, Wall Street’s S&P 500 index gained 27 per cent, while the FTSE 100 gauge added just 14 per cent....
...And the stakes have risen even higher in the hunt for coveted music rights....
...Over the past three months, sales of bonds by triple C rated companies have run at a record pace, Melentyev said....
...This is because Sunak and Hunt have calmed down markets so they can afford to do so....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...to raise c€2.75bn....
...A hash on the name means Peel Hunt’s house broker): With Brent up c.80% in two months, E&Ps are slowly shifting mind-set from survival to growth and for cash-rich companies, the opportunity set is increasing...
...Because of its merger with Sprint in Apr-20, TMUS's portfolio of spectrum below 6 GHz is now c.3x that of Verizon and c.2x that of AT&T....
..., which equates to c$1.4bn per annum....
...In terms of the impact, we expect that this will continue to drive prices up for the near future, while the insurers most exposed are Swiss Re (via P&C Re and Corporate Solutions), Allianz (via AGCS), AXA...
...According to Bloomberg, consensus is currently forecasting PBT of c£185m (giving EPS of c6.9p) in FY 2020/21 and c.£340m (12.7p) in FY 2021/22....
...We expect underlying FCF of c.>€1.1 bn in 2021E and FCF to be positive ex WC from 2022. Valuation - Renault trades at c.4.2x 2021E P/E, a c.10% discount to its 3-year median....
...Here’s Peel Hunt: Underlying operating profit (UOP) was £19.5m and PBT £15.1m, in line with our estimates....
...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...
...The discount of our UK domestic basket at 10% (24-month Internationalfwd P/E) is not especially wide by comparison to the past 4 years post the EU referendum....
...And Peel Hunt: LFL sales increased by 24.8% due to increases in home consumption, new business wins and Eye being fully on-stream....
...And Peel Hunt: The company’s elevation strategy is undoubtedly the right one....
...As for Persimmon, Peel Hunt (add) can summarise: While H1 revenue was down c.32%, Persimmon’s sales in the last six weeks are up 30% YoY, comfortably ahead of the other sector figures we are seeing....
...Overall, we estimate that Hiscox is valued at 10.2x 2021F P/E or 8.0x 2022F P/E. Our valuation would value Hiscox at 12.5x 2021F P/E and 9.8x 2022F P/E....
...P/E, a c.30% premium to the sector (incl. ASOS and boohoo). JD Sports’s shares have declined c.50% in the last few months, and we see this as an entry point to one of the finest UK retail stocks....
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