Hints and tips:
...Today it focuses on preserving Miyake’s legacy and developing the design culture for a new generation. miyakeissey.org J is for JW AndersonBritish designer Jonathan Anderson has donated to Akt, an LGBTQ...
...The latest show represented a dialogue with Gaultier — in the same season that Martens was creating couture, Y/Project paid homage to the veteran designer’s classic trompe l’oeil prints of naked bodies on...
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...He added: “President Donald J Trump will serve 4 more years!!!” The post has almost 80,000 upvotes, and has been viewed 3.5m times....
...Et donc ce que j’ai voulu c’est d’abord essayer de convaincre les leaders du G20 et donc porter au G20 une initiative pour l’Afrique quand on s’est réuni il y a quelques semaines....
...L-f-l rents down 27%: net rental income fell down to just £87.3m which represents a l-f-l fall of 27% (excluding premium outlets), as a result of covid and the reduced rent collection rate....
...Redrow reported that it would end the year with 4,032 completions and £1.34bn revenues, which represent 37% y/y decline and are 11% below our expectations (and 10% below Bloomberg consensus)....
...Polymath 1,011: Dr S Bailey, Swindon Crossword 16,099: Suzanne P Wilson, Windermere; D Barter, Cumbria; Jean-Marc Sellier, California Polymath 1,010: Robert Jelly, Warwickshire Crossword 16,093: V Le...
...Elsewhere 2H has been stronger than expected with Sugar, Grocery, Agri and Ingredients profits all up Y/Y (CSe +25% Y/Y)....
...Earnings upgrades: With growing evidence of the likely strength of the H1 numbers coupled with ongoing industry tailwinds, we upgrade our revenue and EBITDA estimates by 3/4/4% and 5/6/5% respectively over...
...Retain Underperform using 4.0x EV/EBITDA & Total NAV. . . . ....
...The u/l WC outflow was £16.6m vs £3.9m last year, DSOs increased to 65 days (from 56) as an unwind in receivables was offset by higher accrued income (£57m from £51m at y/e, despite declining sales); the...
...We now forecast FY21e PBT of £162m, with an 8.4% organic revenue decline, and have reduced our FY21e forecasts by c.30%....
...A lower EBIT margin online vs C&H as a whole also means that if M&S does grow online to 30% of C&H sales by FY22e, the impact on margins will still be negative....
...What you really need is some t e c h n i c a l a n a l y s i s. We quote: Following the 2018 enforcement wave, blockchain litigation returned to its previous upward trajectory in 2019....
...We estimate 2020 cash remittances from local OEs totaling €4.7bn which would be €0.9bn lower than last year. France L&S and Italy will not pay dividends this year, and XL Bermuda is unlikely to....
...They reside on a 2021E price-to-book multiple of c.1.04 times with a dividend yield of c.4% - our dividend forecasts already assume a 2.5 times dividend cover....
...“L&G offers a 6.3% 2020E dividend yield, 1.2% above the sector average. Pre-2016 L&G's yield averaged 0.4% above the sector.”...
...EBITDA was $361.8m, +452% y/y, giving an EBITDA margin of 64%. The company has announced an interim dividend of $101m ($0.9531 p/s) and is launching a new $67.3m share buyback today....
...Apart from negative l-f-l rental and value growth, we assume recapitalizations to an LTV of c.35% by 2021 lowering the EPS and NAV by c.49% and c.61%....
...We value Sumo based on a PE multiple of c.36x FY20E, a c.10-15% premium to the global peer group average (falling to 27x in FY21E)....
...For instance, European airport passenger traffic is currently down 97% y-y. The services industry also provides the bulk of jobs....
...It gets straight to the point: We now assume an L-shaped RevPAR recovery (previously V-shaped), based on Jefdata consumer surveys, corporate guidance and industry forecasts. .....
...Increased focus on the home, reversing some L-T adverse trends....
...These trends do not favour M&S or Primark. We reduce our sales growth to -7.5% yoy in CY20 (from +0.4%), with a recovery to +5.9% yoy in CY21 (from +3.4%)....
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