Hints and tips:
...Drawing à l’infini presents nearly a thousand works — notebooks, drawings and engravings. The drawings illustrate Picasso’s constant process of reinvention and renewal....
...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...
...“There are no equivalent 100 per cent mortgages in the standard market,” says David Hollingworth of UK mortgage broker L&C....
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...That’s F-L-I-C. For more information about your rights as a tenant, do check out the Generation Rent website. Jason Butler is on Instagram and Twitter. He’s @jbthewealthman. Timi is @mrmoneyjar....
...Andrew J Oswald: I doubt it. There are too many cost pressures to feed through to prices, and confidence will start to be lost in the idea that buying property is a one way bet. David Page: Yes....
...1,062: Susan J Tzotzos, Austria Crossword 16,401: David Jeffrey, Edinburgh; Michael Capparis, New York; J Morton, Glasgow Polymath 1,061: Georges Moroz, Bronx, NY Crossword 16,395: David Micklethwait,...
...L’économie en procède, n’oublions jamais que l’économie est une science morale. Mais quand tout explose, votre P&L il explose avec, c’est ce qu’on est en train de vivre....
...Refining capacity is to shrink c.30% by 2030, from c.1.7mbd to 1.5mbd by 2025 then to 1.2mbd by 2030....
...We do not think that management would have referred to “strong cash conversion” and emphasized delivering if the beat in the P&L were not flowing through well to cashflow, so we believe that the commentary...
...Overall, while the stock trades on only 0.25x P/TBV there remains no visibility on when it will generate sustainable profits....
...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%....
...L.P. (“KKR”) and GK Investment Holding Group SA (“GKI”) (each a “Potential Offeror”) regarding possible offers for the Company....
...However, the outlook is uncertain, rising one-offs make P&L valuations less relevant and cash conversion is declining. In addition, top management changes add another layer of complexity....
...This is however negligible in the wider context of the P&L and the land bank, with the impact on future gross margin of 17bps small and which will likely be mitigated....
...Our forecasts assume the full £500m is invested in land in FY20, and that the benefit in the P&L is seen later 2022 but to a larger extent in FY23....
...It notes a further 10% fall in property values from end-2019 (40% from end-2017) would require cures of c. £274mn....
...at the ‘C-suite’....
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...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....
...through the P&L....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...L, until the final CMA decision, expected on 11 May....
...more of a primary event), UK P&C (~14% of premium), and then the multilines (~10%)....
...net debt of c£18.9bn....
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