Hints and tips:
...But otherwise, give me a V-sweet C-suite job any time. As if anyone would....
...As always, you can reach us at Imani.Moise@ft.com or Sid.V@ft.com. Thanks for reading....
...Companies converted production lines to serve a public purpose: brewers and cosmetics firms made hand gel, fashion companies made personal protective equipment and even Formula One engineers made low cost...
...Citi’s Q4’20 forecast for parcel volumes is +9% (vs. consensus of c.+6%) and in FY’21 Citi expects +13% (vs. consensus of c.+8%)....
...The T&C's refer only to "Content" and define that the company can “use, copy, reproduce, process, adapt, modify, publish, transmit, display and distribute such Content in any and all media or distribution...
...more of a primary event), UK P&C (~14% of premium), and then the multilines (~10%)....
...There’s a rejig of forecasts on a Norway tax break and a bit of fantasy M&A, which seems to be obligatory in E&P notes at the moment....
...If the bondholders call in their debt, M&B could sell some of its 1,356 securitised pubs (last valued at c£4bn) to pay off c£1.7bn of notes and c£0.3bn of MTM swaps....
...Speaking of his successor, he added: “I’m a big fan and he’s ready.”...
...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....
...However the shares are up c.30% in the last month and have rerated by c.15pp compared to our FY22 PBT estimate....
...The companies have made use of ST unemployment schemes, which help reduce the c.30% drop-through we assume....
...Much further down the market, there’s M&AAA....
...We estimate Whitbread's annual rates bill is c.£120m, equivalent to c.35% of FY20e PBT (Feb YE). Mitchells & Butlers' rates bill is also around c.£100m, c.50% of FY19 PBT (Sep YE)....
...We believe risk is pronounced despite trading on 2.3x CY21 P/E. We downgrade to Underperform with c.18% downside. Morgan Sindall (Buy; PT 1,550p)....
...As well, over 50 companies in the S&P 500 have already suspended their share repurchase programs, which accounted for over 25% of buybacks in 2019....
...On our new estimates, the company is trading on 27x 2020E P/E and 18x 2021E P/E (our base case assumes a 3-month shutdown in most countries)....
...The ONS estimates the value of land and assets-over-land to be over £5tn compared to a GDP of c£2tn....
...That's because lenders' worries these days involve situations like J Crew's “trapdoor” collateral transfer, in which private-equity sponsors drop a company's most valuable assets into subsidiaries outside...
...Stephanie Flanders, chief market strategist for Europe, J P Morgan Asset Management To more than 3% by the end of 2017....
...Tevin Eugene Crosby, 25 Crosby was director of operations for US marketing firm Saginaw....
...Stephanie Flanders, chief market strategist for Europe, J P Morgan Asset Management I would expect the economy to slow significantly by the summer as consumers feel the effect of higher inflation and investment...
...Stephanie Flanders, chief market strategist for Europe, J P Morgan Asset Management Trump’s presidency could contribute to higher UK mortgage rates, to the extent that stronger US growth and inflation contributes...
...Stephanie Flanders, chief market strategist for Europe, J P Morgan Asset Management More pessimistic than 12 months ago If we know anything about Brexit it is that nothing is certain, but on balance it...
...Valves Group All3Media International Allstate Northern Ireland Ampetronic A-Safe (UK) Aspen Pumps Axis Productions B The Berkeley Group Holdings BT Technology, Services and Operations Bute Fabrics C...
International Edition