Hints and tips:
...Even metrics with better track records, such as cyclically adjusted PEs, or Q-ratios that focus instead on balance sheets, show the S&P to be hugely overvalued....
...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...
...A total of 51 large retailers filed for bankruptcy in the US in 2020 — a decade high, according to S&P Global Market Intelligence....
...P Passing shots Things of beauty that have more or less killed off serve-and-volley tactics. Q Queue Yes, you could get some fancy corporate ticket to Wimbledon....
...Uhh: 25) Delta One ($1mn for 1.25 per cent) Q: What is Delta One? A: “Delta One is a non-custodial protocol for liquidity provisioning and staking strategies....
...Quick Fire Q&A Every week we ask the founders of fast-growing fintechs to introduce themselves and explain what makes them stand out in a crowded industry....
...Letter in response to this article: American Proud Boys never did Latin at school / From Jeremiah J Sullivan, Seattle, WA, US...
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p. 39)....
...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...
...Welsh, London; VW Durham, Cumbria, England; Rowan McKittrick, London Polymath 1,062: Susan J Tzotzos, Austria Crossword 16,401: David Jeffrey, Edinburgh; Michael Capparis, New York; J Morton, Glasgow...
...Live Q&A What are this year’s best reads so far?...
...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%)....
...Capital improved +110bps q/q to 14.2% CT1, ahead of JPMe 13.9% and pre-announced c14%, supported by a 2% decline in RWAs and IFRS transitional impact (0.35%)....
...Q: What were the most noteworthy areas in the results?...
...Mais quand tout explose, votre P&L il explose avec, c’est ce qu’on est en train de vivre....
...Goldman’s also pro Kingfisher: Previous strategy saw market share losses, particularly from the larger format stores (B&Q, Castorama); Kingfisher has lost market share in France and the UK, primarily reflecting...
...Q: How would we expect investors to react?...
...All 3 UK names are the cheapest in our European coverage by some margin, at 10-12X P/E and 8-10% FCF yield....
...Or how about distressed department store chain J.C. Penny? It’s returned 195 per cent in the past week, despite filing for Chapter 11 on May 15....
...Pending further analysis, we assume a run-rate FCF of c.£75m, below the £97m generated in FY19....
...However, the sales unwind into 2H20-1H21 could be significant, which is a risk given a 2021e P/E ratio of almost 27x....
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...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....
...Elsewhere, it is worth noting the substantive excess liquidity build, with deposits +6% q/q (implying end-2Q LTD of <67%)....
...Overall, while the stock trades on only 0.25x P/TBV there remains no visibility on when it will generate sustainable profits....
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