Hints and tips:
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p. 39)....
...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....
...DC is currently trading at c.9x CY20E P/E and offers a c.5% dividend yield. It is one of the most sensitive stocks in the sector to the £ sterling, given its low margins and supplier pricing power....
...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%....
...at the ‘C-suite’....
...Overall, while the stock trades on only 0.25x P/TBV there remains no visibility on when it will generate sustainable profits....
...more of a primary event), UK P&C (~14% of premium), and then the multilines (~10%)....
...through the P&L....
...As a result, Ashtead now sees PBT for the financial year ending Apr-20 to be c£1,050m (-10% vs. previous consensus c£1,170m)....
...What happens further down the P&L is largely a question of capital structure, but it appears most will be either loss-making or make only marginal PBT....
...rental....
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...FY19 results last week also indicated that 2H19 saw a – frankly – VAST uptick in NGP investment through the P&L. BAT invested an incremental £700m+ in NGPs in 2019, of which ~£600m came in 2H19....
...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)....
...Operating performance: intu’s like-for-like net rental income declined 9.1% in 2019, in line with management’s November guidance of c. 9%....
...In addition, Land’s fledgling company decided to hire a few contemporary photographers to use its equipment and to report their findings....
...C’mon down y’all and live in a Wilsonville, a settlement conceived by Legal & General’s CEO Nigel Wilson....
...Other innovation fields showing significant promise include genetic engineering, new materials and various forms of renewable energy....
...Marketing materials stated that the Squared CDO’s investment portfolio was selected by GSCP (NJ) L.P. – the investment advisory arm of GSC Capital Corp....
...Turner, Kevin J. Kelly, James D. Carnwath, Mary G. Condon, Paulette L. Kennedy, Vern Krishna, Christopher Portner and Edward P....
...As such Citi analyst Alastair Johnston has recalibrated Tesco P&L account and the results are very interesting....
...Meanwhile, technology came under early pressure following results from network equipment maker Cisco....
...(n) appoints independent Constitutional Commissions in terms of the Constitution; (o) appoints service/executive Commissions in terms of the Constitution and in consultation with the Prime Minister; (p)...
...C is for Louis Cartier who is credited with creating the first wristwatch for men when he designed one for the Brazilian aviator Alberto-Santos Dumont in 1904 (the Santos remains one of Cartier’s most popular...
...On Friday, Caterpillar issued a profits warning and said demand for its lifting equipment had fallen sharply....
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