Hints and tips:
...Overall fees for the mutual fund, which is offered in institutional shares as well as Class I, Class A, Class L, Class C and Class R6 share classes, range from 37 bps to 152 bps....
...The performance of the S&P 500 index is now the most concentrated it has been since the 1970s....
...Hence we think share price underperformance of wholesale banks such as DBK (4.7x P/E 2024E), BARC (3.9x P/E 2024E), BNP (6.9x P/E 2024E) as well as by some Money Center Banks is overdone....
...A large part of this is provided by its illiquid, or ‘Direct Investment’ portfolio, where L&G has originated long-dated securities that are a good match for its PRT and annuity liabilities....
...Lloyds FY; Nvidia FY; Stellantis FY; Baidu Q4; Danone FY; Ebay Q4; Garmin FY; Etsy FY; Domino’s Pizza Q4; Rio Tinto FY Thursday UK, Keynote speech at the Resolution Foundation in London by Catherine L...
...Yet roughly one-third of the market’s rally since the start of the fourth quarter last year stems from burgeoning investor interest in Hermès, Kering, LVMH and L’Oréal....
...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...
...He cited a campaign, backed by L&G, to persuade J Sainsbury, the supermarket chain, to introduce a “real living wage” for all workers....
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...Anyway, here are names and links — we’ll let you make your own mind up: Liquid 2 Venture Fund III L.P . . . . Lake Nona Fund / LN Sports & Health Tech Fund I, LP . . ....
...Letter in response to this article: American Proud Boys never did Latin at school / From Jeremiah J Sullivan, Seattle, WA, US...
...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....
...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...
...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....
...Security has been deemed by most governments to be a key role and therefore activity is likely to have continued....
...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....
...France L&S and Italy will not pay dividends this year, and XL Bermuda is unlikely to. The slack is only partly taken up by France P&C which is over distributing....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...Since 2016, we estimate the Kingfisher P&L has had an £81m transactional benefit from weaker sterling. FX could become a headwind once trade talks are agreed (or not)....
...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%....
...On our new estimates, L’Oréal trades on an FY21E P/E of 32.6x, the highest premium versus the consumer staples sector for over 10 years....
...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....
...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....
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