Hints and tips:
...The S&P Global Clean Energy index has dropped 38 per cent from a recent peak in January 2023 to its lowest level since July 2020 and is down 30 per cent over the past 12 months....
...Macron ably channelled that sense when he recorded a moving message addressed to Britons after Queen Elizabeth II’s death last year....
...Blackstone in September became the first private equity group to be included in the S&P 500 index and its rivals Apollo Global and KKR are hoping they are not far behind....
...In 2018 Marshall’s “Past Times”, black figures picnicking and boating in reference to Monet’s “Déjeuner sur l’herbe” and river idylls, sold to rapper P Diddy for $21mn....
...The S&P 500 is often used as the default comparison because of its ubiquity, but, in reality, it’s a poor benchmark for private equity returns given how top-heavy it is....
...Plot the S&P 500 index return against the Nikkei 225 from just before the pandemic....
...Now the waterfront — which forms part of Liverpool Waters, Peel L&P’s £5bn, 30-year project to transform the city’s northern docks — is taking on a new life itself....
...Crossbridge Energy Partners, with the financial backing of commodity trader Vitol, is negotiating an agreement with Lukoil that would value the Sicily-based ISAB refinery at between €1bn-€1.5bn....
...Plus, S&P to review the UK’s credit rating AA (negative outlook); Moody’s to review the UK’s credit rating....
...They might be willing to endure quite a few lean years in terms of their own P&L — and even to think about cutting their own costs and headcount — rather than take risks with deals that need stretched assumptions...
...This means that an environment of rising labour and energy costs puts significant upward pressure on luxury prices....
...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 . . ....
...The question of whether or not to accelerate the energy transition “is not in our gift”, L&G head of climate solutions Nick Stansbury told Moral Money. “What is in our gift is when we choose to do it....
...like Lancôme and L’Oréal Paris....
...covinovenezia.com Disappointment An invitation to lunch at Girafe, the sought-after seafood restaurant in Paris’s Cité de l’Architecture, promised a treat....
...Recent transactions included sales by Bruin E&P, a PE-backed company that went bankrupt in July, and Grenadier Energy Partners II, backed by EnCap and Kayne Anderson, two big private oil industry investors...
...Beauty group Garnier, owned by L’Oréal, promised last year to plant a tree each time a bottle of certain skin and haircare products was sold at Asda, the British retailer....
...I very much believe it's going to be a very strong third pillar for our business, and I think it could be a significant P&L contributor to our company, definitely within five years, and definitely within...
...This would be the first instance of consecutive double-digit deficit years since World War II....
...Downgrade European energy to underweight: i) At $60pb, the FCF yield of the sector is 10.8%, below that of mining (15% on 2021 spot prices), utilities and half that of coal; ii) ESG and disruption (IEA believes...
...The mission statement of Enron, the US energy group hit by a corruption scandal in 2001, contained words such as “integrity” and “excellence”....
...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....
...“These sectors are clearly the least vulnerable from an earnings point of view in the current environment,” says partner Iain Tait....
...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....
...The bulls will point to a P/B below 1, FY21e EV/EBITDA of 4x and EFCF Yield of 8% as evidence of clear value....
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