Hints and tips:
...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....
...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....
...Management has taken important actions since March: deferring £1bn of capex due in the next three years; raising c£2bn of debt financing and £419m in an equity issuance; and launching a major cost-savings...
...at the ‘C-suite’....
...Because of its merger with Sprint in Apr-20, TMUS's portfolio of spectrum below 6 GHz is now c.3x that of Verizon and c.2x that of AT&T....
...The u/l WC outflow was £16.6m vs £3.9m last year, DSOs increased to 65 days (from 56) as an unwind in receivables was offset by higher accrued income (£57m from £51m at y/e, despite declining sales); the...
...Clothing: very poor – The Clothing and Home (C&H) performance is disappointing, even if online sales growth is better than usual....
...Here’s Investec (sell) to summarise: [L]ockdowns are impacting consumption in North America (c. 30% of sales), Europe (c. 20% of sales), India (c. 10% of sales), Africa (12% of sales) and many countries...
...It gets straight to the point: We now assume an L-shaped RevPAR recovery (previously V-shaped), based on Jefdata consumer surveys, corporate guidance and industry forecasts. .....
...Rate relief drops away in FY22 so the recovery profile, in EPS at least, is not V-shaped....
...Credit insurers would be affected by an increase of defaults on payments of receivables caused by supply-chain disruption (among other factors)....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...This stronger foundation should be supported through 2020 as management bandwidth improves further (with only one remaining C-suite role to be filled)....
...And GTA V’s publisher Rockstar has a history of delaying titles in the name of quality; GTA V, Red Dead Redemption, RDR2, Max Payne and L.A. Noire were all delayed....
...UBS also runs some quantitative stock screens based off the GFC performance....
...L.P. (“KKR”) and GK Investment Holding Group SA (“GKI”) (each a “Potential Offeror”) regarding possible offers for the Company....
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