Hints and tips:
...(c) 1 LOB (“Services”) = almost all of Citi’s market cap....
...It’s not a totally satisfactory method (how does it account for plain old luck, for example?) but it’s often the best one can do....
...still remitting payments into it (c.£0.002 million in the previous three months)....
...With our emphasis: B. An order of permanent injunction prohibiting Defendants and any other person or entity associated with them, from engaging in conduct described above . . . C....
...in cash or (c) spend cash buying shares from the public to limit dilution....
...Lynch had been sued in London’s High Court for allegedly manipulating accounts, causing HPE to pay an extra $5bn when it acquired Autonomy in 2011....
...And they said that the problem is that there's not necessarily an account in Switzerland saying, V Putin, $50bn Swiss francs. That's not how it works....
...b) this person, whom the lawyers have not identified, is, like Mr Kulibayev, a member of the Forbes list of the 50 richest people in Kazakhstan c) the employees of Mr Kulibayev’s companies who worked on...
...Rail accounts for the majority of UK operations and passenger numbers remain c.85% lower YoY and the air sector has been mostly closed....
...If the bondholders call in their debt, M&B could sell some of its 1,356 securitised pubs (last valued at c£4bn) to pay off c£1.7bn of notes and c£0.3bn of MTM swaps....
...● Earnings forecast changes - taking into account the 1H margins guidance and a more conservative 2021 revenue growth assumption (we now assume no E&C revenue growth in 2021 versus a +15% prior forecast...
...It now boasts over 2 million customer accounts....
...However the shares are up c.30% in the last month and have rerated by c.15pp compared to our FY22 PBT estimate....
...That being said, there appears to be synergies that can be delivered by Envirosuite and although we do not have visibility to EMS B&K’s accounts, we assume it was sold at a reasonable multiple given that...
...We value IAG at a P/B 2019 of 0.4x (as for AF-KLM / at a 20% discount to Lufthansa’s P/B multiple in the lows in 2009; IAG was formed in 2011)....
...This is broadly in-line with JPMe $15bn pa 2021-25, c$14bn pa 2026-30. iii) Returns/Breakeven....
...In Europe, which accounts for two-thirds of SSP’s revenue (inc. UK), IATA forecasts Q3 capacity down 45% vs. down 90% in Q2....
...WPP will also reduce is planned capex from £400m to v£300m....
...We expect delayed decision-making in B2B, which accounts for c30% of revenue at the incumbents. FX also creates challenges....
...B is for blown — as in, “I've blown all my money”. C is for centralisation — which is always going to be quicker and cheaper than blockchain....
...No evidence of volume decline from MERS or SARS: During outbreaks of MERS (Saudi Arabia, c.2013/2014) and SARS (China/HK/Taiwan/Canada, c.2003) there was no evidence of changes to underlying volumes....
...b) It's just like people literally don't have the money to buy private jets. c) It's got nothing to do with desire. d) They just don't have enough money in their bank account....
...UK recovery will be slower than peers: (a) larger service sector: (b) weakness of business investment: (c) lack of clear social distance messaging....
...B Hotels for €1.9bn (FT) China’s Ganfeng Lithium to buy 30% stake in London-listed Bacanora (FT) JPMorgan buys healthcare payment firm InstaMed for over $500m (FT) China’s HNA sells C-Quadrat as it unwinds...
...It expects the public sector, charitable sources and its own income to each account for about a third of estimated annual costs of £4.5m....
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