Hints and tips:
...As much as 45 per cent of the financial companies in the S&P 500 have no women among their “named executive officers”, those C-suite members important enough to have their pay officially disclosed, according...
...Customers buy L’Oréal products in response to the pitch “because you’re worth it”. They need to be: the SkinCeuticals Vitamin C antioxidant serum is hardly a snip at £165 for 30ml....
...On one hand they have a balance sheet and a P&L like anyone else, and right now they’re not looking great....
...Morgan Stanley analysts said the guidance had already assumed the operating environment became more challenging and that some ad campaigns would be paused or cut....
...listing overseas, insiders told the FT’s Tabby Kinder....
...Morgan Stanley chief executive James Gorman has also indicated a desire to remain at the company he has led since 2010 for at least another three years....
...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...
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...Morgan Stanley can summarise the detail: LGR operating profits 20% (£119m) ahead of consensus at £721m - helped by positives from a review of modelling assumptions and Covid-19 related mortality experience...
...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....
...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)....
...We estimate Merian AUM of c£16.8bn, June 20 (vs. £15.7bn Mar 20) and assume Merian achieves a c45% operating margin in FY21. We estimate a 5% increase in operating margin adds c4% to FY21 EPS....
...at the ‘C-suite’....
...Current company-compiled consensus expectations are for revenue decline of c.7% for FY20 and EBITDA decline of c.15% (i.e. revenues of £516m and EBITDA of £115m)....
...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....
...net debt of c£18.9bn....
...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....
...Our back-of-the-envelope $1.5bn WW recurring sales for AZN assumes 250m doses p.a. for developed countries at c.$6 per dose, a discount to estimated US flu vaccine revenue/dose around $11-13 given likely...
...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....
...Over 2009-19, SWMA achieved average organic sales and operating profit growth of c.5% p.a. and c.7%, respectively and EPS growth of 10% p.a....
...We do not think that management would have referred to “strong cash conversion” and emphasized delivering if the beat in the P&L were not flowing through well to cashflow, so we believe that the commentary...
..., which equates to c$1.4bn per annum....
...Given the high profit drop-through that is a hallmark of the business, Q1 operating profit is c. +60% and we expect to see material consensus upgrades....
...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%....
...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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