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....
...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....
...Unquestionably, China (14% of group sales in FY19) continues to be a stand-out success story for L’Oréal; we expect the beauty category in China to register HSD growth this year and for L’Oréal to outperform...
...A number of AV Telegram group chats are also available....
...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. .....
...It is not clear, said miner Rio Tinto on Wednesday, whether the recovery will be “L-shaped or V-shaped”. That depends on the ability of people to return to work and the shape of government stimuli....
...On the flip-side, appealing end-markets like US construction and data centres may be able to help the group avoid further stranded asset risks....
...Note that the EV of £603m is backed by c.£150m of freehold pub assets....
...Knights Group, a solicitor rollup, has made its eighth acquisition since June 2018 with the purchase of Nottingham’s Fraser Brown. ......
...HSBC has some discussion about V and W shaped recoveries; its own model resembling “the Nike swoosh” is made by combining a proper V in mainland China forms and more of an L among Western European and American...
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...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....
...The V-shaped recovery in consumer spending feels too bullish in our view....
..., which accounted for c.8pp of the 20% beat....
...At the Group level, Pest Control is roughly 70% of which 70% is contracted revenues (however it seems that part of the revenue base might be impacted as well), c.10% is non-contracted residential, c.10%...
...The group has c.2.7x ND/EBITDA against a covenant of 4.25x....
...The shares currently trade on a 2020E PE multiple of c.17 times and an EV:Sales multiple of c.0.92 times in the context of Group margins of c.7.6%....
...Down to Sell: The retail focus (89%), high equity exposure (57%) and low stickiness (40% annual redemption rate) of Jupiter’s asset base makes the group particularly susceptible to a deterioration in investor...
...Press Ctrl+C. Press Crtl+V. Add share-price forecast: “Market perform”. OK, so that is being rather unfair. And perhaps a tad hypocritical coming from a journalist....
...All3Media International Allstate Northern Ireland Ampetronic A-Safe (UK) Aspen Pumps Axis Productions B The Berkeley Group Holdings BT Technology, Services and Operations Bute Fabrics C Cambridge...
...LLC; Carlyle Investment Management L.L.C.; Blackstone Capital Partners V L.P.; Centerbridge Capital Partners, L.P....
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