Hints and tips:
...Too Much and Never Enough: How My Family Created the World’s Most Dangerous Manby Mary L TrumpUnflinching account of life on the inside of the Trump family by the former president’s niece....
...In their absence, valuation firm D and P Advisory’s managing partner Santosh N expects traditional brands like consumer goods companies or carmakers to lead advertising spending, but to be more conservative...
...This should add to pressure on an equity story that we see beset by; 1) skepticism on mid-term growth rate, 2) earnings risks from an already well optimized P&L, 3) overhang from potential disposal by major...
...The UK, still labouring under a Brexit discount, trades at just 10 times forecast p/e. Both could fall further. Lex sees a rather gloomy outlook....
...Magugu’s designs include a print symbolic of sisterhood that appears on a T-shirt, the Diorcamp bag and a silk scarf. charlizeafricaoutreach.org; dior.com N is for Ninety PercentThe Camden-based fashion...
...P Passing shots Things of beauty that have more or less killed off serve-and-volley tactics. Q Queue Yes, you could get some fancy corporate ticket to Wimbledon....
...In November 2020, MSCI downgraded P&G’s ESG rating to A from AA. Peltz started on the company’s board in 2018....
...L’économie en procède, n’oublions jamais que l’économie est une science morale. Mais quand tout explose, votre P&L il explose avec, c’est ce qu’on est en train de vivre....
...No one would describe Eel Pie Island as “rock ’n’ roll” today, but it retains an eccentric charm....
...) estimates i.e. an attractive valuation, however: i.) preprovision profit in our base case is declining -2% CAGR ‘19-22E and ii.) our L-T recession scenario sees only 1% p.a....
...“L&G offers a 6.3% 2020E dividend yield, 1.2% above the sector average. Pre-2016 L&G's yield averaged 0.4% above the sector.”...
...On our new estimates, L’Oréal trades on an FY21E P/E of 32.6x, the highest premium versus the consumer staples sector for over 10 years....
...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 new EoM Solutions consultancy, meanwhile, has already begun work with one retailer and has been contacted by companies including L’Oréal and Danone, Mr Roche said, adding that he was surprised to be...
...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...
...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....
...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....
...L and net debt....
...What happens further down the P&L is largely a question of capital structure, but it appears most will be either loss-making or make only marginal PBT....
...As of August 15, S&P ranked Victoria’s Secret owner L Brands fifth in a scoring of retail companies most vulnerable to bankruptcy in the US; S&P predicted a 12 per cent probability of default over the next...
...The cash burn rate of the Tour & Cruise businesses together is £6-8m/month....
...First quarter cash burn was £1.7bn though that reflects some first-quarter cost loading....
...Increased focus on the home, reversing some L-T adverse trends....
...The other, a careful, regulation-respecting, expense-cutting business that abandons cities where the return on investment is too low, going over "every single P&L item" in a bid to trim losses....
...P&C outperformed into the corrections in the past 8 years....
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