Hints and tips:
...According to McKinsey you can disaggregate the “Internal Rate of Return” on a deal into four components: i) The business-as-usual return on capital employed in the target company ii) Operational improvements...
...Netflix reports the costs of the shows it makes and licenses as “cost of revenues” on its P&L. This was a $17bn item in 2021. But this number does not reflect a cash outlay....
...raised in the recent placing will be deployed to take advantage of attractive M&A opportunities as they emerge in the coming months....
...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....
...On a financial level, this “marketplace” service is beginning to be felt on the P+L: it contributed €30m of gross profit, 6 per cent of the €474m total, in the fourth quarter of 2019....
...We continue to see the business as undervalued on a bottom-up basis. Elsewhere . . . ....
...Is there any way out of the 99 per cent club? Some companies (such as Taylor Wimpey) escape....
...it a big advantage over its rivals....
...What are all of us doing in the end? To put it in terms that the readers of the FT would appreciate, we must nationalise salaries and the P&L of almost all of our companies....
...L’Oréal has the distinction of being the company that Comgest has held the longest, with the original investment made in 1991....
...With this advice, I spent the first several months at the company doing a lot of listening and getting to know the business, the employees, and analysing future opportunities....
...“The more the market gets used to [fund managers] paying for research from their own P&L, the more it gets harder for people not to do that.”...
...And I was doing it with Dre.”...
...Spencer Stuart, the headhunting group, says only a tenth of new chief executives at S&P 500 companies were appointed from another company last year, the lowest level since 2004....
...Nintendo’s third quarter revenues and profits both fell compared to a year earlier, as a lack of new blockbuster games failed to light up the company’s fortunes....
...“The business is doing very well. The revenue growth is incredible,” said Raam Ratnam, retail sector analyst at S&P. “The issue is that [financially] things have gotten tight already....
...Peter Grauer, Mr Bloomberg’s successor as chairman of Bloomberg L.P, earlier this month embarrassed the Labour party by signing a letter in support of the Conservatives only a day after Ed Miliband launched...
...down a “tax the rich (pension fund)” route, here is an earlier FT explainer on what it would mean for the UK P&L. 11.50 Welcome to the Usain Bolt economy....
...Within the bank you have P&L divided by product such as institutional, private banking and investment banking, and then you have it broken up by geography....
...But the other businesses are relatively simple P&L businesses for which other valuation methods are normally used. And therefore you would apply some sort of multiple of earnings or some other such....
...WW: No, the assets remain in BA. FT: Revenue then? WW: Well, the revenue…BA will have P&L; Iberia will have P&L. So the CEOs of BA and Iberia will have P&L accountability....
...But what happened is 1991, which was really the onset of the RTC was the successor to ten years of the government doing exactly what the government is doing now....
...But when McMahon asked about the advisory business in 2004, “someone told me, ‘It’s none of your business. Don’t mention that article if you want to keep working here. Bernie runs another company....
...Following this rule has the advantage that you will reduce your exposure to the riskier equities as you get older. As a minimum you should hold three months outgoings as cash, in case of a rainy day....
...Companies such as L’Oréal have training schemes which are designed to help you start your career without any business education if you decide not to opt for a further degree....
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