Hints and tips:
...Lawrence Kellner, board chair, said he would not stand for re-election in May. Any decent planespotter could see this coming....
...On the equity side, small-cap stocks continue to be the story: while the S&P 500 has shrugged, the Russell 2000 is up 6 per cent since Jay Powell started talking....
...Today it focuses on preserving Miyake’s legacy and developing the design culture for a new generation. miyakeissey.org J is for JW AndersonBritish designer Jonathan Anderson has donated to Akt, an LGBTQ...
...A total of 51 large retailers filed for bankruptcy in the US in 2020 — a decade high, according to S&P Global Market Intelligence....
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...Lawrence Cunningham, a professor at George Washington University, said that may have changed....
...So that was 1,092 companies, or over twice as many “big winners” as there are in the S&P 500....
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p. 39)....
...Welsh, London; VW Durham, Cumbria, England; Rowan McKittrick, London Polymath 1,062: Susan J Tzotzos, Austria Crossword 16,401: David Jeffrey, Edinburgh; Michael Capparis, New York; J Morton, Glasgow...
...Citi’s Q4’20 forecast for parcel volumes is +9% (vs. consensus of c.+6%) and in FY’21 Citi expects +13% (vs. consensus of c.+8%)....
...All 3 UK names are the cheapest in our European coverage by some margin, at 10-12X P/E and 8-10% FCF yield....
...Mais quand tout explose, votre P&L il explose avec, c’est ce qu’on est en train de vivre....
...Or how about distressed department store chain J.C. Penny? It’s returned 195 per cent in the past week, despite filing for Chapter 11 on May 15....
...Pending further analysis, we assume a run-rate FCF of c.£75m, below the £97m generated in FY19....
...Overall, while the stock trades on only 0.25x P/TBV there remains no visibility on when it will generate sustainable profits....
...That’s Aston Martin’s CEO, CFO and Chairman now replaced following Lawrence Stroll’s bailout in January....
...His annual January letter to the chief executives of the S&P 500 is a must-read, and last year he called on them to take a more active role in addressing societal issues, from retirement to infrastructure...
...The latest share price slide pulls Aston Martin’s market cap below £500m, which was the headline value put on Lawrence Stroll’s bailout package agreed in January....
...Calquence is one of AstraZeneca’s big pipeline hopes, going head to head with J&J’s $6bn market leader Imbruvica....
...It also compares to listed peers such as Rathbones on c.15x P/E and SJP (a higher quality business in our view) on c.19x P/E....
...We think the threat of insurtech disruption to life and retail P&C insurers may be greater than for commercial P&C (re)insurers given the more complex nature of commercial risks, fewer threats from non-insurance...
...A TIPS yield of -2% easily justifies a P/E of 21x....
...The division is margin dilutive to the Group at a c.13% operating margin (Group c.18-19%)....
...through the P&L....
...We estimate Whitbread's annual rates bill is c.£120m, equivalent to c.35% of FY20e PBT (Feb YE). Mitchells & Butlers' rates bill is also around c.£100m, c.50% of FY19 PBT (Sep YE)....
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