Hints and tips:
...A day earlier, Taiwan’s air force showed off its P-3C patrol aircraft — which can monitor and target enemy submarines with Harpoon anti-ship missiles and torpedoes — and E-2K airborne early-warning aircraft...
...Among them were biographies of George Washington, by Woodrow Wilson and others, reminiscences of Old New York by Charles H Haswell, and of India by a Lt Col Pollock....
...The fair has recently launched a year-round digital platform for exhibitors, as well as an “E-talks” programme....
...Store openings resumed post lockdown: As expected, some store openings (e.g....
...(ii) The geographic mix (i.e. UK better, France poorer) helped as did Computacenter’s vertical market range (i.e. Public Sector spend better/Industrials weaker)....
...Reflecting the LT margin upside potential, we change our valuation methodology to a DCF using 6.8% WACC and 3.5% terminal growth rate....
...Zalando is on 1.5x EV/GMV but we have much more confidence in the LT trajectory of margin at Zalando so prefer that name....
...Heineken (Equal-weight) comes close, but its superior LT sales growth profile is balanced by near-term downgrades, and 20x CY21e P/E leaves little room for re-rating....
...We continue to believe that the pandemic has led to acceleration of digital shift, a LT benefit for PRX....
...This is based on a P/E of 14.5x 22E, set in line with IMI’s 5-year average P/E. The current P/E relative to the sector at a c30% discount is at the low end of the 30 year trading range....
...Key differences between TIF/ LVMH vs LB/Sycamore are: (1) Two large strategics with LT rationale vs. private equity; (2) Transaction Agreement language: unlike LB, TIF’s “ordinary course” covenant is not...
...discount to the sector on SGe (20-30% LT average), underpinning some of the highest TP upside potential in our universe....
...Target £38: Could get worse before better but we see LT opportunity: We believe the European hotel names are vulnerable to a further setback....
...Well, w e think that w e already assume that quite a lot of things will! Impairments rose by 75% YoY to £0.7bn in 2019 and w e continue to model a further 300% YoY increase to £2.8bn in 2020e....
...In recent years, like-for-like price inflation has also outpaced peers at 4-5%, compared to e.g. 2-3% for Auto Trader....
...As such, our TP rises from 600p to 620p on a 100% weighting for our mid-cycle valuation based on a 13.9x mid-cycle P/E multiple (derived from +2.0% LT growth, 120% market risk premium and 95% cash conversion...
...Our DCF valuation increases by 20% (to £52/share) on higher LT iron ore price of US$60/t. FY20/21 NPAT are revised higher to US$11.1b (+16%) and US$12.5b (+55%) respectively....
...“This represents 25x 2020 P/E, already a 10 per cent premium to its LT average,” MOST says. Rightmove’s track record of steady earnings growth and cash returns has been impressive....
...[W]e were researching Mr....
...The Indian army’s Lt Gen KJS Dhillon on Tuesday accused Pakistan’s military intelligence of directing the attack from across the border....
...on open economies (Western Europe, CEE, Asian manufacturing exporters), net oil importers (the same plus India, among others), and economies with large (particularly external or dollar) funding needs (e.g...
...On the liabilities side, medium-sized and small banks mainly rely on wholesale funding, i.e. borrowing from banks and NBFIs....
...A clue to that arithmetical impossibility lies in the $500 paid for empty bottles of Château Lafit e in Beijing. Chilean bulk wine may have filled them but no one is willing to say....
...Protectionism and de-globalization reduce economic efficiency and LT growth rates....
...(llbm.lt/eng). Where to stay: The Astoria Hotel in St Petersburg (roccofortehotels.com) hosted cast members....
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