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...’m Yours”....
...On the other hand, if I tell you that the players expected that evening have skill that is equivalent to yours, the response should be: “No thanks, I’m busy.”...
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...That may have led to weak governance standards, hurting Japanese companies’ performance on the ‘G’ element of ESG....
...The divestment, coupled with the hit from the Covid-19 pandemic, has meant that Coty’s $4.6bn in annual revenue in its last financial year to end June was basically the same as before the P&G deal....
...While firms working on M&A and securities are busy with buyouts, Spacs and IPOs, experts in Chapter 11 have twiddled their thumbs....
...My giant rental pick-up truck bounces over mud canyons as I pull up at the base station — a big tent next to a shipping container....
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p. 39)....
...“Tesla’s bitcoin investment does not have an impact on its ESG score,” said S&P Global....
...Berkshire class A shares are down 7.4 per cent so far this year, compared with a 3.7 per cent advance by the benchmark S&P 500....
...Big asset managers turning to Luxembourg include M&G, Janus Henderson, Fidelity, Columbia Threadneedle and the asset management arm of UK insurer Prudential....
...Uber was able to pay just $85m for a 16 per cent stake in the struggling scooter rental company Lime earlier this month, gaining the right to purchase the company outright in two years....
...G)....
...“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.”...
...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....
...Last year billions of pounds were pulled from Schroders, the largest UK manager by market value, and its rivals Standard Life Aberdeen and M&G....
...To protect the balance sheet, Ashtead has tightened cost control (e.g. cutting discretionary costs; freeze on new hires, but no redundancies or use of furloughing schemes), suspended its M&A programme, paused...
...“One more big down leg and I’m dousing my internal organs in Lysol,” Clifford Asness, a hedge fund manager, said in April....
...We cross-check our PT with a 2024E P/E multiple discounted to present value; our PT would imply a 15x P/E multiple vs 23.0x developed Sx pharma 12m forward P/E average....
...This scenario still presents 15-20% potential downside risk on a P/E basis when we compare valuation in our scenario of 17.7x 2022E P/E to the historical implied P/E of 14.9x reached during the GFC....
...Likewise, the recovery in the last three weeks is largely due to relief that the hit might not be as bad as feared (e.g....
...We favour markets and sectors where share counts are shrinking via M&A and/or buybacks....
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