Hints and tips:
...FactSet Research notes the bottom-up S&P 500 earnings per share estimate for the second quarter (aggregating the median Q2 EPS estimates for all the companies in the index) “declined by 37 per cent (to $23.25...
...Our unchanged TP of 330p offers a 23.1% TSR, including the halved fixed annual dividend (to 21 cents)....
...Our target P/TBV multiple for PAG is 1.01x, derived using a Gordon Growth model based on an 11% COE, our FY22E forecast RoTE of 11.1% and a 2% perpetual growth rate....
...There’s not much precedent to support the idea that Shina et al can walk away based on a MAC clause: WPP was forced against its will to buy Tempus in 2001, Guy Hands couldn’t scrap a bid for East Surrey...
...Andrew Garthwaite et al at Credit Suisse has had a fiddle about with the model portfolio, resulting in insurers getting a push....
...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....
...Tui’s up another 23 per cent or so at pixel, taking its gain over two sessions to 87 per cent. From the May 14 record low it’s up 140 per cent....
...Last year the company delivered sales of £78m in Q1 (which was a record quarter) and £70m in Q2....
...With top-line beat flowing through the P&L, core op. profit was +8% vs cons and core EPS +12%. ¾ of the EBIT beat seems inventory related. Q: What were the most noteworthy areas in the results?...
...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....
...S&P Global Sector: FINANCIALS / HQ: NEW YORK, US Key stat: Investment-grade companies have issued more than $1tn of debt this year, a record....
...For a company like Rural that is traded on a major exchange, ―[t]urnover measured by average weekly trading of . . . 1% would justify a substantial presumption‖ of market efficiency. 5 Bromberg et al., Bromberg...
...(Bloomberg) OVERNIGHT MARKETS: UP Asian markets Nikkei 225 down -47.67 (-0.33%) at 14,542 Topix down -2.72 (-0.22%) at 1,209 Hang Seng down -49.21 (-0.23%) at 21,313 US markets S&P 500 up +2.72 (+0.16%...
...What really happened at Northern Rock, Royal Bank of Scotland et al? This gives you a clearer idea....
...Demos Phaidon ₤39.95, 352 pages Does for photography what Phaidon’s Vitamin P did for painting and Vitamin D for drawing....
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