Hints and tips:
...As conflicts multiply overseas, Anduril’s business is accelerating: annual revenues are projected to reach $1bn by 2026....
...Monday France, Germany, Italy, Japan, UK, US: S&P Global/Cips/HCOB manufacturing and services purchasing managers’ index (PMI) data Germany: monthly retail sales figures Results: Cranswick Q1 trading...
...Yet roughly one-third of the market’s rally since the start of the fourth quarter last year stems from burgeoning investor interest in Hermès, Kering, LVMH and L’Oréal....
...Global manufacturing PMI flash data EU, Zew Economic Sentiment Index UK, S&P Global/Cips Services and Manufacturing PMI Flash data UK, CBI Industrial Trends orders Results: Standard Chartered FY; HSBC...
...Loans packed into commercial mortgage-backed securities are the biggest chunk coming due in 2023....
...But now they have to service that debt when essentially that debt number keeps climbing and that becomes a real concern for companies that don’t kick off enough revenues and margin to be able to pay down...
...Instead of charging interest we earn about 20 per cent of our revenue off of tips so people can actually pay whatever they can afford or whatever they think is fair for that service, which can be anywhere...
...Manufacturing and services activity has already picked up, and S&P expects India’s economy to rebound 9.5 per cent in the year ending March — though off a low base following last year’s contraction....
...Guo’s stark warning came just hours after the S&P 500 closed with its biggest one-day gain in almost nine months....
...If you are looking to predict the shape of the US economic recovery — be it V, W, L or even K — don’t look at the markets....
...For example, the Rize ETF may have a broader remit than L&G Cyber Security, even if they share some holdings....
...The V traced by US indices heavily driven by tech and pharma stocks is appropriately narrow. The S&P 500 is down only 7.6 per cent since the pandemic hit the US and Europe....
...Idexx said in October that the animal health market had experienced a “V-shaped recovery”....
...However, the sales unwind into 2H20-1H21 could be significant, which is a risk given a 2021e P/E ratio of almost 27x....
...And Panmure: we think that security should prove more defensive than other industries, as it has done in previous recessions, especially on the Secure Solutions (93/89% of revenue/EBITA in FY20E) side....
...It will certainly require evidence of a V-shaped economic recovery to ignite demand for cyclical and value stocks....
...Based on company commentary so far, we still believe potential COVID-19 claims (including BI) are a manageable P&L event for the sector, although the devil will be in the detail when it comes to BI policy...
...For FY20e, we expect revenue growth of +32% yoy and adj. EBITDA of €46mn (implying EBITDA margin of 8% on gross revenue). Recessionary impacts....
...With the slowest profit recovery in Business Services, we initiate at Underweight....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...RB's unmatched P&L flexibility is paving the way for fast improving market share momentum, notably in the 20% of its cells that have been persistent underperformers. ... and for Unilever, a €43/£40 target...
...L’Oréal Sector: cosmetics / HQ: Paris, France Key stat: Online sales jumped 53 per cent in the first quarter....
...and costs; 2) Revenues were 3.4%v ahead of consensus expectations for 2Q – NII was marginally behind (NIM of 133bps versus consensus for 139bps) while there was an 8.0% beat on OOI with strong performance...
...The company has announced an interim dividend of $101m ($0.9531 p/s) and is launching a new $67.3m share buyback today....
...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....
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