Hints and tips:
...Billionaire Michael Bloomberg has made sweeping management changes to his media and financial services empire, appointing a new C-suite and board of directors headed by former Bank of England governor Mark...
...Kyoto’s compelling city-wide festival Next month will mark the 12th edition of Kyotographie, the Japanese cultural capital’s annual multi-artist, multi-show celebration of the photographic image....
...3AC co-founder Mark Lamb last month launched a crypto token that’s themed around which historical figure?...
...From ¥53,000pp (about £310), including dinner and breakfast, hiiragiya.co.jp Mark C O’Flaherty The Point, Adirondack Mountains, New York Originally a sprawling lakeside camp for the Rockefellers, The Point...
...Some see it as a social cost to operate,” says JP Frossard, consumer foods analyst at Rabobank in New York....
...Weaver, Manchester, England; Steve Clark, London; DIA Cohen, New York Polymath 1,035: Tony Mouler, Birmingham, England Crossword 16,242: Helen Hillier, Dorset, England; JP Bowman, the Netherlands; C Wren...
...Ibstock reports brick volumes are currently c.-70% YoY and concrete c.-50%, while Forterra reports bricks and blocks currently c.-50% YoY....
...Management guides to c£60mn of net benefit in 2H (c£78m extra costs offset by six month business rates relief of £137mn)....
...These businesses have been the primary source of growth for Hammerson in recent years, and so for some, their disposal marks the selling of the crown jewels....
...“Risk of nationalisation has increased,” says JP Morgan Cazenove, a very aggressive seller with a 125p target: Per previous research we have argued RR needs to issue c£6bn in equity to ensure its future...
...Weir’s relative valuation looks undemanding, at c.13x FY21E PE and c.9x EV/EBITDA, and offers re-rating potential in our view....
...Here’s JP Morgan Cazenove: Intertek has delivered a more resilient performance than expected in the first four months of 2020....
...INDV currently has a c.$650m net cash balance....
...This is broadly in-line with JPMe $15bn pa 2021-25, c$14bn pa 2026-30. iii) Returns/Breakeven....
...We continue to believe it needs to fill a hole of c£8bn caused by COVID....
...AB Foods, Kingfisher and Marks & Spencer become our new top picks....
...Here’s JP Morgan Cazenove: The measures announced by Centrica this morning result in a cash saving of £600m....
...Credit Suisse prefers Marks & Spencer to Next. M&S first ......
...Travel cafe operator SSP used HSBC along with its three house brokers -- Barclays, Goldman Sachs and JP Morgan Cazenove -- to raise £216m last month....
...Citi downgrades AB Foods and Marks & Spencer in a retail note....
...We expect organic declines of c.-3% for FY 2020. Both companies saw flat organic growth in March and are benefitting from short-term additional demand, especially in the US (c.30% of sales)....
...Apart from negative l-f-l rental and value growth, we assume recapitalizations to an LTV of c.35% by 2021 lowering the EPS and NAV by c.49% and c.61%....
...For 2021 the group expects c.3% growth and a lower margin range of 18.5-19.0% (vs 19.9% at 1H19) suggesting an EBIT range around c.£440-465mn, vs latest cons at £470mn....
...For some analysis of the airlines here’s Citigroup’s Mark Manduca....
...Helpful, then, that Halfords is the market leader in bicycle sales (c.25% market share) and PACs (c.15%)....
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