Hints and tips:
...L’Oréal: Its $2.5bn acquisition of luxury Australian soap maker Aesop is Nicolas Hieronimus’s boldest strategic move as the French group’s chief executive....
...The approach is a fresh twist in a multiyear saga over the future of Autostrade per l’Italia (ASPI)....
...To be clear there has been some acceleration in u/l demand, we’d assume also including the UK as pubs and restaurants have re-opened....
...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....
...Because of its merger with Sprint in Apr-20, TMUS's portfolio of spectrum below 6 GHz is now c.3x that of Verizon and c.2x that of AT&T....
...Sycamore argues that L Brands violated the acquisition agreement by making a series of what seemed like business-saving moves such as furloughing employees and cancelling new product shipments....
...L’Oreal’s been downgraded at Credit Suisse. Stock priced for a V-shaped recovery that’s looking increasingly unlikely, they say: Downgrade to Underperform (from Neutral)....
...Here’s Investec (sell) to summarise: [L]ockdowns are impacting consumption in North America (c. 30% of sales), Europe (c. 20% of sales), India (c. 10% of sales), Africa (12% of sales) and many countries...
...Quite a lot of the product delivered that’s not own-brand seems to be from companies THG names as customers of the retail shopfront bit, THG Ingenuity: names like Revolution Beauty, Elemis / L'Occitane and...
...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%....
...Capita has accelerated strategic decisions, and sold Eclipse Legal Systems in H1 for £56.2m....
...Back to Restaurant Group, and Peel Hunt upgrades based on fewer restaurants....
...And GTA V’s publisher Rockstar has a history of delaying titles in the name of quality; GTA V, Red Dead Redemption, RDR2, Max Payne and L.A. Noire were all delayed....
...It gets straight to the point: We now assume an L-shaped RevPAR recovery (previously V-shaped), based on Jefdata consumer surveys, corporate guidance and industry forecasts. .....
...Q4 2019 u/l PBT beat “rebased” consensus expectations by £111m (13%), though the outlook statement is somewhat sobering. ......
...Despite successive strategic shifts, large acquisitions and efficiency programs, profits in EDP have failed to reach their 2009-11 levels in recent years, signalling persistent structural issues, in our...
...The company’s FY 2019 net debt/EBITDA of 3.5x left it with a limited margin for error and restricted its operational and strategic flexibility....
...Increased focus on the home, reversing some L-T adverse trends....
...(v) Restructuring continues. Of course it does. But what about that Tesla, eh?...
...V, U, or L? The nature of Covid-19 growth impact means that some elements – e.g., production resumption, inventory restocking, and travel normalisation – would lend a natural rebound to growth....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...L), the specialist, global information company today announces that following a formal global review, Edge by Ascential has been selected as the strategic partner to Coca-Cola for its global ecommerce operations...
...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...
...non-strategic cost savings....
...Strategic issues unaddressed: We fear the acquisition of Merian does little to address Jupiter’s strategic challenges, such as the growing concentration of distribution channels in the UK....
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