Hints and tips:
...The S&P 500 is not yet quite as expensive as it was in the zero-rate, fiscal bonanza, everyone-has-loads-of-cash glory days of 2021. But it is getting closer....
...In 2006, the maison bought Villa Empain in Brussels, restoring the house and turning it into a Centre of Art and Dialogue between eastern and western cultures. boghossianjewels.com C is for Brunello CucinelliThe...
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...Our PT values CPR on 40x 2021 P/E (ex-further M&A) vs Spirits on 23x. ST momentum to hold....
...question on the M&A front following the decision to exit milkrite I InterPuls in July for £180m....
...L’économie en procède, n’oublions jamais que l’économie est une science morale. Mais quand tout explose, votre P&L il explose avec, c’est ce qu’on est en train de vivre....
...On a sum-of-the-parts basis, we estimate the implied FY21 P/E for Primark is c.15x, which we think is undemanding for a best-in-class value retailer, with good international prospects....
...Here’s Barclays: n terms of current market expectations, the adjusted operating profit that they are pointing to is £78.2-83.2m with an average between £80m and £81m....
...more of a primary event), UK P&C (~14% of premium), and then the multilines (~10%)....
...M&S first ......
...Our last published fair value of 440p (29% upside) is equivalent to a P/TNAV multiple of 0.79x....
...Other things equal, we expect Bloomberg consensus FY20E PBT to reduce c.£10mn to c.£455mn (adj. EPS 18.3p, -23% yoy)....
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...Over FY13-19A, FirstGroup invested £2.25bn in capex/M&A for £65m incremental EBIT (i.e. an incremental pre-tax ROI <3%)....
...And here’s JP Morgan Caz on the E&P sector’s looming and largely irrelevant Q1 earnings season....
...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%....
...We expect EPS to fall c.40% YoY. We think the revenue growth outlook for Europe is as bad as the GFC, N. America could fare slightly better. Preference for FCF, superior ROIC in challenging macro....
...It also compares to listed peers such as Rathbones on c.15x P/E and SJP (a higher quality business in our view) on c.19x P/E....
...Here’s Numis: New business wins were ahead of expectations due to gains in C.Europe (stations in Holland and France) and N.America (three airports)....
...Within detail N American organic was 3.6% (profits down c3%), Europe organic -4.3% (profits down c29%) and RoW organic 3.1% (profit –c19%)....
...through the P&L....
...For S&N it all boils down to 2020 adjusted trading profit of $1,218bn to US$1.241bn versus a consensus of $1.243bn, so hardly a warning at all....
...We estimate Whitbread's annual rates bill is c.£120m, equivalent to c.35% of FY20e PBT (Feb YE). Mitchells & Butlers' rates bill is also around c.£100m, c.50% of FY19 PBT (Sep YE)....
...M is for money printing — which is exactly what crypto is doing. N is for net present value — see “accountability”. O is for oligarchy — the new bankster mafia....
...If on the other hand there are better investments in the N-Z segment, our A-M fund cannot buy them, but unconstrained funds can....
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