Hints and tips:
...Morgan Stanley: ‘digital gold = gold, so small whoop?’ An incremental positive for the asset mgmt industry....
...Europe also boasts the Amundi MSCI India II Ucits ETF, which tracks the same index as the iShares ETF, and the L&G India INR Government Bond Ucits ETF, for those interested in fixed income....
...Bad correlation II: back to school On Friday I wrote about how positive stock-bond correlation has returned since the start of August....
...Consumers with higher propensity to spend — i.e., those on lower incomes and younger workers — were disproportionately affected by furlough, which while it capped the job losses, still resulted in only an...
...The first Baron Rothschild and John Pierpont Morgan rocked up on their yachts....
...in ESG To many people, the ‘E’ in ESG (environmental, social and governance) is synonymous with climate change....
...Back to sellside, and Morgan Stanley’s gone negative on Next....
...(ii) The geographic mix (i.e. UK better, France poorer) helped as did Computacenter’s vertical market range (i.e. Public Sector spend better/Industrials weaker)....
...P/E relatives are at levels from which the sector historically has outperformed 80% of the time. CPI-linked utilities (e.g....
...National Express currently trades at 4.3x December 2022E P/E....
...Here’s JP Morgan Cazenove: Summary of H1-2020 Results....
...Here’s an optimistic take from Morgan Stanley: We conclude that at least 55% vaccine efficacy (i.e., the vaccine prevents 55% of symptomatic infections) is the minimum bar for approval....
...Here’s JP Morgan Cazenove: Lloyds’ Q2 results are significantly below consensus and our expectations with underlying Op loss of £0.7bn driven by impairments of £2.4bn vs company cons £1.5bn....
...) estimates i.e. an attractive valuation, however: i.) preprovision profit in our base case is declining -2% CAGR ‘19-22E and ii.) our L-T recession scenario sees only 1% p.a....
...Trading at 4.4x adjusted EV/EBITDA and 9.5x P/E on our 2022 estimates, shares look attractive given: i) FY3 average of 5.2x and 10.9x respectively since 2017, and ii) 18% and 13% discount to peers (SUMCO...
...Our price target is based on a mix of our DCF as well as P/E and EV/EBITDA multiples....
...We estimate Aviva’s Group Solvency II ratio stood at 180% at 1Q20 (on a shareholder basis)....
...At 8.3x 2021E P/E, 5.5x EV/EBITDA and 10% FCF yield, WPP trades at a 42% P/E discount to the market (vs. 3Y median discount of 29%) which we believe does not reflect earnings rebound potential and self-help...
...Overall, we estimate that Hiscox is valued at 10.2x 2021F P/E or 8.0x 2022F P/E. Our valuation would value Hiscox at 12.5x 2021F P/E and 9.8x 2022F P/E....
...A Phase II start is expected this quarter with 50/100μg doses based on interim Phase I results....
...(ii) and headline operating margin of 10.4% to 12.5% – we have a margin of 10.4%Our FY PBIT pre associates is £1,014m....
...On our estimates the sector is trading at 20x CY21 P/E, a +64% premium to MSCI Europe. This is above its 10YR average NTM P/E at 19x and at the top-end of its relative trading range of 20-65% premium....
...Here’s Morgan Stanley: The Cineworld-Cineplex dispute is now set to enter legal channels, widening the range of possible outcomes and creating uncertainty on the timeline....
...Multiple Phase II pipeline readouts expected in 2H’20, but these data points are less key to the company’s current investment thesis: GLPG have three Phase II trial readouts scheduled for 2H’20; namely,...
...His support “removes a tail risk for the group having to file for insolvency protection,” says Morgan Stanley, which also says “sell”....
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