Hints and tips:
...The P/E relative of the stock on UBS 2026E EPS (against the market) goes to a record high of 152% on the UBS forecast of earnings. 2....
...al, with just $9bn on legacy oil and gas....
...The shares trade on 2.5x 2022 P/E, 4.2x EV/EBITDA....
...On our new estimates, L’Oréal trades on an FY21E P/E of 32.6x, the highest premium versus the consumer staples sector for over 10 years....
...Andrew Garthwaite et al at Credit Suisse has had a fiddle about with the model portfolio, resulting in insurers getting a push....
...Our target P/TBV multiple for PAG is 1.01x, derived using a Gordon Growth model based on an 11% COE, our FY22E forecast RoTE of 11.1% and a 2% perpetual growth rate....
...There’s not much precedent to support the idea that Shina et al can walk away based on a MAC clause: WPP was forced against its will to buy Tempus in 2001, Guy Hands couldn’t scrap a bid for East Surrey...
...); (v) the EU taxonomy; and (vi) a possible carbon border tax....
...The bulls will point to a P/B below 1, FY21e EV/EBITDA of 4x and EFCF Yield of 8% as evidence of clear value....
...Last year the company delivered sales of £78m in Q1 (which was a record quarter) and £70m in Q2....
...And, as lockdown measures are softened, the return of the likes of Gregg's, Starbucks et al to the UK FtG market will increase competition....
...For the 52 weeks to 25 April LFL sales in the UK Electricals were up +1% ahead of our -1%, Nordics up +4% vs our +2% forecast and Greece up +2% vs our flat estimate....
...Investors crowned Apple the first $1.5tn company. Patrick McGee in San Francisco 4....
...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....
...In New York, the S&P 500 equity index edged up less than 0.1 per cent to 2,058, while the tech-heavy Nasdaq Composite index rose 0.3 per cent....
...For a company like Rural that is traded on a major exchange, ―[t]urnover measured by average weekly trading of . . . 1% would justify a substantial presumption‖ of market efficiency. 5 Bromberg et al., Bromberg...
...record close....
...They were also considerably less robust, especially in the early stages of the recoveries, which tended to be shallow L-shaped affairs, rather than V-shaped....
...(Bloomberg) - How Goldman (et al)’s aluminium warehousing cost American consumers $5bn in three years. (New York Times) - The commodities supercycle is still ending....
...No surprise to see GMO et al flag up “impact on third parties” from the start....
...The delayed, performance-related consideration for FRM, is about 1 per cent of AUM. So is this the new yardstick for the fund management industry, post-Volcker et al? 1 per cent, maybe....
...Not exactly Henry V at Agincourt....
...The article references the extraordinary influence GS alums have – the most topical being John Thain, but Rubin, Hank, Duncan et al are all in the mix too....
...What really happened at Northern Rock, Royal Bank of Scotland et al? This gives you a clearer idea....
...Joseph Andelin, Utah: How does the shareholder makeup (i.e., institutional, insiders, hedge funds, et al.) affect your estimate of a firm’s intrinsic value and consequently, your margin of safety?...
International Edition