Hints and tips:
...L&G’s Wilson said that defined-contribution funds could be similarly mandated to invest 10 to 20 per cent in growth equity and infrastructure....
...the same Slack groups and mostly took directions from the same overlord....
...Overall assets under management fell by 17 per cent to £386bn, with record redemptions as clients accessed uninvested capital, as well as selling equities....
...Elsewhere ABF had a strong 2H and FY EBIT for all the other divisions will be stronger than expected leading to FY net cash of c£1.3bn which is notably better than expected....
...L-f-l rents down 27%: net rental income fell down to just £87.3m which represents a l-f-l fall of 27% (excluding premium outlets), as a result of covid and the reduced rent collection rate....
...France L&S and Italy will not pay dividends this year, and XL Bermuda is unlikely to. The slack is only partly taken up by France P&C which is over distributing....
...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....
...Management has taken important actions since March: deferring £1bn of capex due in the next three years; raising c£2bn of debt financing and £419m in an equity issuance; and launching a major cost-savings...
...Atlantia of Italy is up on reports that it’s close to singing off the part nationalisation of its highways division Autostrade per l'Italia, which has been in flux ever since the collapse of Genoa’s Ponte...
...Unquestionably, China (14% of group sales in FY19) continues to be a stand-out success story for L’Oréal; we expect the beauty category in China to register HSD growth this year and for L’Oréal to outperform...
...the group time to adapt; (c) new management appreciates the scale/nature of the challenge and is taking appropriate evasive action; and (d) the market has already significantly derated STM within the group...
...While the upside from Hastings remains to be seen, inclusion of a well-run retail P&C player improves the group’s dividend stability....
...A number of AV Telegram group chats are also available....
...Biggest diva in buyouts heads for the exit on Victoria’s Secret deal Is Sycamore Partners the biggest drama queen among private equity groups on Wall Street?...
...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. .....
...debt/equity (i.e., it will help with credit metrics)....
...Group net cash is at c. £6m with a cash balance at £646m....
...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...
...Increased focus on the home, reversing some L-T adverse trends....
...Reliance Industries has raised $847m, selling stakes of its digital unit Jio Platforms to private investment firm TPG and private equity firm L Catterton....
...Rate relief drops away in FY22 so the recovery profile, in EPS at least, is not V-shaped....
...HSBC has some discussion about V and W shaped recoveries; its own model resembling “the Nike swoosh” is made by combining a proper V in mainland China forms and more of an L among Western European and American...
...We also trim growth forecasts for the Exhibitions division by 50bp to allow for softness related to coronavirus....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...(FT) Retail deals in trouble US private equity group Sycamore Partners said Victoria’s Secret owner L Brands breached the terms of the deal agreed in February, leaving the acquisition on the verge of collapse...
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