Hints and tips:
...A quick refresher for readers who aren’t finance sickos like us: Collateralised loan obligations are one of those fun investment vehicles that bundles junk-rated loans, packages them into a new security...
...Analysts’ views are mixed, though — Berenberg, HSBC and Shore Capital rate the shares as a buy, whereas Investec and UBS do n’ot see much more upside from their current rating....
...The top 20 managers made profits for investors of $67bn in 2023, according to research by LCH Investments, up from the previous record of $65bn in 2021....
...Risky Business What did the NV in Nvidia originally stand for? Complete this song lyric: “It’s the alternatives era / Oh oh oh, build with [BLANK]”....
...Last week the FT reported that Caisse de dépôt et placement du Québec, the C$400bn ($295bn) global investment group, had stopped making private deals in China and was closing its Shanghai office....
...The latest LCH Investments list of the best-performing hedge fund managers of all time is out. As we predicted a few weeks ago there’s a big change at the top....
...Up until now, the PGA Tour has been a commercial animal, it has been incredibly successful,” says Steve Martin, chief executive of M&C Saatchi Sport & Entertainment....
...In 2020, Cucinelli funded the rebuilding of the Civic Tower Norcia, Perugia, after an earthquake, and this year announced the investment of €1mn in the Himalayan Regenerative Fashion Living Lab, which helps...
...Altice would go on to flirt with a $185bn bid for Charter in 2017 and, in 2020, Drahi attempted to expand with a $8.4bn (C$11.1bn) offer to buy Cogeco, one of Canada’s oldest private media companies....
...And on the point about your investments disappearing, we need to distinguish between your investments falling in value and having to sell them at the value that they fall into so they can reduce in value...
...He and Vincent Casey, Ovo’s chief investment officer, agreed last year to lease the 15,000 sq ft space and its more than half acre of gardens from Sirosa, the German investment group that has owned the building...
...Yet this year has also been marked by another unavoidable trend: the rise of the TAM, or total addressable market, investment thesis. You should know the schtick by now....
...Investment in July and August fell more sharply than that, almost halving....
...Regionally, N. Europe continued to perform well with pleasing recovery in S Europe & E Europe since May. In N....
...Car companies have been woeful at investment (“The car industry’s future investments carry almost no value....
...to raise c€2.75bn....
...We expect some questions about its investment priorities, but with a focus on the UK market now we expect ongoing organic investment into building out its capabilities (the company calls out digital and...
...Current company-compiled consensus expectations are for revenue decline of c.7% for FY20 and EBITDA decline of c.15% (i.e. revenues of £516m and EBITDA of £115m)....
...We note the c.30% premium to key peer Sodexo....
...We value Sumo based on a PE multiple of c.36x FY20E, a c.10-15% premium to the global peer group average (falling to 27x in FY21E)....
...FY20 consensus sales & EBITA have come down by c. £160m & £30m respectively. That implies an H2 sales decline of c.20% and a drop-through margin on lost sales of c.19%....
...Investment thesis: (1) Bad debts above 2009-10 levels manageable: We forecast bad debts of c£450m in 2020 and £325m in 2021 (from c£200m in 2019). We think this is conservative....
...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%)....
...In existing parameters, we see limited scope for an EBIT increase in FY20E-23E but close to £2bn investment required, thus low ROI....
...However, it also guided to net E&C margins (E&C is ~75% of revenues) of only 2.0-2.25% versus our prior forecast of 4.7% and a ‘normal’ expectation of 5-6%....
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