Hints and tips:
...“F.E.E.L.I.N.G.C.A.L.L.E.D.L.O.V.E” and “Sorted for E’s & Wizz” were ticked off like rites of passage from someone moving from Sheffield outsider to Britpop in-crowd....
...But, you know, where could a Trump Mark II lead us to? Most people feel he will sell Ukraine out....
...Solvency II has strict requirements to manage and hold capital requirements against liquidity risk to prevent a 1-in-200 year negative liquidity scenario....
...As such, we see the CET1 ratio dropping below the interim target in 2024 (as a result of losses), but still above regulatory minima at c.12%....
...the Great Pyramid of Giza (itself visible from the museum’s panoramic windows); the Merneptah Pillar; and, in the soaring atrium, the 3,200-year-old, 83-tonne, 11-metre-high monumental figure of Ramesses II...
...Race Capital II, LP . . . Lifelike Capital [ridiculously minimalist website award winner] . . . ....
...Refining capacity is to shrink c.30% by 2030, from c.1.7mbd to 1.5mbd by 2025 then to 1.2mbd by 2030....
...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....
...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%....
...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)....
...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....
...at the ‘C-suite’....
...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,...
...However, if those dividends are expected to be paid in the future, they may not count as eligible capital for Solvency II ratios....
...We estimate Aviva’s Group Solvency II ratio stood at 180% at 1Q20 (on a shareholder basis)....
...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. .....
...net debt of c£18.9bn....
...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...
...The shares currently trade on a 2020E PE multiple of c.17 times and an EV:Sales multiple of c.0.92 times in the context of Group margins of c.7.6%....
...This action frees up c£2.5bn in cash flow for other uses and protects the BBB+ credit rating, according to the company....
...Company commentary supports our view of limited direct impact to P&C : Hannover Re: noted a potential €200m loss across P&C and L&H; Munich Re: noted a €500m loss should all the events it covers for communicable...
...The Solvency II coverage ratio at 31 Dec 2019 was 168% (31 Dec 2018: 170%), very close to the top of its 130-170% target range and a surplus of £1.2bn (2018: £1.2bn)....
...L.P. (“KKR”) and GK Investment Holding Group SA (“GKI”) (each a “Potential Offeror”) regarding possible offers for the Company....
...The division is margin dilutive to the Group at a c.13% operating margin (Group c.18-19%)....
...Today we’re testing positive for MIFID II violations. What follows is little more than a comprehensive bundling of sellside research....
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