Hints and tips:
...They illustrate their argument by comparing the paths to success of the richest people in Mexico and the USA (p. 39)....
...Late last month, S&P scored a big acquisition with its $44bn purchase of IHS Markit, which will help the credit rating company incorporate emissions data into ESG scores (S&P acquired RobecoSAM’s ESG ratings...
...Unilever “needs to reinvent itself” and “needs to look more like P&G” by adding “later income cycle adopted products.”...
...of prisoners as the UK’s Serious Fraud Office said the outsourcer had “repeatedly lied” to the Ministry of Justice....
...side, in central functions (e.g....
...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....
...benefit of c£100m’....
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...Overall the measure should save c. EUR15bn-20bn of ET1 or c. 20-30bp on average for the banks we cover. We continue to believe that the sector has c. EUR300bn of excess capital above SREP and c....
...“We visited Crawley,” boasts Simon Irwin of Credit Suisse....
...rationalisation of the combined cost base (e.g....
...While British Land continues to have success with its London office campus strategy, it still derives c. 60% of its rents from retail property....
...P&C outperformed into the corrections in the past 8 years....
...more of a primary event), UK P&C (~14% of premium), and then the multilines (~10%)....
...We estimate that Cineworld had c.$500m funds available as at the end of FY19 ($140m in cash, plus $368m of undrawn RCF). ......
...Long-term growth potential - We continue to believe in the structural growth in the flexible office space market and would expect the current crisis to lead to a rethink of how large corporates use office...
...fine payment c.£140mn)....
...CCL’s current Price/BV stands at 0.39x, vs an average P/BV of 1x over the last year and a longer term average of 1.45x. On our TP, the implied P/BV is 0.50x....
...On our current published forecasts, Royal Mail trades on a March 2020E P/E of 10.3x and EV/EBITDA of 3.6x (rising to a March 2021E P/E of 13.4x and EV/EBITDA of 3.8x)....
...A TIPS yield of -2% easily justifies a P/E of 21x....
...At the peak of the crisis almost 100% of WPP’s people were working from home – 55% are now back in the office....
...Top ten films account for c40% of box office revenue in a typical year....
...We estimate Whitbread's annual rates bill is c.£120m, equivalent to c.35% of FY20e PBT (Feb YE). Mitchells & Butlers' rates bill is also around c.£100m, c.50% of FY19 PBT (Sep YE)....
...Heading into what we anticipate to be a c....
...This will reduce sales by c£23m per month. Monthly costs are c£16m, which will be reduced significantly with the government subsidies....
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