Hints and tips:
...Les Arcs, FranceThe affable Lucas Falcoz, born and raised in Les Arc, doesn’t strike one as a “disrupter” as he chats with guests in his family’s restaurant, Les Chalets de l’Arcs....
...SSP trades on a CY19 P/E of 21.8x, EV/EBITDA of 9.9x and FCF yield of 5%. This compares to a peak P/E of 25.7x (Sep-18)....
...I very much believe it's going to be a very strong third pillar for our business, and I think it could be a significant P&L contributor to our company, definitely within five years, and definitely within...
...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....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...Since 2016, we estimate the Kingfisher P&L has had an £81m transactional benefit from weaker sterling. FX could become a headwind once trade talks are agreed (or not)....
...There’s a rejig of forecasts on a Norway tax break and a bit of fantasy M&A, which seems to be obligatory in E&P notes at the moment....
...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%....
...Our forecasts assume the full £500m is invested in land in FY20, and that the benefit in the P&L is seen later 2022 but to a larger extent in FY23....
...However, the outlook is uncertain, rising one-offs make P&L valuations less relevant and cash conversion is declining. In addition, top management changes add another layer of complexity....
...Over 2009-19, SWMA achieved average organic sales and operating profit growth of c.5% p.a. and c.7%, respectively and EPS growth of 10% p.a....
...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 P/E troughed first in the GFC, then P and finally, much later, E (Figure 2). Earnings estimates do not turn until c.10 weeks after the trough in the market....
...have maintained Footasylum’s contribution to the P&L, until the final CMA decision, expected on 11 May....
...Since 2002 our global RBC coverage has averaged a slightly negative ROIC, albeit with peaks at c. 9%. When we compare this to our coverage’s (real) WACC of 7%, the industry does not screen well....
...in capex cuts and operating cost reduction, the collective balance sheet remains stressed and net debt in our coverage peaks at c$16bn in 2021....
...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....
...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)....
...Shot: NMC Health plc (“NMC” or the “Company”) notes the recent media speculation and confirms that it has received highly preliminary approaches from Kohlberg Kravis Roberts & Co. L.P....
...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...
...Uncertainty is likely near peak levels, technicals are deeply oversold and bear market rallies could be sharp....
...Today’s 20x P/E is appropriate if EPS growth is accelerating, we think,but not if it’s decelerating,and the +40% valuation premium to other cyclical chemical companies is now close to peak....
...The profits measure, changeling love child of the P&L and the cash flow, is now omnipresent. Readers prefer “ebitda”, judging from comments posted under Lex articles....
...C’mon down y’all and live in a Wilsonville, a settlement conceived by Legal & General’s CEO Nigel Wilson....
...Services Orangebox Oxford Immunotec Oxford Technologies P Paragon Inks (Holdings) ParkCloud PCL Ceramics Peak Scientific Instruments Penta Consulting Permavent Pico Technology Plas Farm Priestman...
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