Hints and tips:
...Would it be V-shaped, with a rapid pick-up from the depths? Or W-shaped, with a succession of setbacks? Or would it take an L-shape, with us all getting knocked down, unable to get up again?...
...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....
...(iii) But the standouts were the tight operational controls with discretionary spend falling away – i.e. a c£5m travel spend falling to very little and less use of sub-contractors and of course salary sacrifice...
...The V-shaped recovery in consumer spending feels too bullish in our view....
...Mgmt believes the SA govt is under pressure to attract more foreign direct investment....
...(v) Restructuring continues. Of course it does. But what about that Tesla, eh?...
...As a result, Ashtead now sees PBT for the financial year ending Apr-20 to be c£1,050m (-10% vs. previous consensus c£1,170m)....
...V, U, or L? The nature of Covid-19 growth impact means that some elements – e.g., production resumption, inventory restocking, and travel normalisation – would lend a natural rebound to growth....
...Our EBITDAR estimates fall by c. 5% on average over FY21-23 as we see mounting cost pressures, driven by ongoing wage inflation trends in the UK (with the National Living Wage set to increase by 6.2% in...
...As our economists have explained, on a sequential quarter-on-quarter annualised basis their US forecast shows -34% in Q2, +19% in Q3 and +12% in Q4, which looks rather V-shaped....
...The group has c.2.7x ND/EBITDA against a covenant of 4.25x....
...No pressure then, Canucks!...
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