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Showing results for Pure Haven Essentials, L.L.C. v. Minks
...I think the extent to which, really, Putin has become the state, it's like maybe - I might be getting the French king wrong, but I think it's Louis XIV who said, l'etat c'est moi - I am the state....
...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....
...Sampo offers a c7% yield in 2021e on a c12x multiple compared to pure P&C peers offering a 4% yield at c20x....
...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 V-shaped recovery in consumer spending feels too bullish in our view....
...Even if demand/macro visibility remains low, mining majors show 10% upside on our bear case, vs 17% downside for pure plays in aggregate....
...Elsewhere, we expect dividends and all but non-essential capex will be cut by all....
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