Hints and tips:
...L-T....
...a free cooked meal. burberry.com; onsideyouthzones.org P is for Pink PonyRalph Lauren’s Pink Pony was set up in 2000 to ensure access to cancer treatment is available to everyone at an early stage....
...K Knock-up Why is it so much easier to hit nice shots in a knock-up (the warm-up session) than in an actual match?...
...“There are no equivalent 100 per cent mortgages in the standard market,” says David Hollingworth of UK mortgage broker L&C....
...That’s F-L-I-C. For more information about your rights as a tenant, do check out the Generation Rent website. Jason Butler is on Instagram and Twitter. He’s @jbthewealthman. Timi is @mrmoneyjar....
...,” says Kempen (“neutral”), which summarises the headlines like this: Key Points: Value decline driving NAV falls: The -16.3% l-f-l portfolio value decline to £2.3bn (with Covent Garden down -17% l-f-l...
...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%....
...DC is currently trading at c.9x CY20E P/E and offers a c.5% dividend yield. It is one of the most sensitive stocks in the sector to the £ sterling, given its low margins and supplier pricing power....
...P&C business models in mature markets....
...asset quality of IOC-like quality (LUNE, AKERBP)....
...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)....
...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....
...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....
...forecasts both in terms of P&L and net debt....
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...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....
...through the P&L....
...The company has announced an interim dividend of $101m ($0.9531 p/s) and is launching a new $67.3m share buyback today....
...Stress testing balance sheets for GFC falls in EBITDA As we move into recession mode, incoming questions from investors have switched from a focus on the P&L to the balance sheet....
...[E]quity markets will only turn from a bear market to a bull one when investors re-rate stocks based on growth or valuation metrics and not credit quality....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...Sukari is now one of the few large gold assets outside the majors. CEY has a net cash balance sheet....
...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....
...P/E, a c.30% premium to the sector (incl. ASOS and boohoo). JD Sports’s shares have declined c.50% in the last few months, and we see this as an entry point to one of the finest UK retail stocks....
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