Hints and tips:
...“We shouldn’t give up on DB because the average duration is still 15 years,” says Nigel Wilson, chief executive of L&G....
...All profits from the sale go towards the programme. michaelkors.com; wfp.org L is for LemlemModel Liya Kebede has made social change central to her fashion brand Lemlem, which she founded in 2007 to preserve...
...Today, it employs more than 1,000 staff and serves a roster of multinational companies in the Philippines that includes Unilever, P&G, L’Oréal and Nestlé....
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...L&G said there were no defaults and just 0.6% downgraded to high yield (vs market which saw 1.5%). We note L&G has a very high quality corporate bond portfolio with an average rating of single-As....
...: Chris Todd-Davies, Reading; Elaine Chance, Tamworth, Staffordshire; M Rennie, Aberdour Polymath 1022: Elayne Murphy, France Crossword 16,164: Robert Langston, Somerset; Allen Boxer, Berlin; Anthony G...
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...“L&G offers a 6.3% 2020E dividend yield, 1.2% above the sector average. Pre-2016 L&G's yield averaged 0.4% above the sector.”...
...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....
...Credit uncertainty remains the greatest risk for UK life insurers, including L&G, with COVID and Brexit both likely to exacerbate credit concerns....
...For Europe, where the auto industry accounts for a stunning 31 per cent of all R&D spending, this is a shocking message”) but with the damage already done things can and probably will improve....
...Management guides to c£60mn of net benefit in 2H (c£78m extra costs offset by six month business rates relief of £137mn)....
...Unquestionably, China (14% of group sales in FY19) continues to be a stand-out success story for L’Oréal; we expect the beauty category in China to register HSD growth this year and for L’Oréal to outperform...
...The picture at the federal level with H.R. 2339 is complicated....
...The u/l WC outflow was £16.6m vs £3.9m last year, DSOs increased to 65 days (from 56) as an unwind in receivables was offset by higher accrued income (£57m from £51m at y/e, despite declining sales); the...
...at the ‘C-suite’....
...This valuation equates to c.2x FY22E EV/sales (currently trading at 1.3x). We remain Buy rated. Elsewhere....
...GILD’s c$15bn cost base vs $11bn core op.income, of which c$5bn lies in R&D/SG&A), but also require very significant job cuts at a time of global economic hardship....
...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....
...introduced (e.g. regular cleaning, one-way system, signs)....
...Sumo normally trades at a premium to the global peer group average of c.10%. Both Sumo’s margins and sales CAGR are above the average on a UK and global basis....
...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%....
...Management’s aiming for another £300m of sale and lease backs on top of the £300m already done, which add to £1.4bn of debt financing and another £1bn of cash reserves....
...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 Covid-19 stuff runs that panic buying caused a 30 per cent sales uplift in UK but has now stabilised across the group and normal sales volumes are back....
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