Hints and tips:
...Iberdrola and Shell are exiting agreements with utilities to build new farms, with the hope of striking new deals that take into account rising costs....
...Its model has been widely adopted across Canada’s public sector — CPP Investments, established in 1999 to oversee and invest the assets of the Canada Pension Plan, has grown from just C$12mn to C$536bn and...
...Columbia Threadneedle Investments (which bought BMO’s asset management business in EMEA in 2021; BMO bought F&C Asset Management in 2014)....
...As such, we see the CET1 ratio dropping below the interim target in 2024 (as a result of losses), but still above regulatory minima at c.12%....
...Future use accounts for 8 per cent....
...A token payment or staking requirement may be necessary to unlock accrued $GAMER tokens in a users account....
...Security costs were wrongly apportioned between retail and residential units, while the management fee charged to leaseholders was incorrectly calculated for several years....
...less reliant on companies opting to take the initiative....
...Valuation: We keep our TP at 355p, which takes into account longer-term threats....
...Refining capacity is to shrink c.30% by 2030, from c.1.7mbd to 1.5mbd by 2025 then to 1.2mbd by 2030....
...Professional sales account for a third of Henkel’s beauty portfolio....
...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....
...We do not think that management would have referred to “strong cash conversion” and emphasized delivering if the beat in the P&L were not flowing through well to cashflow, so we believe that the commentary...
...While current trading and order book are good, management said that outlook remains uncertain and it plans to scale back operations in London with related costs/provisions to be included in the 2020 accounts...
...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%....
...Here’s RBC’s new numbers: We update our model ahead of interim results on 5th August, also taking into account recent market movements....
...“A lot of lenders moved away from accepting as much variable income as they did before the pandemic,” says David Hollingworth, director at mortgage broker L&C Mortgages....
...As has been the case in Food, a raft of new external management appointments in C&H has potential to improve performance. We like the Simply Food and its differentiated premium offer....
...This will give the management more visibility on the rest of the year....
...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....
...We note the c.30% premium to key peer Sodexo....
...Increased focus on the home, reversing some L-T adverse trends....
...Management have noted a 20-25% decline in Group revenues over the past 3 weeks....
...Top ten films account for c40% of box office revenue in a typical year....
...This stronger foundation should be supported through 2020 as management bandwidth improves further (with only one remaining C-suite role to be filled)....
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