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Related Special Reports
...Customers buy L’Oréal products in response to the pitch “because you’re worth it”. They need to be: the SkinCeuticals Vitamin C antioxidant serum is hardly a snip at £165 for 30ml....
...Moor up in a remote cove, spend the day swimming and watch as the setting sun turns the mountains gold, then red, then purple....
...“Anything below 1 per cent is really just clinging on now,” says David Hollingworth, associate director at broker L&C Mortgages....
...Pfizer has shipped more doses than any other western company, 1.2bn and counting. As we take in the sweeping views of the Hudson River, Bourla recounts the moment he learnt of the breakthrough....
...Blackstone has appointed retired four-star General David L Goldfein, the 21st chief of staff of the United States Air Force, as a senior adviser....
...“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.”...
...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....
...It is impossible to be precise but we think that in general when companies refer to “materially ahead” they are referring to c.10%....
...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%....
...The cost of vineyard labour has increased enormously and is typically provided, via a management company, by decreasing numbers of highly skilled Mexicans, who often need local lodging....
...The C-suite ignores this at its peril; particularly if Covid-19 continues to spread — and the impetus to “Build Back Better” continues to swell....
...We also suspect the retail element in healthcare will take time to recover....
...Shell management had previously indicated that the company’s sustaining level of capex was ~$20bn, assuming no spending on New Energies....
...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...
...This stronger foundation should be supported through 2020 as management bandwidth improves further (with only one remaining C-suite role to be filled)....
...Lots and lots of companies have numbers including Spire Healthcare, GVC, Schroders and Domino’s Pizza. ... Saga doesn’t know what to tell you about Covid-19. ......
...Analysis of user download & timespend behaviour and company interviews indicates that mobile timespend has increased substantially for online gaming, healthcare, news and education....
...From what we see,the company’s current approach to fixed-cost allocation is completely appropriate, but the effects are magnified by effectively being a one-product company....
...Q4 2019 u/l PBT beat “rebased” consensus expectations by £111m (13%), though the outlook statement is somewhat sobering. ......
...Company commentary supports our view of limited direct impact to P&C : Hannover Re: noted a potential €200m loss across P&C and L&H; Munich Re: noted a €500m loss should all the events it covers for communicable...
...non-contracted commercial and c.10% product sales....
...L’Oréal Sector: cosmetics / HQ: Paris, France Key stat: Online sales jumped 53 per cent in the first quarter....
...The group has c.2.7x ND/EBITDA against a covenant of 4.25x....
...Some may be invested in healthcare and pharmaceutical companies to help the development of coronavirus treatments and vaccines....
...In fact, when considering the mitigating options available to the company, we believe the theatres can remain closed as late as late May 2020 without crossing the $725M red line....
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