Hints and tips:
...We est. the value of the Services LOB (est. 1/4 of core revenues) at about 4/5 of Citi’s market cap ($75B vs $99B as of Dec. 29, 2023) assuming a P/E of 12-13x on 2024E earnings of $6B....
...“If we had to make a bet today, we would say that it’s not going to be a V-shaped recovery, and it’s probably not going to be U or an L, but it’s going to be some other kind of shape,” said Carlos Rodriguez...
...If you are looking to predict the shape of the US economic recovery — be it V, W, L or even K — don’t look at the markets....
...L&G and its UK life peers were broadly allowed to pay dividends at FY19. Further, the UK regulator’s recent stress tests commentary suggest limited risk for life companies....
...It will certainly require evidence of a V-shaped economic recovery to ignite demand for cyclical and value stocks....
...● Liquidity: the company estimates that at the low point (post W/C outflow, pre reopening) it would have retained over £60m of headroom against facilities....
...Shot: NMC Health plc (“NMC” or the “Company”) notes the recent media speculation and confirms that it has received highly preliminary approaches from Kohlberg Kravis Roberts & Co. L.P....
...Here’s Shore Cap: [W]e consider environmental monitoring services to be a high-growth market, so are slightly surprised by the agreement to dispose of EMS B&K....
...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....
...We value IAG at a P/B 2019 of 0.4x (as for AF-KLM / at a 20% discount to Lufthansa’s P/B multiple in the lows in 2009; IAG was formed in 2011)....
...With 24% of companies having reported, earnings growth for the S&P 500 is at -16%....
...Here’s Commerzbank: Equity markets staged a decent rally last week with e.g. the S&P 500 up 10.4% w/w, and weekly trough to peak performance exceeding 20%....
...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....
...a pretty stable macro backdrop; iv) capital build of 170-200bps p.a. as per previous guidance (though guidance for FY19 was for the lower end of that range, so this is a slight upgrade); and v) Statutory...
...L, until the final CMA decision, expected on 11 May....
...On our new estimates, the company is trading on 27x 2020E P/E and 18x 2021E P/E (our base case assumes a 3-month shutdown in most countries)....
...UK recovery will be slower than peers: (a) larger service sector: (b) weakness of business investment: (c) lack of clear social distance messaging....
...Operations AKQA The Alco Valves Group All3Media International Allstate Northern Ireland Ampetronic A-Safe (UK) Aspen Pumps Axis Productions B The Berkeley Group Holdings BT Technology, Services...
...Norwegian by Night , by Derek B Miller, Faber, RRP£12.99 Bostonian writer Derek B Miller’s discursive but richly written Norwegian by Night‘s Jewish-American anti-hero is the 82-year-old Sheldon, fearing...
...(I) TTS Group Turbosound (I) U Ubisense Group Ubisense Group (I) Union Electric Steel UK V Veritek Global Vi-Spring W W Durston W K Webster & Co Walker Filtration White House Products Whizz...
...The Edam Acquisition consortium, comprising Goldman Sachs Capital Partners, Mediacinco Cartera SL, Cyrte Fund II B.V. and VI, L.P., acquired control of 99.7% of Endemol Investment Holding BV from Telefonica...
...With the almost certain return of growth in the previous quarter, it is not an “L” but not yet robust enough to be a “V”. The likelihood of a “W” also seems far-fetched....
...recovery, a W recovery, a V recovery, a W-W recovery or will recover....
...“Everyone is trying to give a letter in the alphabet to describe what sort of shape the recovery is going to be: U-shaped, V-shaped, W-shaped or L-shaped,” says Sean O’Flanagan, a portfolio manager with...
...the enactment of the Constitution of Zimbabwe Amendment no.19 as agreed by the Parties; (k) formally appoints Deputy Prime Ministers, Ministers and Deputy Ministers in accordance with this agreement; (l)...
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