Hints and tips:
...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....
...Top stories today Talks in train | Train operating companies and the UK rail infrastructure manager are due to hold talks with trade unions this week in an effort to avoid further strikes....
...Tanzania-based safari specialist Nomad has launched a new light-touch expeditionary mobile camp, which will be operating in the Gol Mountains in March and April....
...This aggressive mark down came in the form of ERVs -12% l-f-l and yields expanding +17bps....
...Refining capacity is to shrink c.30% by 2030, from c.1.7mbd to 1.5mbd by 2025 then to 1.2mbd by 2030....
...“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.”...
...Current company-compiled consensus expectations are for revenue decline of c.7% for FY20 and EBITDA decline of c.15% (i.e. revenues of £516m and EBITDA of £115m)....
...It is impossible to be precise but we think that in general when companies refer to “materially ahead” they are referring to c.10%....
...We estimate Merian AUM of c£16.8bn, June 20 (vs. £15.7bn Mar 20) and assume Merian achieves a c45% operating margin in FY21. We estimate a 5% increase in operating margin adds c4% to FY21 EPS....
...The route taken, without offering payment, let alone a control premium, smacks of a coup and will tarnish the reputation of all companies operating in Russia in investors’ eyes, in our view....
...Reflecting the high dropthrough on incremental revenue, the company estimates Q1 operating profit (preroyalty income) at c.£45m, +61% ahead of last year (Q1’20 £28m)....
...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....
...at the ‘C-suite’....
...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%....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...According to Bloomberg, consensus is currently forecasting PBT of c£185m (giving EPS of c6.9p) in FY 2020/21 and c.£340m (12.7p) in FY 2021/22....
...net debt of c£18.9bn....
...Some companies (such as Taylor Wimpey) escape....
...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....
...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....
...DC is also one of the more operationally and financially leveraged retailers in the sector, with a low single-digit operating margin and a lease-adjusted net debt/EBITDAR ratio of c.5x....
...This action frees up c£2.5bn in cash flow for other uses and protects the BBB+ credit rating, according to the company....
...through the P&L....
...The division is margin dilutive to the Group at a c.13% operating margin (Group c.18-19%)....
...Tate now trades on 14.5x CY20E PE, a premium to nearest peer Ingredion and to higher growth mid-cap Consumer stocks such as C&C. This premium is unwarranted in our view, absent a deal....
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