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....
...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....
...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)....
...at the ‘C-suite’....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...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%....
...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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