Hints and tips:
...Basel III ❤️ deposits. Bleed to the digital euro would erode banks’ Net Stable Funding Ratios as well as Liquidity Coverage Ratios....
...These include continued weakness in investment banking and new capital requirements under Basel III....
...She will succeed Myron Ullman III when he retires in March. Hobson is the co-CEO at Ariel Investments and is also on the board of JPMorgan Chase....
...The slack is only partly taken up by France P&C which is over distributing....
...Back to sellside, and Morgan Stanley’s gone negative on Next....
...Here’s Morgan Stanley: As a result of developments in FY Q2 the company has revised its three scenarios for the year....
...Eight of this year’s 20 large defaults have come from the consumer sector, S&P found, including US retailer Pier 1 Imports....
...Overall, we estimate that Hiscox is valued at 10.2x 2021F P/E or 8.0x 2022F P/E. Our valuation would value Hiscox at 12.5x 2021F P/E and 9.8x 2022F P/E....
...While Morgan Stanley’s sort-of optimistic, relatively speaking....
...On our new forecasts, the valuation is FY21 7.5x EBITDA, 7.8x P/E, 13% EqFCF yield and 6.5% dividend yield....
...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....
...Based on our revised forecasts, Hikma trades on a 2021E P/E of 16.6x, a 26% discount to its UK specialty peers....
...years resulting in cumulative provisions of 314bps over 2020-22E; and iii.)...
...On our new estimates, the stock is trading on 8.7x and 8.1x 2021/22E P/E vs. a 5y median of 14.7x (and on 6.2x and 5.6x 2021/22E EV/EBITDA vs. a 5y median of 10.5x)....
...On our estimates the sector is trading at 20x CY21 P/E, a +64% premium to MSCI Europe. This is above its 10YR average NTM P/E at 19x and at the top-end of its relative trading range of 20-65% premium....
...Morgan Stanley can summarise: Sales for the quarter are down 38%....
...Here’s Morgan Stanley’s summary: Whilst we expected softer guidance for 2H20, we were surprised by BAT deciding not to accelerate its cost-savings delivery....
...through the P&L....
...Morgan Stanley’s gone off Rightmove. It goes down to “underweight”, target up to 560p from 510p. “This represents 25x 2020 P/E, already a 10 per cent premium to its LT average,” MOST says....
...At 8.3x 2021E P/E, 5.5x EV/EBITDA and 10% FCF yield, WPP trades at a 42% P/E discount to the market (vs. 3Y median discount of 29%) which we believe does not reflect earnings rebound potential and self-help...
...Before we leave the theme, Burberry’s down on either Billie Eilish’s Brits outfit or some Morgan Stanley caution....
...With AAL’s balance sheet having more than adequate capacity to pay $300m p.a. in capex over the next 2 years, Anglo can unwind this discount....
...Sectors that currently trade at the biggest P/E discount to history are Autos, Banks, Energy and Miners....
...Here’s Morgan Stanley: European RevPAR declined 25.6% in the week ending March 7th, giving a 28-day average of -7.8% and YTD performance of -1.4%....
...Here’s Morgan Stanley: Lower oil prices are not as unambiguously positive for the US economy as they once were....
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