Hints and tips:
...P/E, a c.30% premium to the sector (incl. ASOS and boohoo). JD Sports’s shares have declined c.50% in the last few months, and we see this as an entry point to one of the finest UK retail stocks....
...Our insurance team’s favorite life companies are Prudential and ASR We remain overweight of P&C Defensive: The sector should be agnostic to the cycle (having no correlation with HY spreads and PMIs) yet...
...more of a primary event), UK P&C (~14% of premium), and then the multilines (~10%)....
...The company will now look to raise c.$200M in new equity to complete the deal....
...We expect underlying FCF of c.>€1.1 bn in 2021E and FCF to be positive ex WC from 2022. Valuation - Renault trades at c.4.2x 2021E P/E, a c.10% discount to its 3-year median....
...BP aims to reach a 12-14% ROACE by 2025 at $50-60//bbl 2020 real (2025 JPMe 12.3% at $60 Brent), and the company guides to a 2021-25 ‘balance point’ of c$40 Brent (in-line with JPMe)....
...The easing of production restrictions has released some pent-up demand so, as long as you ignore all the stuff that’s happening in the rest of the world, it is a supportive data point for the V-shaped thesis...
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...To sellside, and Berenberg has a punchy “sell” note out on Straumann, the Swiss maker of dental stuff....
...So far, this continues to be the case in 2020; gold is up 11% YTD (in C$ terms) but the S&P/TSX Gold index is down 16%....
...Today’s 20x P/E is appropriate if EPS growth is accelerating, we think,but not if it’s decelerating,and the +40% valuation premium to other cyclical chemical companies is now close to peak....
...Rotork has the single largest exposure in our coverage (~50% v 60% in 2014 though)....
...The ONS estimates the value of land and assets-over-land to be over £5tn compared to a GDP of c£2tn....
...But the company we have chronicled closely appears to be at a turning point. Why? Well, the bad news keeps stacking up....
...For example, buying a “put option” — the right to sell an asset at a pre-agreed price at some point in the future — is a bit like buying insurance against price declines....
...In 2009 Citi ranked five places higher with 1,049 branches, rubbing shoulders with Fifth Third of Cincinnati and Toronto’s TD, according to S&P Global Market Intelligence....
...And, finally, RELX – the FTSE 100 scientific data and publishing group – is again in debt to whoever invented the keyboard shortcuts Ctrl-C and Ctrl-V....
...But it’s a useful insurance policy if the economy were to take a sudden cyclical lurch downwards....
...Returning to Figure 2, with a negative deposit rate on reserves, as the central bank pushes reserves from R1 to R2 money demanded actually grows from point B to point C....
...The number of Americans who claimed unemployment insurance for the first time leapt 78,000 last week to 439,000....
...She e-mailed him at 5:37 p.m. with a draft of what the Fed would tell the world the next morning at 8 a.m....
...Brinker Technology Bryson Charitable Group (S) Hugh Burnett (E) C C....
...However, Sandy Jadeja, analyst at spread betting company Finspreads, warned of heavy falls in the coming weeks....
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