Hints and tips:
...As such, it will surpass China to earn its title as ‘EM darling’.”...
...The S&P 500 is often used as the default comparison because of its ubiquity, but, in reality, it’s a poor benchmark for private equity returns given how top-heavy it is....
...In 2006, the maison bought Villa Empain in Brussels, restoring the house and turning it into a Centre of Art and Dialogue between eastern and western cultures. boghossianjewels.com C is for Brunello CucinelliThe...
...V Vaccination Pretty much the only thing that stood between Novak Djokovic and this year’s Australian Open title. Oops....
...Molteni&C, molteni.it....
...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....
...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....
...On our new estimates, L’Oréal trades on an FY21E P/E of 32.6x, the highest premium versus the consumer staples sector for over 10 years....
...Since 2016, we estimate the Kingfisher P&L has had an £81m transactional benefit from weaker sterling. FX could become a headwind once trade talks are agreed (or not)....
...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%....
...This is however negligible in the wider context of the P&L and the land bank, with the impact on future gross margin of 17bps small and which will likely be mitigated....
...However, the outlook is uncertain, rising one-offs make P&L valuations less relevant and cash conversion is declining. In addition, top management changes add another layer of complexity....
...P&C outperformed into the corrections in the past 8 years....
...at the ‘C-suite’....
...fine payment c.£140mn)....
...It gets straight to the point: We now assume an L-shaped RevPAR recovery (previously V-shaped), based on Jefdata consumer surveys, corporate guidance and industry forecasts. .....
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...Based on company commentary so far, we still believe potential COVID-19 claims (including BI) are a manageable P&L event for the sector, although the devil will be in the detail when it comes to BI policy...
...Q4 2019 u/l PBT beat “rebased” consensus expectations by £111m (13%), though the outlook statement is somewhat sobering. ......
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...L, until the final CMA decision, expected on 11 May....
...V, U, or L? The nature of Covid-19 growth impact means that some elements – e.g., production resumption, inventory restocking, and travel normalisation – would lend a natural rebound to growth....
...Will Wallis at Numis can give us the detail of the strategy review: We summarise the outcome as a focus on self-help, requiring upfront P&L investment....
...And GTA V’s publisher Rockstar has a history of delaying titles in the name of quality; GTA V, Red Dead Redemption, RDR2, Max Payne and L.A. Noire were all delayed....
...The P/E troughed first in the GFC, then P and finally, much later, E (Figure 2). Earnings estimates do not turn until c.10 weeks after the trough in the market....
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