Hints and tips:
...Global demand for plastics, which makes up 50 per cent of petrochemical demand, is expected to nearly double by mid-century, according to S&P Global Commodity Insights....
...Little Greene A slice of British heritage on Rue Bonaparte, the showroom will present the brand’s fourth iteration of National Trust Papers – designs born of original patterns found in National Trust properties...
...As we reported overnight, CS has been able to tap the newly created Swiss National Bank’s liquidity backstop for Sfr39bn while reassuring that the volume of duration fixed income securities “is not material...
...On one hand they have a balance sheet and a P&L like anyone else, and right now they’re not looking great....
...Through the sale of bracelets and pendants, the brand has raised more than $20mn to provide water, immunisations and educational tools to those in need. louisvuittonforunicef.com V is for Visual AidsAcne...
...This could be in the form of materials (think luxurious fabrics and precious metals) or labour (whether artisan craftsmanship or attentive service)....
...V, E, S, P, A: five letters with the power to summon a tourist-brochure-perfect Italy....
...What really interests both designers is reinterpreting classic menswear staples such as varsity jackets, skinny jeans, pea coats and V-neck sweaters through craft and manipulation....
...Florian Thaler, OilX’s chief executive, said these refiners “have put in a real and proper V-shaped recovery . . . from the lows seen in August”....
...Butantan is incorporating knowledge of new variants of coronavirus, which include the more contagious P.1 strain that has ravaged Brazil....
...UK national statistician Ian Diamond can even see a cliff edge in the form of an “L”. But stock market commentators have started using the language of psychiatrists....
...France’s oak forests, a national treasure, are managed by a special government agency and have long provided French coopers with reliable raw material for what became a massively lucrative business supplying...
...Another big swipe at the valuations: the next leg down in valuations came with the added pain of the material uncertainty clause, meaning values were down -11.7% l-f-l....
...catnip for the venue’s very art-school clientele, and the eighth floor of the decommissioned multistorey car park that houses Bold Tendencies was packed to capacity for last Sunday’s show by Sharon Eyal’s L-E-V...
...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....
...“One would have expected a V-shaped recovery, but instead you have an L shaped recovery,” he said. “It’s been the long haul.” Additional reporting by Amy Kazmin in New Delhi...
...Increased focus on the home, reversing some L-T adverse trends....
...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)....
...Rate relief drops away in FY22 so the recovery profile, in EPS at least, is not V-shaped....
...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....
...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....
...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...
...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....
...What happens further down the P&L is largely a question of capital structure, but it appears most will be either loss-making or make only marginal PBT....
...With top-line beat flowing through the P&L, core op. profit was +8% vs cons and core EPS +12%. ¾ of the EBIT beat seems inventory related. Q: What were the most noteworthy areas in the results?...
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