Hints and tips:
...Of course there is Zoom, the now ubiquitous video calling service, but the market cap heavyweights such as Alphabet, Apple and Microsoft are lifting the entire S&P 500....
...If the economic trajectory does indeed look more like an “L” than a “V” or “U”, portfolios will need to combine recovery stocks with cash and lower-risk bonds as well....
...Wilson, Windermere; D Barter, Cumbria; Jean-Marc Sellier, California Polymath 1,010: Robert Jelly, Warwickshire Crossword 16,093: V Le Quesne, Salisbury; Sue Topham, Newark; Anthony Evans, Hove Polymath...
...If you are looking to predict the shape of the US economic recovery — be it V, W, L or even K — don’t look at the markets....
...Idexx said in October that the animal health market had experienced a “V-shaped recovery”....
...Weighing in at ~7,000 words and with 84 references, G4S’s Wiki “controversies surrounding . . .” rap sheet is longer than the ones for the Legion of Christ and Grand Theft Auto V, though not quite as long...
...They include a mix of healthcare, consumer staples and tech: GlaxoSmithKline, Roche, ASML, Nestlé, Novartis, Novo Nordisk, L’Oréal, LVMH, AstraZeneca, SAP and Sanofi....
...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....
...• 2) On P/E metric, Cyclicals are not at extremes vs Defensives ... Their P/E relative bottomed at 0.7x and 0.8x in the last two downturns, vs 1.0x current....
...The issue for Europe is that the economies are dominated by services. For instance, European airport passenger traffic is currently down 97% y-y. The services industry also provides the bulk of jobs....
...Valuations undoubtedly have been rebased lower for the afflicted sectors (except Luxury and Staples)....
...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....
...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....
...Stress testing balance sheets for GFC falls in EBITDA As we move into recession mode, incoming questions from investors have switched from a focus on the P&L to the balance sheet....
...Rate relief drops away in FY22 so the recovery profile, in EPS at least, is not V-shaped....
...L, until the final CMA decision, expected on 11 May....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...WPP will also reduce is planned capex from £400m to v£300m....
...With the slowest profit recovery in Business Services, we initiate at Underweight....
...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?...
...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....
...L.P. (“KKR”) and GK Investment Holding Group SA (“GKI”) (each a “Potential Offeror”) regarding possible offers for the Company....
...L’Oréal Sector: cosmetics / HQ: Paris, France Key stat: Online sales jumped 53 per cent in the first quarter....
...Stay U/P SM; valuation still too rich. ......
...A 34oz bottle of P&G’s Pantene Pro-V Shampoo & Conditioner was listed by 10 different sellers — nine of them third parties — on the shopping site....
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