Hints and tips:
...potential V-shaped recovery....
...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....
...We do not assume a V-shaped recovery in revenues and think hopes for directed fiscal stimulus on construction spending may be misplaced as funds (at present) seem directed to individuals / SMEs / healthcare...
...None of this is helping, but… Clearly we expect the UK’s lockdow n to trigger a recession, tipping RBS into loss in 2020e. We forecast a loss per share of 5.5p in 2020e....
...and global activity is set to enjoy an initial v-shaped recovery into Q3; 2) Earnings revisions are the most negative on record and should follow activity higher in H2; 3) Central banks provided a crucial...
...Our last published fair value of 440p (29% upside) is equivalent to a P/TNAV multiple of 0.79x....
...The most disconcerting aspect of the Brexit process remains the absence of what George H.W....
...With the launch of the offer for all preference shares in Unilever N.V. we are also taking important steps to simplify our capital structure and improve corporate governance.”...
...With the launch of the offer for all preference shares in Unilever N.V. we are also taking important steps to simplify our capital structure and improve corporate governance....
...David Blanchflower, Bruce V. Rauner professor, Dartmouth College Most unlikely....
...HSBC is imposing a hiring and pay freeze, Reuters reports. The bank is seeking annual cost savings of up to $5bn by 2017....
...Stephanie Flanders, chief market strategist for Europe, J P Morgan Asset Management To more than 3% by the end of 2017....
...At best, UK construction is likely to have raised considerably raised construction labour costs and necessitate a change in the business model....
...Business investment has been fragile for more than a year, and the London housing construction bubble is flagging....
...if Bank of England like other central banks cuts back....
...Some slightly broader weakness has applied in the construction sector since the referendum — and construction output fell by around 1% in Q3....
...But that shouldn’t detract from the likelihood that longer term the impact of a Trump presidency for the UK as it grapples with Brexit will be negative. David Blanchflower, Bruce V....
...Sure enough, APR’s earnings before nasties as a percentage of revenues have plummeted from 51 per cent to 38 per cent, according to S&P CIQ....
...(Bloomberg) Today: UK: Markit construction PMI. EU producer price index. US: Markit manufacturing PMI, ISM manufacturing index, construction spending for July....
...(h/t OpenEurope) At least we won’t have long to wait to see what happens. Related link: How Much Will Spanish Borrowers Pay Back to the Banks? – Bloomberg...
...Hitachi Construction Machinery , a Japanese manufacturer that makes a quarter of its sales in China, jumped 7.3 per cent to Y1,423....
...Elsewhere, Seoul’s Kospi index rose 2.7 per cent to 1,875.41 while the S&P/ASX 200 in Sydney gained 1.1 per cent to 4,101.16. Markets in Tokyo and Shanghai were closed for a holiday....
...Liberum called H&M’s news “a reality check” following the retail sector’s recent strength....
...Russia seeks to slow U.N. pace on Syria action Russia on Monday sought to avert a swift U.N....
...with a delicate eye for sunflowers, dahlias, and cosmos, grown in his own garden in the south of Belgium; a Pattyn wedding is a work of art....
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