Hints and tips:
...The stunt was to mark the debut 30 years ago of State Street Global Advisors’ S&P 500 Depository Receipt, or SPDR, on January 29 1993....
...Hence we think share price underperformance of wholesale banks such as DBK (4.7x P/E 2024E), BARC (3.9x P/E 2024E), BNP (6.9x P/E 2024E) as well as by some Money Center Banks is overdone....
...L’Oréal, the world’s largest cosmetics maker, anticipates that supply-chain challenges and pandemic-induced inflationary pressures will fade from mid-year....
...Michael Arone, chief investment strategist at State Street Global Advisors, reckons that a full reversal of the 2018 corporate tax cuts could reduce S&P 500 earnings by 7 to 8 per cent, while forcing a contraction...
...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....
...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....
...JP Morgan -- Jupiter’s corporate broker and joint advisor on its not very popular recent deal to buy Merian -- says to buy Jupiter. “Overweight”, December 2021 target of 300p....
...We do not think that management would have referred to “strong cash conversion” and emphasized delivering if the beat in the P&L were not flowing through well to cashflow, so we believe that the commentary...
...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....
...A Centerbridge/TowerBrook Capital Partners consortium, as well as Platinum Equity Advisors and Warburg Pincus are all talking about possible cash offers for the “entire issued and to be issued share capital...
...“The schools are requesting things like the P&L [profit and loss] of companies they used to work for among other ridiculous things like six months’ bank statements and other personally and commercially confidential...
...Today’s early rally seems to be fading a bit, having always been easier to attribute to net underweight equities positioning than curve-flattening V-shaped optimism....
...It will certainly require evidence of a V-shaped economic recovery to ignite demand for cyclical and value stocks....
...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....
...Nomura ditto, with its quant desk backing conclusions out of commodity trading advisor positioning: The steep rally in global equities looks to us like a “bear squeeze” rally, powered by exits from bearish...
...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....
...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. .....
...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....
...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?...
...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....
...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, until the final CMA decision, expected on 11 May....
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