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...In 1995’s Jack & Sarah, the needs of his infant daughter force Richard E Grant’s devastated widower back into contact with the world....
...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....
...For a hack, check out his interview on C-Span recently. I’m no huge fan of Rupert Murdoch, but I love that he forced Google to finally pay for the content it’s been monetising for free....
...Upgrading EON and Engie, from Neutral to Buy E.ON is the leading distribution network play in Europe, but has lagged peers this year and trades today at a similar level (c€10) as 18m ago – when BYs were...
...law firm needed to check the client’s identity, Mr Shahmammadli informed the firm that the client was in fact the person that Mr Kulibayev’s lawyers now maintain was the true beneficiary of the scheme e)...
...(iii) But the standouts were the tight operational controls with discretionary spend falling away – i.e. a c£5m travel spend falling to very little and less use of sub-contractors and of course salary sacrifice...
...For the combined company, Aveva expects a PF revenue of c.£1.2 bn and Adjusted EBIT of c.£330 mn (c.28% margin)....
...This is broadly in-line with JPMe $15bn pa 2021-25, c$14bn pa 2026-30. iii) Returns/Breakeven....
...The slack is only partly taken up by France P&C which is over distributing....
...Current company-compiled consensus expectations are for revenue decline of c.7% for FY20 and EBITDA decline of c.15% (i.e. revenues of £516m and EBITDA of £115m)....
...National Express currently trades at 4.3x December 2022E P/E....
...It also compares to listed peers such as Rathbones on c.15x P/E and SJP (a higher quality business in our view) on c.19x P/E....
...However, it also guided to net E&C margins (E&C is ~75% of revenues) of only 2.0-2.25% versus our prior forecast of 4.7% and a ‘normal’ expectation of 5-6%....
...The FD noted that the Work-in-Progress was up c.£130m y/y, and would expect similar move up at the y/e position....
...● Valuation: adjusting 2019 EPS for dilution (9.9p) gives an historic P/E of 6x. Note that the EV of £603m is backed by c.£150m of freehold pub assets....
...At our PT, the stock would trade at an average 2020/21 P/E of 7.9x, -17% vs. last 24M average P/E; this discount is justifiable, in our view, given Centrica's tight balance sheet. • Updates to follow....
...Placebo, i.e. a Hazard Ratio below 0.6. Our assumptions on the stopping criteria are line with those for the Imfinzi PACIFIC stage III lung cancer 70% interim....
...We see fair value 12m forward P/E of 21x (if the TIPS yield falls to -2%). • Excess liquidity remains highly supportive: Growing at 20%, consistent with a 90% re-rating....
...FY20 consensus sales & EBITA have come down by c. £160m & £30m respectively. That implies an H2 sales decline of c.20% and a drop-through margin on lost sales of c.19%....
...A TIPS yield of -2% easily justifies a P/E of 21x....
...Overall, we estimate that Hiscox is valued at 10.2x 2021F P/E or 8.0x 2022F P/E. Our valuation would value Hiscox at 12.5x 2021F P/E and 9.8x 2022F P/E....
...It was certainly in the price of one: Cineplex’s shares ended last week at around C$15 versus Cineworld’s cash offer of C$34. Predictability hasn’t stopped it being a big ol’ mess though....
...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%....
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