Hints and tips:
...Then they rebalance everything to align with a range or risk profiles. The first approach is clean but simplistic — an absolute benchmark....
...The same is not true at the lower reaches of the credit spectrum, of course, and it is interesting in this context that triple C rated bonds spreads have not rallied to the wild 2021 levels....
...“B-, C- and D-list people thought they should all be in on it too, and the retailers had had enough.” Spilka is optimistic about the recent influx of celebrity brands in the beauty category....
...It’s true that inflation momentum has slowed. But so too has wage growth, and since 2021 prices have risen by more than pay....
...When enough stars align, when enough bad things happen all at once that the food system is at risk, we will know it, and the pain will be acute....
...“Directors care deeply about the vote they receive. That definitely does send a message,” says Mastagni....
...Do the shoots we care about have deep roots, or shallow ones?...
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...Our back-of-the-envelope $1.5bn WW recurring sales for AZN assumes 250m doses p.a. for developed countries at c.$6 per dose, a discount to estimated US flu vaccine revenue/dose around $11-13 given likely...
..., which equates to c$1.4bn per annum....
...The same is true of the Civil Service. Or was....
...The SFO on Friday said G4S Care and Justice — a wholly owned subsidiary of G4S that has accepted responsibility for three cases of fraud — had misled the government about the true extent of profits earned...
...more of a primary event), UK P&C (~14% of premium), and then the multilines (~10%)....
...We now view c.-45% as more realistic in a base case. Also, for cons FY20e EBITA estimates to be true, Hays should generate a loss of c. £55m in Q4, which we view as highly unlikely (MSe £40m)....
...We also show the “true” trough P/E (i.e. with perfect foresight for actual earnings, not forecast). This tends to be c.20% higher....
...CINE has also extended liquidity by $180m: $110m in the RCF, $45m through the CLBILS loan scheme in the UK and an application for $45m from the US Cares Act....
...If the bondholders call in their debt, M&B could sell some of its 1,356 securitised pubs (last valued at c£4bn) to pay off c£1.7bn of notes and c£0.3bn of MTM swaps....
...Underlying inflation was boosted by higher prices for medical care, used cars, clothing and recreation, while rents also climbed....
...We incorporate an M&A valuation into our price target, but with the shares rallying c.50% since Q3, we remain Neutral....
...This will reduce sales by c£23m per month. Monthly costs are c£16m, which will be reduced significantly with the government subsidies....
...This seems true only in the sense that he has learnt from his old boss’s mistakes....
...However, we expect the CMA to see this as more due to the level of care than level of cost....
...Local authorities will have to bid for the finance when their focus is on social care rather than on project proposals....
...It is true that few companies in technology, healthcare and consumer staples issue green bonds....
...above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C’.”...
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