Hints and tips:
...The S&P Global Clean Energy index has dropped 38 per cent from a recent peak in January 2023 to its lowest level since July 2020 and is down 30 per cent over the past 12 months....
...To recap, the S&P 500 is up 8 per cent so far this year because a few AI-adjacent companies have gained 20 per cent plus....
...You can’t just look at the L part of the P&L. Secondly, who really cares anyway? Normal accounting rules don’t apply to central banks. The Fed can create money and operate with negative equity....
...The S&P 500 finished the day more than two and a half per cent higher. The tech-heavy Nasdaq gained just shy of three and a half per cent....
...At this stage, we do not see any serious systemic risks that would cause a prolonged recession....
...It says Exxon must also adopt “a path to net-zero total emissions by 2050”....
...Even in one of the cleanest Vs in finance — the S&P 500 index of US stocks — the steep decline from late February to late March was marked by a series of fleeting mini pick-ups, of lower-case Vs that never...
...given its P&L seasonality (2H represents 77% of EBIT vs 56% for luxury peers)....
...The u/l WC outflow was £16.6m vs £3.9m last year, DSOs increased to 65 days (from 56) as an unwind in receivables was offset by higher accrued income (£57m from £51m at y/e, despite declining sales); the...
...The first is Accor’s recent downgrade to junk from S&P, which would likely have been a significant and unexpected complication to any deal maths....
...Capital & Counties, the owner of two plots in the capital and none whatsoever in the counties, is down a bit on a gloomy outlook....
...Concerns are still the poor metrics borne of weak full-price sell-out, excessive reliance on outlets and apparel, u/p leather goods and still negative China Cluster YTD....
...handful in later stages)....
...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....
...The company has announced an interim dividend of $101m ($0.9531 p/s) and is launching a new $67.3m share buyback today....
...However, the sales unwind into 2H20-1H21 could be significant, which is a risk given a 2021e P/E ratio of almost 27x....
...This is based on a P/E of 14.5x 22E, set in line with IMI’s 5-year average P/E. The current P/E relative to the sector at a c30% discount is at the low end of the 30 year trading range....
...Our PT values CPR on 40x 2021 P/E (ex-further M&A) vs Spirits on 23x. ST momentum to hold....
...Our last published fair value of 440p (29% upside) is equivalent to a P/TNAV multiple of 0.79x....
...S32’s FCF is ~5% at spot, rising to ~9% with prices of its key commodities at the marginal cost; it is trading at ~0.8x P/NPV vs a long-term average of 0.9x Catalysts: Buy-back, SA coal sale, Hermosa PFS...
...This compares to a JPM estimate of $3bn by 2025. Net renewable generating capacity is expected to grow from 2.5GW in 2019 to c50GW by 2030, vs JPMe 40GW. iv) Net zero ambition includes......
...Hence Total S/H return will remain low considering low L-T ROE generation....
...With 24% of companies having reported, earnings growth for the S&P 500 is at -16%....
...P review out....
...This compares to the S&P 500’s YTD decline of 15% and a 19% decline below its all-time high on February 19th. Valuations have contracted in the past three weeks....
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