Hints and tips:
...An investor opposed to the deal, Energy Income Partners, pointed out that this position was a U-turn from a bullish management outlook offered as recently as 2022....
...The valuation of $900mn marks a new high for F1 and puts it on a par with some big European football deals....
...Here’s our best attempt at taking a photo of the phone: OK, the Waystar Corp. of S1E3 now seems to be Waystar Royco Inc/WAY:NYSE, which plausibly could be a security representing a different class of shares...
...AIG fired its interim chief financial officer Mark Lyons over a violation of confidentiality rules....
...Markets have been hard hit this year as investors mark down global growth forecasts amid concerns about a slowdown in China and the effects of Russia’s invasion of Ukraine....
...But how much this will be due to action taken by the BoE and how much a consequence of reversals of Covid-era supply chain disruption and 2022’s spike in energy prices is moot....
...In the UK, we have never had such a poor record, including abrupt U-turns, in macroeconomic management....
...Now, in the latest development, Greensill Capital is being rebuffed by at least two of the Big Four accounting firms in its quest for a new auditor....
...EBITDA/line of £138/year vs £80 currently (71% margin vs 56% currently). With a terminal capex/sales of c16%, this leads to an NPV/home of c£1,000, or c2x invested capital....
...Here’s Goodbody: Cranswick provided a Q1 trading update this morning reporting a strong start to the year with c.19% LFL sales growth (25% inc. acquisitions)....
...We believe the 59% YTD share decline more than reflects the risks that M&S Clothing and Home sales struggle for an elongated period and we therefore move from U/R to BUY....
...Andrea Dona, Vodafone U.K.’s head of networks, said if the government decides to strictly ban Huawei it would cost Vodafone “low-single-figure billions” to swap out its thousands of Huawei stations and antennas...
...… and high cash burn and capital commitments mean leverage has taken a permanent step up....
...We reiterate U/P. Exane BNP Paribas has a big UK retail note out that downgrades Marks & Spencer. It’s pinned on a survey of 4,000 shoppers in France, the UK, Germany and Spain....
...We also move B&S Group to Underweight as the shares are up by a third in the last week and we have no upside to our new €6.6 PT....
...Capital & Counties, the owner of two plots in the capital and none whatsoever in the counties, is down a bit on a gloomy outlook....
...It is possible that France L&S and XL Bermuda are not in a position to pay dividends next year either....
...Union Square Advisors, a tech-focused investment bank, has hired Mark Villanueva as a managing director in its New York-based capital structure advisory business....
...Credit Suisse prefers Marks & Spencer to Next. M&S first ......
...Daniel McMurtrie and Alex Draime are co-founders of Tyro Capital Management, a hedge fund based in New York City....
...We have ended up in a world of low levels of capital per worker as part of a 30-year process of relatively low levels of investment....
...Here’s the latest Deutsche Bank FX stress indicator, which is flashing a “pockets of systemic risk” warning as sterling slides below $1.19....
...Citi downgrades AB Foods and Marks & Spencer in a retail note....
...JP Morgan -- the research bit not the CEO bit -- is not so sure: European Banks have u/p the broader market since March, with SX7P down 28% (total returns) vs. SXXP -6%. Is it time to be OW?...
...AstraZeneca Plc has made a preliminary approach to rival drugmaker Gilead Sciences Inc. about a potential merger, according to people familiar with the matter, in what would be the biggest health-care deal...
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