Hints and tips:
...“Bigger banks could facilitate this quite easily, whereas smaller providers like building societies could team up with the likes of L&G or BlackRock to offer a simple range of trackers,” suggests Jason Hollands...
...And on August 24, two Dresden galleries, the Albertinum and the Kupferstich-Kabinett, partner on a third show, Caspar David Friedrich: Where It All Started (to January 5 2025, albertinum.skd.museum)....
...The Stories She Wears is a six-month programme focusing on teaching practical techniques in local styles, upcycled fashion, traditional textile design and financial literacy. pradagroup.com; unfpa.org G...
...Today, it employs more than 1,000 staff and serves a roster of multinational companies in the Philippines that includes Unilever, P&G, L’Oréal and Nestlé....
...The divestment, coupled with the hit from the Covid-19 pandemic, has meant that Coty’s $4.6bn in annual revenue in its last financial year to end June was basically the same as before the P&G deal....
...In November 2020, MSCI downgraded P&G’s ESG rating to A from AA. Peltz started on the company’s board in 2018....
...Following a critically successful four years under Olivier Theyskens as artistic director, P&G shuttered the brand’s fashion division once again from 2006 to 2008....
...P&G has come under fierce criticism from some investors over its role in deforestation to make products such as toilet paper, even as it has pledged to fund tree restoration projects....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...The slack is only partly taken up by France P&C which is over distributing....
...Valuation and Rating: On our estimates, Glencore trades at a 2020 EV/EBITDA of 4.6x and a P/NPV of 0.9x. We are bullish the cycle, but we reiterate our Hold rating on GLEN shares. ITV’s up a tad....
...“L&G offers a 6.3% 2020E dividend yield, 1.2% above the sector average. Pre-2016 L&G's yield averaged 0.4% above the sector.”...
...Credit uncertainty remains the greatest risk for UK life insurers, including L&G, with COVID and Brexit both likely to exacerbate credit concerns....
...However, the outlook is uncertain, rising one-offs make P&L valuations less relevant and cash conversion is declining. In addition, top management changes add another layer of complexity....
...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....
...Equiniti’s 2020 guidance remains withdrawn due to uncertainty....
...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%....
...Over 2009-19, SWMA achieved average organic sales and operating profit growth of c.5% p.a. and c.7%, respectively and EPS growth of 10% p.a....
...net debt of c£18.9bn....
...These assumptions mean that volumes overall will fall by over 20% in 2020....
...through the P&L....
...(e.g Allianz offers 6.7% for 2020)....
...at the ‘C-suite’....
...Insurer dividends are a bit of a shitshow, to use the regulatory terminology, so who knows whether or not L&G’s resolve will be overrode either by the PRA or the local regulators that rule over its subsidiaries...
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
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