Hints and tips:
...And of course yields promptly went from close to 16 per cent down to 1.5 per cent over the next 27-odd years. And during the Clinton administration, we more or less got a balanced budget....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...’s Great Mass in C Minor will be performed on April 5-6 and May 26 respectively....
...I’ve often also worked as an adviser to something called the Climate Vulnerable Forum, which is now 58 countries representing I think about 1.5bn people, only 5 per cent of global emissions but they have...
...All assets may perform badly under stagflation, but we’d rather own Pepsi, Johnson & Johnson, Kimberly-Clark, Bristol-Myers et al than sit and watch our cash lose its earnings power....
...We forecast a contraction in GDP of 1.5 per cent over 2023....
...But upon application, it is more of a rusty red — and to my surprise I liked it a lot....
...However, we believe the shares could de-rate, even with rising oil prices, due to: 1) the shares currently factoring in USD55/b Brent; 2) an aggressive consensus DPS (c1.3x HSBCe); and 3) on valuation grounds...
...For a flavour ban bill to become law, we will need (a) a Democratic sweep, (b) change to the filibuster process in the Senate, and (c)tobacco to be a high priority for Democrats, which it currently isn’t...
...Boohoo trades on c.1.6 CY21E EV/sales compared to Zalando at c.1.2x and ASOS at 0.7x CY21E....
...But at today’s price of $40 a barrel, most shut-in wells are expected to restart soon, pushing output to 1.2m b/d in the second half of the year, according to consultancy Rystad Energy....
...In addition, both the South and North American markets continued to lag Asia and Europe, with May-July Brazil clothing sales c.-52% and USA c.-35%....
...They reside on a 2021E price-to-book multiple of c.1.04 times with a dividend yield of c.4% - our dividend forecasts already assume a 2.5 times dividend cover....
...We see c.$1.1B of equity value (pre-$200M of new equity) at $65/bbl Brent and $1.7B of value at $75/bbl Brent, versus a current market capitalisation of c.$500M....
...Mr Saeed Mohamed Butti Mohamed Khalfan Al Qebaisi and Mr Khaleefa Butti Omair Yousif Ahmed Al Muhairi. This suggests that the holdings and interests of Dr. B.R. Shetty, H.E....
...-1.8bn potentially by year-end, which we estimate could lower group emissions by 5%....
...We value IAG at a P/B 2019 of 0.4x (as for AF-KLM / at a 20% discount to Lufthansa’s P/B multiple in the lows in 2009; IAG was formed in 2011)....
...It estimates that for 2022 leverage to move from 7.1 to 4-5, AA needs between £750m and £1.1bn pre fees. That’d be nearly 4bn new shares, versus 634m outstanding....
...Valuation: We value Cranswick using a DCF model at 3,500p (7% WACC, 1% terminal growth), which implies a 20.5x P/E multiple on our FY22E EPS, in line with its 5-year average....
...And, as lockdown measures are softened, the return of the likes of Gregg's, Starbucks et al to the UK FtG market will increase competition....
...In particular, whilst the focus of the 2017 strategy had been improving price competitiveness given their value focus, our analysis for F&B’s estimates an average price increase of c.4% since the price reset...
...LLOY is continuing to target a CET1 capital ratio of c.12.5% plus a management buffer of c.1% - this looks light and will drive many questions....
...Our 2020E ROTE is now at c.3%, rising to 6%-9% from 2021-23E. [O]ur advice to investors is to select bank stocks on the basis of 5-key criteria: (1) Invest in large banks....
...WPP will also reduce is planned capex from £400m to v£300m....
...After all, a 1.5 per cent-plus rate is a long way from the latest 0.3 per cent reading.We have also largely avoided mentioning the B-Word....
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