Hints and tips:
...The best paper on this is probably Jean-François L’Her, Rossitsa Stoyanova, Kathryn Shaw, William Scott, and Charissa Lai’s paper “A Bottom-Up Approach to the Risk-Adjusted Performance of the Buyout Fund...
...France L&S and Italy will not pay dividends this year, and XL Bermuda is unlikely to. The slack is only partly taken up by France P&C which is over distributing....
...If you are looking to predict the shape of the US economic recovery — be it V, W, L or even K — don’t look at the markets....
...If the economic trajectory does indeed look more like an “L” than a “V” or “U”, portfolios will need to combine recovery stocks with cash and lower-risk bonds as well....
...And now a fifth expect a “V-shaped” economic recovery, up from a 10th in the previous month....
...Following 9 quarters of consecutive net outflows we estimate Q220 mutual fund net inflows of +£0.4bn, with a recovery seen in funds such as Dynamic Bond fund....
...We therefore prudently apply a P/E contribution (50%) to our valuation and use a 10x multiple, which we see as appropriate for a company with uncertain growth prospects and a suspended dividend....
...Is Swedish Match a growth stock? 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....
...We believe this will likely remain supportive of improving E&P share prices....
...L, until the final CMA decision, expected on 11 May....
...Today’s 20x P/E is appropriate if EPS growth is accelerating, we think,but not if it’s decelerating,and the +40% valuation premium to other cyclical chemical companies is now close to peak....
...Campari will be hard hit by COVID-19 due to high On Trade exposure, especially in core markets of Italy and the USA....
...L and net debt....
...Will Wallis at Numis can give us the detail of the strategy review: We summarise the outcome as a focus on self-help, requiring upfront P&L investment....
...Upon separation the Group will extract capital from Jackson, with the proceeds used to reduce group leverage and/or fund growth across Asia....
...Based on company commentary so far, we still believe potential COVID-19 claims (including BI) are a manageable P&L event for the sector, although the devil will be in the detail when it comes to BI policy...
...With top-line beat flowing through the P&L, core op. profit was +8% vs cons and core EPS +12%. ¾ of the EBIT beat seems inventory related. Q: What were the most noteworthy areas in the results?...
...What happens further down the P&L is largely a question of capital structure, but it appears most will be either loss-making or make only marginal PBT....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...Before accounting rules changed and forced companies to put equity compensation in the GAAP P&L, the underlying shares still appeared in the sections of securities filings that listed the details of stock...
...The biggest activist fight — Nelson Peltz v Procter & Gamble — was only recently settled, two months after a shareholder vote....
...S&P Dow Jones Indices, for example, estimates that for every stock in the S&P 500, about 10 per cent of the available shares are owned by index funds or exchange traded funds....
...Peter Grauer, Mr Bloomberg’s successor as chairman of Bloomberg L.P, earlier this month embarrassed the Labour party by signing a letter in support of the Conservatives only a day after Ed Miliband launched...
...The rally of the past two months reflects the belief that the L has been decisively averted, and suggests investors are betting on a V rather than a U for the economy....
...) From p. xi, Preface Today, the need to understand Ivar Kreuger’s rise and fall is greater than ever.Financial markets leave most of us mystified and helpless....
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