Hints and tips:
...Sterling’s strength “reflects a ‘not as bad as expected’ economic performance for the UK last year and hopes that growth in 2024 may be a little better”, said Jane Foley, senior FX strategist at Rabobank...
...Unlike many trading firms, Jane Street also makes a point out of paying its people according to their contribution to the broader company, rather than tying it to personal P&L or the earnings of their desk...
...Group 2022 constant FX sales growth would have been 25 per cent without China, instead of the 4.6 per cent reported....
...Amid the market anxiety about more immediate concerns — including interest rates, inflation and gross domestic product growth — such confidence is hardly universal among wealthy Americans right now....
...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....
...EV/EBITDA of 270x FY21 BBG consensus); after all, IFRS 15 means that the new Solutions contracts are only reflected in the P&L with a lag....
...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....
...FY20F guidance for c.£3.7bn revenue, 9% organic revenue growth and £135-150m underlying EBITA has been reiterated (despite a £1.5m increase in FX headwinds since the June IMS)....
...We do not think that management would have referred to “strong cash conversion” and emphasized delivering if the beat in the P&L were not flowing through well to cashflow, so we believe that the commentary...
...“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.”...
...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?...
...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....
...KBW is forecasting the gauge will drop by an average of 3.1 per cent for main US universal banks in 2020. Slowing loan growth and economic uncertainty add to the industry’s challenges....
...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%....
...A modest contribution from the group's growth engine, a lower exposure than peers to e-commerce and limited P&L flexibility add to our concerns that the challenges faced by Unilever will take time and money...
...Since 2016, we estimate the Kingfisher P&L has had an £81m transactional benefit from weaker sterling. FX could become a headwind once trade talks are agreed (or not)....
...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....
...On a financial level, this “marketplace” service is beginning to be felt on the P+L: it contributed €30m of gross profit, 6 per cent of the €474m total, in the fourth quarter of 2019....
...L and net debt....
...Our DCF valuation of Action increases, driven by renewed confidence in the growth trajectory (and lower leverage, plus FX)....
...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....
...It is also anticipated that RPA will achieve “near universal adoption” within five years....
...L, until the final CMA decision, expected on 11 May....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...What is the likely shape of the growth trajectory? V, U, or L?...
International Edition