Hints and tips:
...It provides a sort of insurance.”...
...I very much believe it's going to be a very strong third pillar for our business, and I think it could be a significant P&L contributor to our company, definitely within five years, and definitely within...
...The RateSetter acquisition, which has been well-received by the market over the past 48 hours, will “cost” c.0.3%. The Income Statement makes for grim reading....
...Quite a lot of the product delivered that’s not own-brand seems to be from companies THG names as customers of the retail shopfront bit, THG Ingenuity: names like Revolution Beauty, Elemis / L'Occitane and...
...Bank of America’s insurance 2020 note upgrades Legal & General, 345p target. L&G’s scale’s underappreciated, with Investment Management solid and Retirement near critical mass, it says....
...dilutive acquisitions and so on....
...However, at c.18x recovered earnings, we’d prefer to look elsewhere or wait for a cheaper entry point....
...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....
...The company will now look to raise c.$200M in new equity to complete the deal....
...It gets straight to the point: We now assume an L-shaped RevPAR recovery (previously V-shaped), based on Jefdata consumer surveys, corporate guidance and industry forecasts. .....
...Here’s Investec (sell) to summarise: [L]ockdowns are impacting consumption in North America (c. 30% of sales), Europe (c. 20% of sales), India (c. 10% of sales), Africa (12% of sales) and many countries...
...Table 1 starts with RR’s u/l EBITA in 2022E and then deducts the utilisation of cash provisions, the excess of investment over D&A, then interest and tax....
...We anticipate travel insurance claims being topped out at £5m net of reinsurance and a relatively small impact from loss of profits....
...Increased focus on the home, reversing some L-T adverse trends....
...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...
...through the P&L....
...Financials the key sector beneficiary: We are Overweight Banks and Insurance from a top-down strategy perspective....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...At the Operating level, the 4% topline beat was amplified by 5% lower R&D, and on the bottom-line, the company benefitted from a 350bps lower than anticipated tax rate (13.7% vs. 17.2%), due to revaluation...
...Company commentary supports our view of limited direct impact to P&C : Hannover Re: noted a potential €200m loss across P&C and L&H; Munich Re: noted a €500m loss should all the events it covers for communicable...
...V, U, or L? The nature of Covid-19 growth impact means that some elements – e.g., production resumption, inventory restocking, and travel normalisation – would lend a natural rebound to growth....
...HSBC has some discussion about V and W shaped recoveries; its own model resembling “the Nike swoosh” is made by combining a proper V in mainland China forms and more of an L among Western European and American...
...Knights Group, a solicitor rollup, has made its eighth acquisition since June 2018 with the purchase of Nottingham’s Fraser Brown. ......
...The shares currently trade on a 2020E PE multiple of c.17 times and an EV:Sales multiple of c.0.92 times in the context of Group margins of c.7.6%....
...The latest dose of SoftBank gloom OneConnect, the financial technology arm of China’s biggest insurance company, is capping off a bad week, or perhaps year, for Masayoshi Son....
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