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.../book and a p/e ratio of 9 times next year’s earnings in China....
...Funds wise, I’d go for the Xtrackers Nikkei 225 UCITS ETF, which charges just nine basis points, or the L&G Japan Equity UCITS ETF....
...The First Trust and L&G funds in the list have notably fewer holdings, but it’s the HAN S&P Global Clean Energy Select HANZero Ucits ETF (ZERP) that is most concentrated by this metric, with just 30 holdings...
...Yeah, G-O-U-L-D. I didn’t know terribly much about this guy....
...; unfpa.org G is for GuerlainAngelina Jolie is the recognisable face behind Women for Bees, a collaboration between Guerlain and Unesco aimed at encouraging female beekeeping....
...Law firm Dechert has appointed partners David Forti and Mark Thierfelder as co-chairs and partners Sabina Comis and Vincent Cohen Jr as its first global managing partners....
...The fact that Cruise has held a pilot’s licence since 1994 and flies a P-51 Mustang only helps maintain the delicious illusion that everything in Maverick is real....
...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....
...“You had a Treasuries market where the bias was about as short as it is possible to be,” said Christopher Jeffery, head of rates and inflation strategy at L&G, referring to investors positioning their portfolios...
...Not many managers are ready to do this — though some are beginning to ask their clients what they want (L&G and Aviva are ahead of the game)....
...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....
...The NRDC calculates that if P&G halved its use of virgin forest wood pulp in its tissue products, using recycled fibres instead, this would cut P&G’s carbon emissions by 5.3m tonnes a year....
...UK national statistician Ian Diamond can even see a cliff edge in the form of an “L”. But stock market commentators have started using the language of psychiatrists....
...For example, the Rize ETF may have a broader remit than L&G Cyber Security, even if they share some holdings....
...“Europe is a good opportunity now,” says Gavin Launder, manager of the European fund at L&G, the investment group. “Governments are now quite keen to promote tech-savvy companies....
...matthew.vincent@ft.com...
...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....
...) estimates i.e. an attractive valuation, however: i.) preprovision profit in our base case is declining -2% CAGR ‘19-22E and ii.) our L-T recession scenario sees only 1% p.a....
...We cross-check our PT with a 2024E P/E multiple discounted to present value; our PT would imply a 15x P/E multiple vs 23.0x developed Sx pharma 12m forward P/E average....
...The $12.5bn acquisition of P&G’s beauty brands, which included CoverGirl and Clairol, doubled Coty’s size by revenues and was aimed at challenging established beauty leaders such as L’Oreal and Estée Lauder...
...“P&G put them in a tough spot by cutting marketing spend and losing shelf space in stores,” said Mark Astrachan, analyst at Stifel....
...It is a marked change from earlier in the year, when P&G was forced to cut prices on its Gillette razors and Nestlé had its chocolate, coffee and wide range of other products pulled during a spat with French...
...One L&G salesperson used to boast that he “never lost a pound” to ETFs because of this client base. European clients want more excitement. For L&G, the trouble is that others want to provide it....
...P&G is not alone....
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