Hints and tips:
...We est. the value of the Services LOB (est. 1/4 of core revenues) at about 4/5 of Citi’s market cap ($75B vs $99B as of Dec. 29, 2023) assuming a P/E of 12-13x on 2024E earnings of $6B....
...To Marko Kolanovic, chief global markets strategist at JPMorgan, all this rampant asset price inflation is beginning to look quite inflation-y: In the last 3 years, narratives for the macro regime went...
...Despite the downturn, tech remains more highly valued on a forward p/e basis than any other sector in the S&P 500. SVB’s interest rate risk was a double whammy....
...Forward P/E ratios for the mid-cap S&P 400 (12.6) and small-cap S&P 600 (12) are at levels only seen in the depths of the pandemic and great financial crisis. Sentiment is still terrible....
...So far DeMellier has funded more than 350,000 vaccines and treatments. demellierlondon.com; soschildrensvillages.org.uk E is for Elephant Crisis FundTiffany has raised more than $10mn to help protect elephants...
...Y Youth Not necessarily a disadvantage. Ask Emma Raducanu. Z Zverev The most hard-to-like player on the pro tour?...
...Surely, at this point, there is no doubt that this is an “asset class” that needs to be taken v e r y s e r i o u s l y indeed. Institutional investors are getting involved!...
...The average Spac deal announced has been worth around 4.4 times its initial capital raise, according to an E&Y analysis of the sector globally....
...V, E, S, P, A: five letters with the power to summon a tourist-brochure-perfect Italy....
...E to revenue growth or “PEG” ratio)....
...And then the New York Times announced it would pay some M-O-N-E-Y, five letters, for the viral smash hit Wordle. A Brooklyn software engineer created Wordle as a gift to his girlfriend....
...James KyngeAnd a vibrant, live streaming culture that became the backbone of Chinese e-commerce....
...Elsewhere 2H has been stronger than expected with Sugar, Grocery, Agri and Ingredients profits all up Y/Y (CSe +25% Y/Y)....
...One factor impacting underperformance, is a reduced E&P valuation, and we now carry £0.6bn vs a £1.2bn valuation in Dec ‘19. The -£0.6bn change in our E&P valuation is equivalent to c.11p....
...The FD noted that the Work-in-Progress was up c.£130m y/y, and would expect similar move up at the y/e position....
...Burberry trades at 23x P/E and 11.8x EV/EBITDA on FY21E estimates (vs sector at 27x and 15.7x)....
...Improved profitability not reflected in P/E: The CFROI has increased to be double the market, but the P/E relative is on a 15% discount to the market (roughly in line with its historic norm)....
...However, the sales unwind into 2H20-1H21 could be significant, which is a risk given a 2021e P/E ratio of almost 27x....
...The P/E relative is one standard deviation below its norm with earning revisions better than those of large caps....
...The stock trades at 21x FY22E P/E. During the lockdown, we have seen major brands, i.e....
...Free option with commodity prices – Centrica has a material upstream business and is in the process of selling both Spirit, its oil and gas E&P division (currently paused) plus a proportion of their 20%...
...However, with limited upside to our price target on c.15x P/E 2020E, we downgrade to Hold....
...Overall, the grp expects Net cash position for 2021 y/e to be at £550m (vs. £308m this year)....
...Very strong sales performance in July After the final 6 weeks in June saw sales per site per week rise +30% y/y, Persimmon saw an acceleration in sales with +49% y/y sales rate since July up to now....
...• 2) On P/E metric, Cyclicals are not at extremes vs Defensives ... Their P/E relative bottomed at 0.7x and 0.8x in the last two downturns, vs 1.0x current....
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