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...Productivity-hype bubbles are usually separated by at least 25 years and usually form at the end of a secular bull market, when aggregate profits are coming under pressure, say Garthwaite et al....
...Every sector of the S&P is up — industrials, consumer staples, et cetera, et cetera. There’s only a few sectors, in fact, that are only up modestly. Most sectors are up like 10 per cent....
...Small caps tend to be more volatile than blue-chip stocks both on the way up and down — and could be big medium-term winners if Kolanovic et al are right....
...Surely Zuck et al can make money — serious money — out of messaging software with two billion users. I disagree on the Metaverse, though. It is not “free”....
...The downside for the latter group — including banks such as Banque Marocaine pour le Commerce et l’Industrie and Crédit du Maroc — is that their market is comparatively saturated and stagnant....
...Burberry trades at 23x P/E and 11.8x EV/EBITDA on FY21E estimates (vs sector at 27x and 15.7x)....
...Andrew Garthwaite et al at Credit Suisse has had a fiddle about with the model portfolio, resulting in insurers getting a push....
...On our new estimates, L’Oréal trades on an FY21E P/E of 32.6x, the highest premium versus the consumer staples sector for over 10 years....
...At our PT, the stock would trade at an average 2020/21 P/E of 7.9x, -17% vs. last 24M average P/E; this discount is justifiable, in our view, given Centrica's tight balance sheet. • Updates to follow....
...The shares trade on 2.5x 2022 P/E, 4.2x EV/EBITDA....
...Shot: NMC Health plc (“NMC” or the “Company”) notes the recent media speculation and confirms that it has received highly preliminary approaches from Kohlberg Kravis Roberts & Co. L.P....
...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...
...‘They’ (the Fed) are looking at ‘us’ (equities, the yield curve et al), and we the market, are looking at them, in a veritable echo chamber — as ‘we’ are both looking at the same data.”...
...Approximately 4m Wirecard shares still trade every day across 36 different exchanges, which is in spite of the company collapsing into insolvency two months and eight days ago....
...Next currently trades at c.10.5x FY20 P/E but doesn’t offer its usual strong cash returns currently....
...On our new forecasts, the valuation is FY21 7.5x EBITDA, 7.8x P/E, 13% EqFCF yield and 6.5% dividend yield....
...Risks to our forecast of 1.7% global GDP growth are skewed to the downside given most of the world is now on lockdown....
...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...
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...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....
...This one says: “Since being added to the Buy List on September 16 2019, the shares are down 30.7 per cent versus the FTSE World Europe down 3.1 per cent and our coverage up 4 per cent”....
...The stock trades at 13x 2021 Cal. P/E, a c.30% premium to the sector (incl. ASOS and boohoo)....
...Recent medical literature suggests that severe manifestations of COVID19 may be due to tissue damage caused by severe immune dysregulation (Li H, et al; The Lancet; April 2020)....
...Wednesday’s development in the NMC vs Muddy Waters et al saga saw Krupa Global Investments, a Czech activist fund, say apropos of nothing that it holds positions equivalent to just over 0.4 per cent of the...
...Don’t bank on the German elections A senior official in Germany’s liberal FDP tells The Telegraph his party won’t make life any easier for David Davis et al if they get into government with Angela Merkel...
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