Hints and tips:
...Revenues have been flat for the past seven years, according to S&P CIQ data, which means they are falling in real terms....
...L’Oréal....
...In 2020, Cucinelli funded the rebuilding of the Civic Tower Norcia, Perugia, after an earthquake, and this year announced the investment of €1mn in the Himalayan Regenerative Fashion Living Lab, which helps...
...He cited a campaign, backed by L&G, to persuade J Sainsbury, the supermarket chain, to introduce a “real living wage” for all workers....
...J Junk balls Those terrible looping shots that your opponent hits and you feel that you should hit for winners?...
...César Pérez Ruiz, chief investment officer at Pictet Wealth Management, prefers a symbol: a mirror image of a square root....
...Equity markets thus have recovered appropriately, with the S&P 500 up 35 per cent from its March lows....
...Macy’s balance sheet has long been in better shape than more distressed rivals, although the department store chain lost its investment grade rating from S&P Global last month and was cut further into junk...
...All 3 UK names are the cheapest in our European coverage by some margin, at 10-12X P/E and 8-10% FCF yield....
...Its share price has lagged other big tech rivals (Facebook, Microsoft, Apple and Amazon) and also the S&P 500 since hitting a record in mid-February....
...Overall, while the stock trades on only 0.25x P/TBV there remains no visibility on when it will generate sustainable profits....
...Norwegian government support for the oil industry is nothing new, but the materiality impresses even us and once again underlines the low-risk element of Norway E&P investments (if they have quality assets...
...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....
...through the P&L....
...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)....
...One mystery here is the identity of the investment consortia buyers, “Gemstone Investment Holding Ltd” and “Allied Cigar Corporation, S.L”....
...P&C outperformed into the corrections in the past 8 years....
...[W]e think that, even considering the liquidity of the stabilization package, shares do not reflect the impact of Covid-19....
...J is for joke — as in, “the joke's on you”. K is for KYC — see “accountability”. L is for Luke Wilson — a humble man using a luxury exit coin to supply fresh water in Africa....
...The most disconcerting aspect of the Brexit process remains the absence of what George H.W....
...L, until the final CMA decision, expected on 11 May....
...He grabbed me, pulled me in, and whispered in my ear: “Better than J.Lo, non?” “Oui, Christian. Bien sûr.”...
...Calquence is one of AstraZeneca’s big pipeline hopes, going head to head with J&J’s $6bn market leader Imbruvica....
...FY19 results last week also indicated that 2H19 saw a – frankly – VAST uptick in NGP investment through the P&L. BAT invested an incremental £700m+ in NGPs in 2019, of which ~£600m came in 2H19....
...In fact, it was the auditor’s insistence on booking these in the p&l that led to £28m of charges and a profit warning....
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