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Exact(11)
But now that the metal is falling, the lack of valuation support is a curse.
But solid valuation support at current levels suggests little, if anything, is priced-in for substantial disposal/exploration upside.
Following the outperformance of the stock and more limited valuation support, we now see a more balanced risk/reward proposition in BP.
It said: We reduce Hargreaves Lansdown given a lack of valuation support and note that unlike asset managers its 'bedded value' back book has the potential to be re-priced.
Tepid trend growth and the absence of strong long-term valuation support suggest average equity returns are also likely to be more modest, on average, in the coming years than historic averages.
The bank said: We continue to see fundamental valuation support for the shares but management change (new chief executive Dave Lewis will start on 1 October and new chief financial officer lan Stewart will start on 1 December) introduces the possibility for a change in strategy and competitive actions.
Similar(49)
A purely relative valuation supports 700p per share.
Neither incremental news flow nor fundamental valuation supports the recent share price move.
Three balance sheet factors are highlighted in today's release: 1) group is now net cash (¥52m); 2) the latest external hotel valuation supports an adjusted net asset value of 824p per share and 3) the chairman states no intention to dispose of gateway assets [Singapore, London and New York] but this leaves the door open for regional UK/US disposals, in our view.
Instead, the valuations supporting the mortgages were performed by Fannie and Freddie in-house, using proprietary analytics and deep stores of property data.
Increasingly, companies are applying data-driven methodologies such as carbon footprinting, product indexing, lifecycle analysis, and ecosystem services valuation to support smarter decision-making and business innovation.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com