Covid-19 gives UPS pricing power, Nestlé is ready to pounce for pets, and Mediobanca’s coffers are well stuffed. Catch up with the latest pandemic-related financial insights from Breakingviews here:
is likely to represent half of global luxury revenue in 2020, up from 36% last year. But the industry’s road to full recovery is tortuous as long as travel stays on hold and the rest of the world underperforms. Prada doesn’t expect to regain 2019 revenue levels until the end of 2021. For weaker players like Salvatore Ferragamo and Tod’s, the wait could be even longer. Britain’s 18 billion pound Lloyds Banking Group spooked investors on Thursday with a whopping 2.
Perversely, it could be a sign of strength. By taking the pain early, Horta-Osório has a bigger cushion to absorb actual loan losses. It’s unlikely that he’ll have to book additional hefty charges when government pandemic support programmes tail off later this year. Combined with a beefy 14.6% common equity Tier 1 capital ratio, that reduces uncertainty for investors. It also sends a useful signal to supervisors.
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