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Diageo is a premium drinks business based in the United Kingdom. Co. is engaged in producing and distributing spirits, beer and wine. Co.'s operations include producing, distilling, brewing, bottling, packaging, distributing, developing and marketing of a range of brands. The brands that it produces and distributes include Smirnoff vodka, Johnnie Walker scotch whisky, Baileys Original Irish Cream liqueur, Captain Morgan rum, J&B scotch whisky, Tanqueray gin and Guinness stout. In addition, Co. also has the distribution rights for the Jose Cuervo tequila brands in North America and other countries.
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ASMi’s story increasingly resembles that of ASML (minus the monopoly). The group benefits from the structural increase in capex for 7nm, 5nm and soon 3nm nodes in more precise deposition techniques (ALD and epitaxy) and is gaining market share in memory. ASMi is now profitable and has enough cash to dispense with ASM PT, which should be an incentive for it to sell its residual 25% stake. This would crystallise the group’s low valuation relative to peers (11.8x EBITDA excluding ASM PT)...
L’histoire d’ASMi s’apparente de plus en plus à celle d’ASML (à l’exception de la position de monopole). Le groupe bénéficie de la hausse structurelle des dépenses de Capex pour le 7nm, 5 nm (bientôt le 3nm), dans des techniques de déposition plus précises (ALD et épitaxie) et gagne des PdM dans la mémoire. ASMi est aujourd’hui rentable et dispose d’assez de cash pour se passer d’ASM PT, ce qui devrait l’inciter à céder sa participation résiduelle de 25%. Cela permettrait de cristalli...
>North America: the most resilient sales but margins under pressure - Following a contact with the company, we understand that North America has been the most resilient region since the start of the health crisis, which is in line with the recent positive comments concerning the US (see our flash of 2 June 2020). But the group remains cautious, as it believes that the solid figures published by some trade bodies do not reflect the US market as a whole. Looking beyond ...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 2: On 17 March 2020, the Management Board and the Supervisory Board initially resolved in light of the COVID-19 pandemic to propose to the AGM that the net profits of financial year 2019 shall be fully carried forward to new acc...
Covid-19 – Dividend As a result of the pandemic and the current UK government restrictions on travel and indoor public gatherings, shareholder attendance at the Company’s AGM will not be possible this year. Any changes to the Meeting will be communicated to shareholders before the Meeting through the Company’s website and, where appropriate, through an announcement to the London and Johannesburg stock exchanges. As part of the Group’s broad response to maintaining its liquidity position through the crisis and to maximize its support in tackling Covid-19, the Board has taken the prudent and a...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 2: Management and Supervisory Board are proposing a dividend of EUR 0.65 per share (increased by 18.18% from EUR 0.55). In view of the recent events relating to COVID-19, ECGS is in favour of postponing decisions on the dividend...
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