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☆ Bank of England drags Bagehot into the shadows
▼ + stars: | 2023-12-01 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

That is no longer tenable, in part because of reforms to bank regulation that shifted activity from traditional lenders to financial market players. These days, the institutions in need of urgent liquidity are just as likely to be pension funds, insurers or hedge funds. The British central bank’s initial ideas make sense, but only solve part of the problem. The central bank can short-circuit the panic by opening the credit taps. Central banks are only just starting to grapple with what it means to be a lender of last resort in that context.

Persons: Walter Bagehot’s, Andrew Hauser, BoE, WALTER, Gurney, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, Bank of England, Reuters Graphics Reuters, U.S, Treasury, Federal Reserve, Pensions, . Treasury, Citadel, Millennium Management, City of, U.S . Federal, Gurney & Company, Victorian, Thomson Locations: British, City, City of London, Basel, Overend, Lombard

☆ Monte Paschi rebirth is vindication for Rome
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS / Jennifer Lorenzini Acquire Licensing RightsMILAN, Nov 21 (Reuters Breakingviews) - Italy’s privatisation of bailed-out lender Banca Monte dei Paschi di Siena (BMPS.MI) may finally be on the right track. The sale price was nearly 50% higher than last year’s high-stakes 2.5 billion euro capital increase, which cost taxpayers 1.6 billion euros. Rome took advantage of a near-30% rally in Monte Paschi’s shares during the month leading up to the sale. Granted, Rome will never recoup the around 5.4 billion euros it burnt to save Monte Paschi in 2017. Two years ago, interest rates were low and Monte Paschi's recovery seemed a distant prospect.

Persons: Jennifer Lorenzini, Siena, Monte Paschi, Andrea Orcel, Lisa Jucca, Banks, Liam Proud, Streisand Neto Organizations: REUTERS, Reuters, Banca Monte dei, Treasury, X, Walmart, Thomson Locations: Monte dei, Siena, Italy, Rome, Monte Paschi’s, Monte

☆ UniCredit’s Greek stake is less odd than it seems
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

But Italy’s UniCredit (CRDI.MI), which on Monday purchased 9% of Alpha Bank for about 300 million euros, should have better luck. This will include merging the lenders’ Romanian units and Alpha distributing UniCredit’s asset-management products in Greece. Probably the most reassuring news for investors in the Italian bank is that Orcel has no plans to raise its stake. UniCredit hasn’t requested regulatory permission to buy more and doesn’t envisage doing so, according to a person familiar with the matter. For shareholders, then, UniCredit’s mini-Greek adventure is unusual but easily tolerable.

Persons: Italy’s, Andrea Orcel, Crédit, Société, Orcel, UniCredit, UniCredit hasn’t, Liam Proud, Aimee Donnellan, Oliver Taslic Organizations: Reuters, Alpha Bank, Alpha, Piraeus Financial, X, SEC, Thomson Locations: Greece

☆ Profitable Klarna poses IPO valuation conundrum
▼ + stars: | 2023-11-09 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Last year, Siemiatkowski raised money at a $6.7 billion equity value, or 85% below its 2021 price tag of $45.6 billion. The implied Klarna valuation, before netting out the company’s cash or debt, would be roughly $14 billion. It’s hard to see Klarna getting close to those multiples, if it’s valued like a bank, since the Swedish company is nowhere near as profitable. For Siemiatkowski, then, the key to gaining an IPO valuation uplift will be to convince investors that Klarna is a lender but not a bank. Klarna raised $800 million at a $6.7 billion valuation in July 2022.

Persons: Sebastian Siemiatkowski, Klarna, That’s, Breakingviews, Siemiatkowski, Liam Proud, Streisand Neto Organizations: Reuters, Bank, Reuters Graphics Reuters, Revenue, Thomson Locations: U.S, Swedish, United Kingdom

☆ Arm’s public-market journey starts with a stumble
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 9 (Reuters Breakingviews) - Investors in the $56 billion semiconductor group Arm may be in for a bumpier ride than they hoped. The good news is that CEO Rene Haas expects revenue in the fiscal year to March of roughly $3 billion, in line with analysts' expectations. The less good news, which dragged Arm’s shares down 8%, is that Haas said revenue in the fiscal quarter to December might be anywhere from $720 million to $800 million. Admittedly, at the midpoint of the range that’s only $10 million below the mean analyst forecast, per LSEG.

Persons: Dado Ruvic, Rene Haas, Haas, Liam Proud, Lisa Jucca, Streisand Neto Organizations: REUTERS, Reuters, X, SEC, Thomson

☆ Private equity superstores overstock the shelves
▼ + stars: | 2023-11-08 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

LONDON, Nov 8 (Reuters Breakingviews) - Private equity investors seem happier these days shopping for returns at specialty shops over supermarkets. U.S. private equity funds raised some $240 billion in the first nine months of 2023, according to research outfit PitchBook, 13% less than a year earlier. New York-based CD&R in August raised $26 billion for its 12th-generation private equity fund while Eurocentric CVC managed an even more eye-popping $29 billion in July. A better explanation, from the consultants who advise LPs on where to put their cash, is that private equity supermarkets may be cannibalising themselves. Until they can prove otherwise, the more scattered private equity superstores risk losing more ground to the specialists.

Persons: Clayton, Blackstone, Steve Schwarzman, Marc Rowan, don’t, Rowan, Rob Lucas, Blackstone’s, they’re, Lucas, Jeffrey Goldfarb, Thomas Shum Organizations: Reuters, Rice, CVC Capital Partners, Apollo Global Management, Blackstone Capital Partners IX, “, IX, CVC, Apollo, Blackstone, U.S, Thomson Locations: Dubilier, New York, Blackstone, Asia, Luxembourg, Europe, Americas

☆ UBS faces a long wait for M&A share-price boost
▼ + stars: | 2023-11-07 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

But investors in his bank UBS (UBSG.S) still seem relatively cool on his Credit Suisse acquisition. Ermotti has reversed the client exodus that ultimately sank Credit Suisse. Yet there’s much to do before investors give UBS credit for that rosier future. Bloomberg reported in September that the U.S. Department of Justice had stepped up a probe into Credit Suisse and UBS over suspected Russian compliance failures. The group also booked a $2 billion expense related to the cost of integrating Credit Suisse, which it bought earlier this year.

Persons: Sergio Ermotti, Ermotti, Ermotti reckons, UBS’s, there’s, Neil Unmack, Streisand Neto Organizations: Reuters, UBS, Credit Suisse, Analysts, Bloomberg, U.S . Department of Justice, Reuters Graphics Reuters, Alpha, Suisse, Thomson

☆ Vodafone will struggle to get clean exit in Spain
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toby Melville Acquire Licensing RightsLONDON, Oct 30 (Reuters Breakingviews) - Vodafone’s (VOD.L) boss Margherita Della Valle is cleaning up the sprawling 21 billion pound telecom group, but it’s a tough job. A potentially messy exit in Spain illustrates the point. Della Valle lacks an obvious partner in the country: local giant Telefónica (TEF.MC) is too big, while rivals Orange (ORAN.PA) and MásMóvil are merging with one another. As a result, Vodafone may have found itself a potentially problematic counterparty for the Spanish business, which Della Valle has put under strategic review. Investors might be reassured that Della Valle is making things happen, but a clean break in Spain looks increasingly unlikely.

Persons: Toby Melville, Margherita Della Valle, Della Valle, Eamonn O’Hare, Expansión, Zegona, Pamela Barbaglia, Liam Proud, Streisand Neto Organizations: Vodafone, REUTERS, Reuters, Orange, Zegona Communications, Virgin Media, Bloomberg, Deutsche Bank, ING, Reuters Graphics Reuters, X, Thomson Locations: London, Britain, Spain

☆ Banks’ wealth-management heyday may have passed
▼ + stars: | 2023-10-18 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

For wealth managers, that will make revenue growth much harder to come by, shifting the focus to controlling expenses. LOSING ITS SPARKLEIn Wall Street parlance, wealth management is a capital-light business. Little wonder Morgan Stanley boss James Gorman focused on wealth management after taking charge in 2010. The good news for UBS and Morgan Stanley is that they are better placed than most to handle these pressures. The bank’s wealth-management business generated a 35% ROTE, while the division that houses investment banking and trading managed just 8%.

Persons: UBS –, Morgan Stanley’s, Morgan Stanley, James Gorman, Sergio Ermotti, Goldman Sachs, Italy’s, Iqbal Khan, Morgan Stanley’s Andy Saperstein, Peter Thal Larsen, Sharon Lam, Oliver Taslic Organizations: Reuters, Wealth, UBS, Credit Suisse, HSBC, HK, Lloyds Banking Group, Revenue, Treasury, Big, Thomson Locations: Swiss, United States, Americas, Switzerland, Britain’s St, James’s

☆ Europe-Musk spat carries risks for both sides
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsBRUSSELS, Oct 13 (Reuters Breakingviews) - The European Commission has made social-media site X, formerly known as Twitter, the test case for its fight against disinformation. The Commission on Oct. 12 sent a formal request to X, owned by Elon Musk, for information about possible illegal content and disinformation. X pushed back, with Musk exchanging combative posts with Breton on the website. While the process drags on, any problematic posts can just keep proliferating on X and other sites. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Elon Musk, Porte, Gonzalo Fuentes, Thierry Breton, X, Breton, Rebecca Christie, Liam Proud, Streisand Neto Organizations: SpaceX, Tesla, Viva Technology, Porte de, REUTERS, Rights, Reuters, European Commission, Twitter, Elon, Digital Services, DSA, Big Tech, X, Infosys, Ericsson, Thomson Locations: Paris, France, Rights BRUSSELS, Israel, Breton, Europe, Brussels

☆ Sanction shocker delays UBS valuation upgrade
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

That’s one lesson from the $3 billion slide in market value for his bank UBS (UBSG.S) on Wednesday. The report says that the DOJ is launching a full-scale investigation into Credit Suisse, which UBS now owns after a state-backed rescue in March. UBS has about $6 billion of provisions set aside for legal and regulatory bills, suggesting shareholders are well protected against Credit Suisse’s historic nasties. After Wednesday’s slide, UBS’s share price is almost exactly in line with its most recent tangible book value per share, compared with a roughly 30% premium back in early March. The implication is that investors are less excited about UBS’s prospects after incorporating Credit Suisse than they were about its standalone story.

Persons: Sergio Ermotti can’t, Liam Proud, ’, quagmire, Neil Unmack, Oliver Taslic Organizations: Reuters, UBS, Bloomberg, U.S . Department of Justice, DOJ, Credit Suisse, Credit, X, Thomson Locations: Ukraine

☆ Arm’s $52 bln IPO value sets stage for a fall
▼ + stars: | 2023-09-14 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Arm’s IPO investors are effectively paying a slight premium while also betting that both growth and profitability are about to soar. Haas could then charge higher royalty rates. In the last calendar year, the company estimated that its royalty revenue equated to 1.7% of total worldwide spending on Arm-based chips. It’s not clear how many important Arm customers like Apple (AAPL.O), Nvidia (NVDA.O) and Samsung Electronics (005930.KS) have agreed to pay higher royalty rates. Nor will rising royalty rates necessarily compensate for possibly ongoing sluggish sales of smartphones, its key historic market.

Persons: Rene Haas, Haas, It’s, SoftBank, Liam Proud, Sharon Lam Organizations: Reuters, SoftBank Group, Cadence Design Systems, Apple, Nvidia, Samsung Electronics, Reuters Graphics Reuters, Thomson Locations: KS, British, New York

☆ SoftBank’s reduced Arm price tag is still too high
▼ + stars: | 2023-09-05 | by ( Liam Proud | ) www.reuters.com time to read: +7 min

The lesson for SoftBank and Arm is clear: chip investors are laser-focused on medium-term operating profit, not just revenue. Reuters GraphicsThere are three key moving parts to Arm’s valuation. Under SoftBank, Arm’s operating margin has dropped to around 25%, from roughly 40% in 2015 – a consequence of Son’s preference for heavy investments in research. If Arm nabbed the same multiple, its enterprise value would be $33 billion, using the above growth and operating margin. To mimic and sustain Nvidia-esque growth, Arm CEO Rene Haas would have to keep ramping up investments in engineers and sales teams, which would weigh on margins.

Persons: SoftBank, Masayoshi Son, Bernstein, they’ll, Rene Haas, SoftBank’s, it’s, George Hay, Katrina Hamlin, Oliver Taslic Organizations: Reuters, SoftBank, Nvidia, Cadence Design Systems, LSEG, Reuters Graphics, Apple, Devices, Vision Fund, Nasdaq, Thomson Locations: Cambridge, Saudi Arabia

☆ Missing metals hit green economy pressure point
▼ + stars: | 2023-09-01 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

On Thursday, copper producer Aurubis said it had discovered large discrepancies in inventory levels at its Hamburg recycling centre, which strips out used copper and precious metals from discarded computer circuit boards. The 3 billion euro company’s initial assessment of the incident, which comes after a separate theft case in June, suggests missing metals may lead to a hit of at least 100 million euros. That’s about one-fifth of its previously projected annual pre-tax profit of 450 million euros to 550 million euros for the financial year ending in September. And it will expand to roughly 30.1 million tons by 2031, according to McKinsey. But the consultancy reckons global demand will reach 36.6 million tons at the start of the next decade, leaving a gap of more than 6 million tons per year.

Persons: Trafigura, Aurubis, Liam Proud, Streisand Neto, Oliver Taslic Organizations: Reuters, International Energy Agency, McKinsey, Thomson Locations: Hamburg, European

☆ UBS cost-cut gains are a double-edged sword
▼ + stars: | 2023-08-31 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Aug 31 (Reuters Breakingviews) - UBS’s (UBSG.S) acquisition of Credit Suisse looks increasingly good – maybe a little too good. There were three key questions for shareholders ahead of UBS’s delayed second-quarter results on Thursday, its first since completing the emergency rescue of Credit Suisse in June. And what would UBS do with Credit Suisse’s local business? He’s keeping Credit Suisse’s Swiss business, which allows him to establish a dominant position at home and wring out juicy cost savings. And while some Credit Suisse businesses are disappearing, Ermotti won’t mind.

Persons: Boss Sergio Ermotti, Ralph Hamers, UBS’s, Ermotti, it’s, Sergio Ermotti, Neil Unmack, Streisand Neto Organizations: Reuters, Credit Suisse, UBS, Credit, Suisse’s, Suisse, Swiss Competition, Thomson Locations: Suisse’s Swiss, Switzerland, Schweiz

☆ Arm’s changing business model is wildcard for IPO
▼ + stars: | 2023-08-24 | by ( Karen Kwok | ) www.reuters.com time to read: +5 min

The other is royalty revenue, which is linked to how many products containing Arm technology that a customer eventually sells. Rather than selling licenses for specific chip designs and hoping the royalty revenue eventually flows, it is offering so-called total access agreements. First, Amazon’s engineers are more likely to experiment with Arm’s intellectual property and therefore use it in the future, eventually boosting royalty revenue. The company’s revenue fell 1% to $2.7 billion in the financial year to March 31. In the most recent quarter, which ended on June 30, Arm’s revenue fell by more than 2% year-on-year to $675 million.

Persons: Dado Ruvic, Rene Haas, Haas, lumpy, Liam Proud, Oliver Taslic Organizations: REUTERS, Reuters, SoftBank, Apple, Samsung Electronics, Nvidia, Microsoft, Infineon Technologies, U.S, Nasdaq, Thomson Locations: British

☆ Arm’s IPO risks shine brighter than its potential
▼ + stars: | 2023-08-22 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Arm’s revenue is still dominated by its mainstay smartphone business, which contributed to the recent growth slowdown. Nor is Arm’s revenue particularly easy to forecast. In the most recent quarter, which ended on June 30, Arm’s revenue fell by more than 2% year-on-year to $675 million. Arm’s owner, SoftBank Group, was previously planning to sell between $8 billion and $10 billion of shares. SoftBank will have the right to appoint seven out of eight directors to Arm’s board after the IPO, provided its shareholding remains above 70%.

Persons: SoftBank Group's, That’s, Masayoshi Son, hasn’t, SoftBank, Liam Proud, Streisand Neto Organizations: Reuters, Nvidia, Reuters Graphics Reuters, U.S, Nasdaq, SoftBank, Thomson Locations: China, British

☆ Stingy UK bank saving rates may become a non-issue
▼ + stars: | 2023-08-10 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Aug 10 (Reuters Breakingviews) - Banks are keeping the fruits of higher interest rates for themselves. Between January 2022 and May 2023, the Bank of England hiked rates by 4.25 percentage points. The nine largest UK banks boosted the interest on easy-access savings accounts by 1.18 percentage points, the FCA found. The upshot is that they’ll have to bid more aggressively for funding in the future, for example by raising interest rates on savings accounts. Second-quarter results suggest it too is paying more for funding: interest expense almost doubled between the second half of 2022 and the first half of 2023.

Persons: juicier, BoE, George Hay, Streisand Neto Organizations: Reuters, Authority, Barclays, Lloyds Banking Group, Bank of, FCA, Monday, Reuters Graphics Reuters, NatWest, Barclays ’, Lloyds, Banco Santander, Banco Bilbao Vizcaya Argentaria, European Central Bank, Bank of England, ECB, Spanish, Financial, HSBC, Santander UK, Nationwide Building Society, TSB Bank, Virgin Money, Bank, Thomson Locations: Britain, Spain, Bank of England, Italy, Hungary

☆ Aston Martin flips from cash-guzzler to carmaker
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 1 (Reuters Breakingviews) - Aston Martin Lagonda (AML.L) is making a painful transition from cash-guzzler to viable carmaker. A 216 million pound cash call on Monday brings its total capital raised since 2018 to just under 1.8 billion pounds. By this year, Aston Martin will have grown revenue by 13% per annum since 2019, according to Refinitiv data, thanks to new models like the DB12 and higher prices. Aston’s current enterprise value is just under 2 times forecast 2024 sales, a discount to Porsche, and far below Ferrari’s (RACE.MI) more than 8 times multiple. Yet Aston still needs to show it can make an electric vehicle, with the first due in 2025.

Persons: Aston Martin Lagonda, James Bond, Lawrence Stroll’s, Aston Martin, Aston, Neil Unmack, Steve Cohen, Liam Proud, Oliver Taslic Organizations: Reuters, Public Investment Fund, Porsche AG, Porsche, Twitter, Sequoia, Thomson Locations: Japan, India

☆ New BT boss’s biggest test is investor relations
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 31 (Reuters Breakingviews) - BT’s (BT.L) board faced the challenge of hiring a new CEO willing to implement a turnaround strategy decided by their predecessor. It has solved that problem by appointing one of its own members, Allison Kirkby, to the post vacated by outgoing Philip Jansen. Shares in the Swedish telco sank 4% on news of her departure, suggesting Telia’s loss is a gain for BT. Kirkby won’t take over until January 2024 but, having sat on BT’s board for more than four years, she should be able to hit the road running. Keeping these two investors on her side will be the real test for Kirkby at BT.

Persons: Allison Kirkby, Philip Jansen ., Swedish telco, Kirkby won’t, Patrick Drahi’s, Jansen, Pierre Briançon, Liam Proud, Oliver Taslic Organizations: Reuters, Telia Company, BT, Kirkby, Deutsche Telekom, Twitter, Soaring, of Japan, Thomson Locations: Swedish, Kirkby

☆ Europe’s listless IPOs are red flag for big floats
▼ + stars: | 2023-07-31 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

And so far, the performance of the floats that have got away has been relatively poor. It’s a major red flag for larger IPO candidates, like CVC Capital Partners or EQT’s (EQTAB.ST) Galderma. Only 65 companies decided to brave choppy stock markets in Europe, raising $6.6 billion in overall proceeds, according to Dealogic data. Italian betting group Lottomatica (LTMC.MI) and German web-hosting company IONOS (IOSn.DE) priced at the bottom of their initial ranges. Dealogic data shows that IPOs in the region raised a total of $6.6 billion between the start of 2023 and July 20.

Persons: Breakingviews, Thyssenkrupp, Nucera, Hidroelectrica, Liam Proud, Oliver Taslic Organizations: Reuters, Capital Partners, underwriters, Bankers, Swiss, Reuters Graphics Reuters, Thomson Locations: Europe, Romanian, Saudi, Swedish

☆ Soaring StanChart still has lots of work to do
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, July 28 (Reuters Breakingviews) - Bill Winters’ bank is finally getting its act together – to an extent. London-listed Standard Chartered (STAN.L) on Friday reported its highest first-half revenue and earnings since Winters joined as CEO in 2015. The upgraded 12%-14% top-line growth for this year, from 10% previously, caught investors' eyes, as did a chunky $1 billion share buyback programme. Winters managed to get costs down to 61% of revenue in the first half, close to his 2024 target of around 60%. Even after Friday’s bump, StanChart trades at just two-thirds of 12-month forward tangible book value, using analyst estimates gathered by Refinitiv Datastream.

Persons: Bill Winters, Winters, It’s, Refinitiv Datastream, Liam Proud, Streisand Neto Organizations: Reuters, “, HSBC, DBS, Twitter, Bank of Japan, Thomson Locations: SINGAPORE, London

☆ Government’s NatWest meddling crosses risky line
▼ + stars: | 2023-07-26 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Meddling ministers crossed a line, and may struggle to retreat back onto the right side of it. Its shares fell a modest 3% on Wednesday morning – compared with 1% on average for Lloyds Banking Group (LLOY.L), Barclays (BARC.L) and Virgin Money UK (VMUK.L). Rose’s strategy of cutting costs, continuing to scale back risky trading and focusing on core UK retail banking was working. Britain’s Economic Secretary to the Treasury Andrew Griffith said on social media site X, formerly known as Twitter, that “it is right that the NatWest CEO has resigned”. Domestic rivals Lloyds Banking Group, Barclays and Virgin Money UK were down 2% on average.

Persons: Alison Rose, Rose, Rishi Sunak, Jeremy Hunt, Nigel Farage, Andrew Griffith, Coutts, aren’t, Nigel Farage's, Paul Thwaite, George Hay, Pranav Kiran, Streisand Neto Organizations: Reuters, Economic, NatWest, BBC, Royal Bank of Scotland’s, UK Government Investments, . Mortgage, Lloyds Banking Group, Barclays, Virgin Money, Lloyds, Domestic, Thomson Locations: NatWest’s

☆ Thales cyber push meets investor shoulder shrug
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 25 (Reuters Breakingviews) - France's Thales (TCFP.PA) is doubling down on cybersecurity with its $3.6 billion purchase of U.S. firm Imperva. Thales's boss Patrice Caine briefly considered buying Atos's (ATOS.PA) cybersecurity arm last year, but didn’t go through with it. The purchase values the Thoma Bravo-backed group at 17 times forecast 2024 operating profit, according to Thales. Meanwhile Caine’s push into the racy cyber sector doesn’t seem to register in the group’s valuation. That means investors are sceptical that Thales’s efforts to crack the war against hacking will work out for shareholders.

Persons: Patrice Caine, Thoma, Caine’s, Refinitiv Datastream, Pamela Barbaglia, Liam Proud, Streisand Neto Organizations: Reuters, Thales, Thoma Bravo, BAE Systems, Twitter, Thomson Locations: U.S, Spain

☆ Saudi Mbappé bid even less rational than it looks
▼ + stars: | 2023-07-25 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Yet a possible outlay of 1 billion euros, including compensation, takes the country’s sporting tactics to surreal new heights. Added to the transfer fee, that takes the outlay to around 1 billion euros. Spain’s LaLiga generated about 900 million euros in international broadcast revenue in the 2020-2021 season, according to Deloitte. CBS Sports reported that Al Hilal was also offering Mbappé a total one-year compensation package worth 700 million euros. The Guardian reported that Mbappé’s one-year salary would be 200 million euros, rising to 700 million euros after including other commercial arrangements and proceeds from image rights.

Persons: Al Hilal’s, Kylian, Germain, Declan Rice, Mbappé, Mbappé aren’t, Al Hilal, George Hay, Streisand Neto Organizations: Reuters, Paris Saint, Arsenal, Saudi Pro League, Guardian, Deloitte, English Premier League, Saudi, Newcastle United, Premier League, Economics, Regional, Qatar, Britons, Al, Financial Times, Bloomberg, CBS Sports, Thomson Locations: Kingdom of Saudi Arabia, Qatar, Paris, China, Saudi, France’s, Saudi Arabian, French

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