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☆ China’s sliding currency is vote of no confidence: podcast
▼ + stars: | 2023-08-24 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

A Chinese yuan banknote is seen in front of displayed stock graph in this illustration taken May 7, 2021. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Aug 24 (Reuters Breakingviews) - The People’s Republic is scrambling to stop the yuan’s weakening against the US dollar. In this Viewsroom podcast, Breakingviews columnists discuss capital flight pressures and tepid investor interest in the world’s second largest economy, and what that means for the wider world. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Dado Ruvic, Oliver Taslic Organizations: REUTERS, Reuters, Thomson

☆ 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 float may deepen cracks in IPO market: podcast
▼ + stars: | 2023-08-17 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Aug 17 (Reuters Breakingviews) - The chip designer is preparing a stock market listing in the US. Orders are already being lined up from customers like Amazon.com (AMZN.O) but in this Viewroom podcast Breakingviews columnists explain why it may not get a lofty valuation and how that could put off possible followers. (The host is a Reuters Breakingviews columnist. Follow @aimeedonnellan on TwitterEditing by Oliver Taslic and Thomas ShumOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Oliver Taslic, Thomas Shum Organizations: Reuters, Thomson

☆ ECB core obsession raises risk of policy mistake
▼ + stars: | 2023-08-17 | by ( Francesco Guerrera | ) www.reuters.com time to read: +4 min

Headline inflation in the euro zone has halved in the past nine months and was 5.3% in July. Granted, both headline and core inflation are currently above the ECB’s 2% target. In fact, core tends to follow headline inflation because its narrower composition makes it stickier. That’s because, as the chair of the U.S. Federal Reserve Jerome Powell said recently, headline inflation is “really what the public experiences”. ECB President Christine Lagarde has pledged to be “data-dependent”.

Persons: Wolfgang Rattay, Martin Heidegger, that’s, Joachim Nagel, Germany’s Bundesbank, Klaas Knot, Lucrezia Reichlin, Michele Lenza, Jerome Powell, Christine Lagarde, Klaas, Neil Unmack, Oliver Taslic, Streisand Neto Organizations: European Central Bank, REUTERS, Reuters, ECB, Reuters Graphics Reuters, Financial Times, U.S . Federal, Eurostat, Central, Thomson Locations: Frankfurt, Germany, German, Ukraine

☆ EU members’ China cuddling weakens Brussels’ hand
▼ + stars: | 2023-08-16 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

Security concerns clash with supply-chain needs and national export ambitions, while state-aid spats gum up the works. European Commission President Ursula von der Leyen will struggle to find a way forward. Von der Leyen on July 31 criticised Beijing for its geopolitical stances, but she needs to keep trade flowing. But Washington’s subsidy-heavy Inflation Reduction Act may also drive the EU closer to China because of its protectionist bent. Von der Leyen’s challenge will be to avoid a trade war or subsidies race while also being mindful of security threats.

Persons: Ursula von der Leyen, Von der Leyen, François, Germany’s, Von der, China’s, Francesco Guerrera, Oliver Taslic Organizations: Reuters, European, Eurostat, Reuters Graphics, Mercator Institute for China Studies, Volkswagen, BASF, Thomson Locations: BRUSSELS, China, European Union, Beijing, Europe, “, U.S, Brussels, France, Philippines, Germany, EU

☆ TPG dangles messy end for EY’s loveless marriage
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

On Monday, the Financial Times reported that private equity firm TPG (TPG.O) had approached EY about buying a stake in its consulting arm. Back in May of last year when EY’s split was leaked to the press, valuations were much more attractive. If TPG pushes for a full breakup, EY would still have to work out how to divvy up its tax advice business between audit and consulting. Given the challenges, EY may well decide it’s better to soldier on with an awkward marriage than risk a messy divorce. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: EY’s, EY, Aimee Donnellan, Exor’s Philips, Bain, Neil Unmack, Oliver Taslic Organizations: Reuters, Financial Times, TPG, Big, Partners, Twitter, Thomson

A Russian rouble banknote is seen in front of a descending and rising stock graph in this illustration taken March 1, 2022. So it’s no surprise that a day after prodding by a Kremlin official, the central bank announced an emergency rate increase of 350 basis points to 12%. Stricter fiscal or monetary policies would hurt an economy weakened by the war effort and Western sanctions. After a record high in 2022, it fell 85% in the first seven months of the year, to some $25 billion, according to the Russian central bank. Before the plunge in the currency, the central bank forecast prices rising 5% to 6.5% this year, above its 4% target.

Persons: Dado Ruvic, Vladimir Putin, it’s, Putin, Elvira Nabiullina, Vladimir Putin’s, Maxim Oreshkin, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Kremlin, Reuters Graphics Reuters, Thomson Locations: Russia, Russian, Europe

☆ Arm IPO depends on more than Big Tech support
▼ + stars: | 2023-08-14 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationLONDON, Aug 14 (Reuters Breakingviews) - Arm is phoning Big Tech friends for help with its initial public offering. Backing from some of the world’s largest technology companies would also provide a useful marketing boost. Investments from big tech companies risk scrutiny from antitrust regulators, who previously blocked chip specialist Nvidia from buying Arm. Reuters Graphics Reuters GraphicsArm and its owner, Japan’s SoftBank Group (9984.T), will therefore need to win over big institutional investors. That’s well below the $60 billion to $70 billion that Bloomberg recently reported Arm is aiming for.

Persons: Dado Ruvic, Rene Haas, Taiwan’s TSMC, Japan’s, Bernstein, Peter Thal Larsen, Oliver Taslic Organizations: REUTERS, Reuters, Big Tech, Nvidia, Apple, Google, Microsoft, Investments, U.S . Federal Trade Commission, Reuters Graphics, Cadence Design Systems, Bloomberg, Reuters Graphics Reuters, Intel, Samsung Electronics, Japan’s SoftBank, Nasdaq, Thomson Locations: U.S, ASML, Cambridge

☆ OPEC’s oil sweet spot may not last long
▼ + stars: | 2023-08-11 | by ( Yawen Chen | ) www.reuters.com time to read: +5 min

True, a likely El Niño weather event could bring a colder winter, boosting demand for gas and oil. Saudi Arabia has already extended its extra million barrels per day cut until September. At the same time Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August and September. Saudi Arabia told OPEC that it cut output by 943,000 barrels per day (bpd) in July to 9.013 million bpd, Reuters reported on Aug. 10. OPEC’s total output fell by 836,000 bpd to 27.31 million bpd in the same month.

Persons: Prince Abdulaziz bin Salman, Goldman Sachs, Abdulaziz’s, Joe Biden, Neil Unmack, Oliver Taslic Organizations: Reuters, of, Petroleum, OPEC, International Energy Agency, Federal Reserve, Traders, U.S, Federal, Organization of, Brent, West Texas, Thomson Locations: Saudi, Russia, OPEC, Saudi Arabia, U.S, China, Gulf Coast, Iran

☆ Big Tech is mostly leaping a low bar: podcast
▼ + stars: | 2023-08-10 | by ( Jonathan Guilford | ) www.reuters.com time to read: 1 min

The Microsoft logo is seen on a smartphone in front of a displayed Apple logo in this illustration taken, July 26, 2021. REUTERS/Dado Ruvic/IllustrationNEW YORK, Aug 10 (Reuters Breakingviews) - The stock market’s mood increasingly hinges on the vagaries of tech giants like Meta, Amazon and Apple. In this Viewsroom podcast, Breakingviews columnists discuss how most of their recent earnings held up – even if only compared to muted expectations for their core businesses. Listen to the podcastFollow @JMAGuilford on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Dado Ruvic, Oliver Taslic Organizations: Microsoft, REUTERS, Reuters, Meta, Apple, Twitter, Thomson

☆ Siemens’ spreading rot obscures elusive value
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakeLONDON, Aug 10 (Reuters Breakingviews) - Siemens’ (SIEGn.DE) problems are no longer affecting just its periphery. Shares in its spun-out unit Siemens Energy (ENR1n.DE) have lost more than 40% this year due to faulty wind turbines. Chief Executive Roland Busch pointed the finger at China, saying slowing demand in Siemens’ third biggest market was to blame. Siemens shares fell as much as 7% on the news. Siemens shares are now trading over 30% below JPMorgan’s valuation based on a sum of the parts calculation.

Persons: Mike Blake LONDON, Roland Busch, Busch, Pamela Barbaglia, Neil Unmack, Oliver Taslic Organizations: Siemens, Coaster, REUTERS, Reuters, Siemens Energy, West, Twitter, Thomson Locations: Oceanside , California, U.S, China, Chengdu, Shenzhen

☆ Black Sea wheat war is sideshow for grain deal
▼ + stars: | 2023-08-09 | by ( Pierre Briancon | ) www.reuters.com time to read: +4 min

LONDON, Aug 9 (Reuters Breakingviews) - A fast-escalating wheat war in the Black Sea may have a silver lining. The Turkey-brokered accord had allowed Kyiv, the world’s fifth largest wheat producer, to export food via Odesa across the Black Sea. As a result, global wheat prices on the Chicago Board of Trade declined by nearly 40% between October and May. Reuters GraphicsNervousness around the unravelling of last year’s grain deal triggered short-lived spikes of 17% to 20% in wheat prices. Both Moscow and Kyiv know by now that protecting their vital grain exports is in both countries’ interest.

Persons: Vladimir Putin, Putin, Antony Blinken, ” Blinken, Tayyip Erdogan, Russia ”, Lisa Jucca, Oliver Taslic Organizations: Reuters, Agriculture, U.S . Department of Agriculture, Chicago Board of Trade, NATO, SWIFT, Russia’s Defence, Security, Thomson Locations: Novorossiysk, Ukraine, Izmail, The Turkey, Kyiv, Russia, Romania, Moscow, United States, Europe, Russian, Ukrainian

☆ Altice’s beaten-up debt is only a bet for the bold
▼ + stars: | 2023-08-08 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +6 min

REUTERS/Violeta Santos MouraLONDON, Aug 8 (Reuters Breakingviews) - Altice’s debt is a bet for the bold. Patrick Drahi’s telecoms group is sitting on a $60 billion debt burden, and faces rising borrowing costs and a corruption investigation. Drahi will therefore need to sell assets to cut debt, which starts to come due in 2025. Both Altice France and Altice International are trying to sell their data centre businesses, which could raise some 700 million euros, bankers say. Yet Altice France alone has some $19 billion of debt coming due by 2029.

Persons: Patrick Drahi, Violeta Santos Moura, Patrick Drahi’s, Drahi –, Armando Pereira, Altice, Drahi, “, ”, Pereira, Xavier Niel’s, Manuel Magalhaes e Silva, Altice International’s, Alexandre Fonseca, Neil Unmack, Oliver Taslic Organizations: French, REUTERS, Violeta Santos Moura LONDON, Reuters, Altice USA, Altice, Bouygues Telecom, Banco Espírito Santo, Public, Thomson Locations: Paris, France, Moroccan, Europe, United States, Portugal, Israel, Dominican Republic, Orange, Altice France, Banco Espírito, Portuguese, New York, London

☆ Abrdn’s turnaround is a work in progress
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Aug 8 (Reuters Breakingviews) - Abrdn’s (ABDN.L) machine is firing on two of its three cylinders. The latter two units are growing, but the stock-picking arm – once Abrdn’s core business – needs more attention. The 1.5 billion pound deal, which closed last year, boosted Abrdn’s exposure to the business of managing savings. Since some of that windfall will disappear when rates fall, Bird needs to speed up his turnaround of Abrdn’s core funds business. The 3.9 billion pound company’s turnaround has a long way to go.

Persons: Dado Ruvic, Stephen Bird, Hargreaves, Bird, Neil Unmack, Peter Thal Larsen, Oliver Taslic Organizations: REUTERS, Reuters, Interactive, Twitter, Siemens, Thomson

☆ Siemens Energy’s flop puts brakes on green race
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

An offshore wind turbine of the Siemens Gamesa company is seen from the Telde coast on the island of Gran Canaria, Spain, May 2, 2022. REUTERS/Borja SuarezLONDON, Aug 7 (Reuters Breakingviews) - Siemens Energy’s (ENR1n.DE) growing wind woes will have wider repercussions. The $13 billion German group unveiled on Monday a 2.2 billion euro ($2.4 billion) charge because of quality issues linked to its troubled wind turbine unit Siemens Gamesa. A previous profit warning in June, also linked to malfunctioning turbines, erased a third of Siemens Energy’s stock market value. Bruch says he is now prioritising the profitability of Siemens Gamesa, implying a pause over plans to add more wind capacity.

Persons: Borja Suarez, Jefferies, Siemens Gamesa, Reuters Breakingviews, Christian Bruch, Bruch, Yawen Chen, headwinds, Lisa Jucca, Oliver Taslic Organizations: Siemens, Gran Canaria, REUTERS, Borja Suarez LONDON, Reuters, Siemens Energy, Investors, Siemens Gamesa, JPMorgan, Global, Twitter, Thomson Locations: Gran, Spain, Germany

☆ ICE cuts tortuous path through frosty trustbusters
▼ + stars: | 2023-08-07 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

A screen displays the logo for Black Knight on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2022. The U.S. Federal Trade Commission agreed on Monday to drop a lawsuit against Intercontinental Exchange’s (ICE.N) $11.7 billion acquisition of mortgage technology provider Black Knight (BKI.N). ICE, as the New York Stock Exchange operator is known, said in May 2022 that it would snap up Black Knight for $13.1 billion. ICE’s Encompass processes nearly half of originations in the United States, with Black Knight’s Empower in second place, according to the FTC. ICE originally said on May 4, 2022, that it had agreed to buy Black Knight for $13.1 billion.

Persons: Knight, Brendan McDermid, Black, Lina Khan, Khan, litigate, Black Knight, Jeffrey Goldfarb, Oliver Taslic Organizations: New York Stock Exchange, REUTERS, Reuters, U.S . Federal Trade Commission, Intercontinental, Black, FTC, ICE, UnitedHealth, Change Healthcare, Exchange, Constellation Software, Thomson Locations: New York City, U.S, United States

☆ Sweaty Europe can kill two birds with one pump
▼ + stars: | 2023-08-07 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +8 min

What may be less immediately obvious is that heat pumps are the best way to do both. In Europe, currently only 16% of residential buildings use heat pumps, according to a study from the European Heat Pump Association (EHPA) based on data from 21 countries including non-EU Britain and Norway, with 20 million heat pumps installed. On average buying and installing a heat pump could cost up to $13,000 compared to $2,500 for a gas boiler. Heat pump sales rose 35% in Italy last year, making it Europe’s second-biggest marketplace after France, EHPA data shows. To meet net-zero targets by 2030 EHPA estimates Europe would need 60 million more heat pumps installed by 2030.

Persons: Remo Casilli, Olaf Scholz’s, Joe Biden’s, António Guterres, George Hay, Oliver Taslic, Streisand Neto Organizations: Popolo, REUTERS, Remo Casilli LONDON, Reuters, International Energy Agency, IEA, European Union, Pump Association, Reuters Graphics, U.S . Energy Information Administration, Carrier, Mitsubishi Electric, Daikin Industries, El, El Corte Inglés, Thomson Locations: Italy, Rome, Europe, EU Britain, Norway, France, Germany, Poland, Brussels, Britain, United States, U.S, U.N, El Corte

☆ UK net-zero ‘pragmatism’ is an odd way to get real
▼ + stars: | 2023-08-04 | by ( George Hay | ) www.reuters.com time to read: +7 min

Yet official UK figures do not suggest the way to get real on climate change is to go any slower. Sunak himself has defended Britain’s record on climate and says he cares about reaching its 2050 net-zero target. As such the net cost of net zero may be more like 344 billion pounds over three decades, or perhaps only 0.4% of GDP per year. Policy certainty will meanwhile encourage foreign investors to help pay for Britain’s transition, reducing its exposure to gas price shocks. UK energy secretary Grant Shapps said on Aug. 2 that the government remained “absolutely committed” to hitting its net-zero carbon targets by 2050.

Persons: Rishi Sunak, Sunak, dawdling, Andrew Forrest, ”, ” Sunak, Michael Gove, Grant Shapps, “, Neil Unmack, Streisand Neto, Oliver Taslic Organizations: Reuters, Sunak’s Conservative Party, Budget, Reuters Graphics Reuters, ’, McKinsey reckons, Britain, Conservatives, Thomson Locations: Britain, London, China, United States, North

☆ Cracking the IPO window is a tall task: podcast
▼ + stars: | 2023-08-03 | by ( Jonathan Guilford | ) www.reuters.com time to read: 1 min

REUTERS/Lucas JacksonNEW YORK, Aug 3 (Reuters Breakingviews) - Sandal-maker Birkenstock is among those angling to defy a downturn in stock-market debuts. In this Viewsroom podcast, Breakingviews columnists discuss how corporate hopefuls on both sides of the Atlantic are trying to thaw the deepest freeze on public listings since the pandemic. Listen to the podcastFollow @JMAGuilford on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Lucas Jackson, Oliver Taslic Organizations: New York Stock Exchange, REUTERS, YORK, Reuters, Twitter, Thomson Locations: New York, U.S

☆ BoE’s inflation firefighting will outlast peers
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

The Bank of England on Thursday raised UK interest rates by a quarter of a percentage point to a 15-year peak of 5.25%. Governor Andrew Bailey and his colleagues also vowed monetary policy would remain “sufficiently restrictive for sufficiently long” to bring inflation down to the BoE’s 2% target. As for the BoE, traders are betting that rates will hit 5.5% in September and stay elevated for the whole of next year. Despite an early start, Bailey’s fight against stubborn inflation is likely to drag on for longer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Andrew Bailey, BoE, Bailey, Bailey’s, Francesco Guerrera, Lisa Jucca, Oliver Taslic Organizations: Reuters, Bank of England, U.S . Federal Reserve, European Central Bank ., ECB, Twitter, Thomson

☆ Wild weather turns up heat on EU debt stragglers
▼ + stars: | 2023-08-02 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Meanwhile, record-high temperatures and dryness triggered devastating blazes in Greece, forcing thousands to flee popular summer destinations such as Rhodes. The extreme weather may be limited to southern European countries, but its fiscal repercussions make this a Europe-wide emergency. Reuters GraphicsAgriculture accounts for just 4.4% of GDP in Greece, and less than 3% in Spain and Italy, according to Moody’s. Letting Greece, Italy and Spain deal with such climate nightmares, on top of other economic challenges, risks landing them with a Sisyphean task. As climate risks intensify, the EU will need to consider widening its joint borrowing plans.

Persons: Nicolas Economou CATANIA, Rhodes, heatwaves disproportionally, Francesco Guerrera, Oliver Taslic Organizations: REUTERS, Reuters, Cogeca, Reuters Graphics, European Environment Agency, Union, Copa Cogeca, Thomson Locations: Rhodes, Greece, Italy, Sicily, Europe, Spain, EU, Corfu

☆ Coca-Cola bottler bulks up challenged empire
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

MILAN, Aug 2 (Reuters Breakingviews) - The world’s largest maker of Coca-Cola bottles is growing bigger. Pouncing on Coca-Cola Beverages Philippines, which Coca-Cola (KO.N) itself is selling, is a no-brainer. The $267 billion U.S. drink maker run by James Quincey is offloading its bottling manufacturing around the world to concentrate on its ubiquitous products. At just over 1 times 2022 sales, the price tag looks cheap compared to CCEP’s own nearly 2 times multiple. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: James Quincey, CCEP, Damian Gammell, Lisa Jucca, Aston Martin, Neil Unmack, Oliver Taslic Organizations: MILAN, Reuters, Cola Europacific Partners, Aboitiz Equity Ventures, Cola Beverages Philippines, Twitter, Thomson Locations: Philippines, Japan, India

☆ How Europe can square the circle on green economy: podcast
▼ + stars: | 2023-08-01 | by ( John Foley | ) www.reuters.com time to read: 1 min

NEW YORK, Aug 1 (Reuters Breakingviews) - Shifting away from fossil fuels is an opportunity for the bloc, argues economy tsar Paolo Gentiloni in this Exchange podcast. But it will have to overcome challenges, such as US competition for investment and the EU’s own narrow set of financial tools. Listen to the podcastFollow @johnsfoley on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Paolo Gentiloni, Oliver Taslic Organizations: Reuters, Twitter, Thomson

☆ Japan market rally fails to mask Nomura’s woes
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

It also powered a near-fivefold increase in pre-tax earnings at the bank’s retail unit from the same period last year. Nomura’s own stock has also benefitted, though its 20% rise this year to a two-year high lags the broader market. And the rally did nothing to fix the abysmal underperformance at its mainstay wholesale division. Revenue at the unit that comprises the volatile investment banking and trading businesses fell 4% to 191 billion yen ($1.3 billion). They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Nomura, Morgan Stanley, Kentaro Okuda, Steve Cohen, Antony Currie, Oliver Taslic Organizations: Reuters, Revenue, Global, Twitter, Sequoia, Thomson Locations: SINGAPORE, India

☆ 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

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