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Lloyds Bank plc: Update following outlook change to negative from stable

Our credit view of Lloyds Bank, reflecting its strong solvency metrics, very low loss-given-failure and moderate probability of government support.

Banks – Latin America: 2020 outlook stable supported by high profitability and steady asset risk; risks to growth and policy shifts could cloud our view (Slides)

Our 2020 outlook for Latin American banks is stable, supported by high profitability, contained asset risk, and quality funding. Slowing global and regional growth and policy uncertainty pre

Laurits Kjærgaard

Roblon - Not out of the woods yet

Strong and risky Q4 expected, all eyes on guidance Two turbulent years, long-term strategy in trouble We reiterate our estimates and SELL recommendation

Anton Korytsko

Initiation: Nice guy of Russian oil

We initiate coverage of LUKOIL with an Overweight Rating (O/W) and a 12M target price of RUB7,061 per share. We highlight a sound capital allocation policy, tight cost control and a very conservative balance sheet. Granted, LUKOIL equity is not particularly cheap (our TP implies a 4.3x EV / 2020E EBITDA and 2021E multiples, not too far from the industry average), but we believe the risk/reward ratio is still attractive: we see LUKOIL earning c.13% RoIC in the medium term (vs c.10% in 2014-201...

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