May 6, 2020
National Express/placings: fortune favours the financed
On Thursday, both insurer Hiscox and National Express made cash calls, the latter raising £235m of what Lex thinks of as "Either/or money". National Express, which has a big US yellow school bus division, believes public authorities on both sides of the Atlantic will favour financially robust contractors more than before. National Express believes 2021 ebitda will fall a fifth from that of 2019. National Express's gearing ratio would pop to almost seven times. The City has been having a good war, helping governments keep businesses financed at a time when the Square Mile itself is deserted.
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