FT : Qatari owners of Paris Saint-Germain target valuation of over €4bn

Qatari owners of Paris Saint-Germain target valuation of over €4bn
Figure discussed in talks with potential investors over stake sale would set new benchmark for a football club

The Qatari owners of Paris Saint-Germain are targeting a valuation of over €4bn in talks with potential investors that would set a new benchmark for a football club and boost expectations for others currently on the market.

The French champions have been in discussions with several investors since the summer over a stake sale of up to 15 per cent, including at least two US-based funds. Nasser Al-Khelaifi, PSG president, told the Financial Times that talks were continuing based on a valuation of “over €4bn”, although completing any deal could still “take months”. 

A figure of more than €4bn (£3.44bn) for the club would surpass the £2.5bn paid by a US-led consortium earlier this year for English Premier League side Chelsea FC.

It would also boost price expectations around other big clubs, with Liverpool FC, Manchester United and Inter Milan currently looking for new investors, or possibly outright sales.

Valuations for sports teams have been soaring in the past year, thanks largely to a boom in the price of live broadcast rights. Billions of dollars have poured into European football, Indian cricket and various US sports, much of it from big institutional investors.

Al-Khelaifi insisted the current talks over PSG were not a sign of Qatar losing its appetite for football now that the World Cup had finally arrived, but rather the chance to bring in outside expertise to help expand the business through strategic investment.

“PSG is an investment in sport — we’re proud of the club and our fans,” said Al-Khelaifi. “We have a long-term project here.”

The club was also “looking seriously at different options” for building a new stadium in Paris if it could not agree a deal to buy its current home from the government. “We need a new stadium. We need to own the stadium,” said Al-Khelaifi.

If a stake sale is concluded, it would represent a significant return for PSG’s Qatari owners, who bought the club in 2011 for about €70mn. Since then, they have spent around €1.6bn on players, according to Transfermarkt, and huge sums on player wages — bringing in stars including David Beckham and Zlatan Ibrahimovic.

In 2017, PSG stunned the football world by signing Brazilian forward Neymar from Barcelona for €222mn — setting a record for a player that has yet to be broken. The club added Lionel Messi, considered by many to be the greatest player of all time, on a free transfer last summer, joining Kylian Mbappé, the game’s rising superstar.

Under Qatari ownership, PSG has won the French league eight times, and reached the final of the Champions League once.

PSG has the sixth highest revenue among football clubs in Europe, according to Deloitte, putting it on a par with top Premier League clubs. The French team earned €556mn last year, compared with €558mn at Manchester United and €550mn at Liverpool. Chelsea ranked just behind all three, with €493mn

The bulk of PSG’s earnings comes from commercial income, such as its sponsorship deals with Nike and Qatar Airways. Broadcast revenue from French football brings in just a fraction of the sums earned by Premier League clubs. Ligue 1 is forecast to generate €704mn from TV rights this year, according to Enders Analysis, compared with €3.9bn for the Premier League and €1.9bn for Spain’s La Liga.

A high valuation for PSG would give a significant boost for those looking to attract investors to Liverpool and Manchester United. Fenway Sports Group, which has owned Liverpool since 2010, said recently it was open to new investment, which could lead to a possible sale of the club. The Glazer family that owns Manchester United is also exploring strategic investment options for the club.

>>> Europe : Brokers Upgrades & Downgrades - 28th of November 202 V2(+)

>>> Up
* AB InBev Raised to Overweight at JPMorgan; PT 70 euros
* ACTIVISION RAISED TO OVERWEIGHT VS EQUAL-WEIGHT: MORGAN STANLEY
* BNP Paribas Raised to Overweight at Barclays; PT 70 euros
* Bucher Raised to Outperform at RBC; PT 440 Swiss francs
* Devro Raised to Neutral at Exane; PT 319 pence
* FDM Group Raised to Buy at Numis; PT 1,000 pence
* Fortum Raised to Hold at Kepler Cheuvreux; PT 15 euros (+)
* Hugo Boss Raised to Add at Baader Helvea; PT 56 euros
* Jet2 Raised to Buy at HSBC; PT 1,125 pence
* Lanxess Raised to Buy at Goldman; PT 47 euros
* Nabaltec Raised to Buy at Baader Helvea; PT 30 euros
* Swedbank Raised to Buy at AlphaValue/Baader
* Toivo Group Raised to Reduce at Inderes; PT 1.50 euros (+)

>>> Down
* Abrdn plc Cut to Sell at Redburn
* Beyond Meat Cut to Underweight at Barclays; PT $10
* Brenntag Cut to Neutral at Oddo BHF; PT 91 euros (+)
* Carlsberg Cut to Underweight at JPMorgan; PT 800 kroner
* DraftKings Cut to Underweight at JPMorgan; PT $12
* Efecte Cut to Accumulate at Inderes; PT 10.20 euros (+)
* Forbo Cut to Market Perform at ZKB (+)
* Genmab Cut to Hold at Jyske Bank; PT 3,400 kroner (*)
* Heineken Cut to Neutral at JPMorgan; PT 100 euros
* Kingspan Cut to Neutral at Exane (+)
* Nexus Cut to Hold at Pareto Securities; PT 60 euros
* Rockwool Cut to Underperform at Exane
* Symrise Cut to Neutral at Goldman; PT 116 euros
* Travis Perkins Cut to Neutral at Exane (+)
* Tyson Cut to Underweight at Barclays; PT $58
* Vinci Cut to Neutral at Grupo Santander; PT 104 euros (+)
* Virgin Money UK Cut to Market Perform at KBW; PT 200 pence
* Watches of Switzerland Cut to Neutral at Goldman; PT 1,045 pence

>>> Initiation
* Airtel Africa Rated New Overweight at ABSA Securities
* BAE Systems Forecasts Upgraded on Strong Dollar, Cash Flow: Citi (+)
* Exane BNP Sees Correction, Opportunities in Building Materials (+)
* Lanxess Raised, Symrise Cut as Goldman Sees Deflationary Outlook
* Siegfried Resumed Hold at Stifel; PT 700 Swiss francs (+°
* Vestas Reached Turning Point, Citi Sees Improved Orders, Cash
* Virgin Money Cut at KBW With Shares No Longer Cheap Enough (+)

>>> Stoxx 600 Pre-Market Indications

  • Teleperformance (RCF TH) +1.4%
    • Letter from Daniel Julien: Teleperformance Colombia and UNI Global negotiations– November 27, 2022
  • GSK (GS71 TH) +1.1%
  • Barclays (BCY TH) +1.1%
  • Lanxess (LXS TH) +1%
    • Lanxess Raised, Symrise Cut as Goldman Sees Deflationary Outlook
  • Diageo (GUI TH) +1%
  • Vodafone (VODI TH) +0.9%
    • European Telecom M&A to Go Quieter in 2023 Amid Challenges: BI
  • Fresenius SE (FRE TH) +0.8%
    • Ferinject Approved in China for Treatment of Iron Deficiency
  • AstraZeneca (ZEG TH) +0.7%
    • C4X Discovery Signs Licensing Deal With Astra Worth up to $402m
  • DSM (DSM2 TH) -1.6%
  • Nel (D7G TH) -1.7%
  • Repsol (REP TH) -1.8%
    • Watch European Commodity Stocks as Oil, Metals Fall on China
  • Fuchs Petrolub (FPE3 TH) -1.8%
  • Shell (R6C0 TH) -1.8%
  • TotalEnergies (TOTB TH) -2%
    • Watch European Commodity Stocks as Oil, Metals Fall on China
  • BP (BPE5 TH) -2.3%
  • Symrise (SY1 TH) -2.6%
    • Lanxess Raised, Symrise Cut as Goldman Sees Deflationary Outlook
  • Carlsberg (CBGB TH) -3.5%
    • AB-InBev Double-Upgraded, Heineken and Carlsberg Cut at JPMorgan
  • Brenntag (BNR TH) -5.7%
    • Brenntag Confirms Talks Over Univar Acquisition

>>> TradeGate Pre-Market Indications

DAX:
  • Fresenius SE (FRE TH) +1.5%
    • Ferinject Approved in China for Treatment of Iron Deficiency
  • Fresenius Medical (FME TH) +0.2%
  • Adidas (ADS TH) -1.3%
  • Brenntag (BNR TH) -4.4%
    • Brenntag-Univar Combination Would Be Logical Step: Street Wrap
    • Brenntag Confirms Preliminary Talks With Univar Solutions
MDAX:
  • Lanxess (LXS TH) +1.2%
    • Lanxess Raised, Symrise Cut as Goldman Sees Deflationary Outlook
  • Delivery Hero (DHER TH) -1.1%
  • Encavis (ECV TH) -1.2%
  • Duerr (DUE TH) -1.2%
  • TeamViewer (TMV TH) -1.5%
  • Fuchs Petrolub (FPE3 TH) -1.8%
SDAX:
  • Medios (ILM1 TH) +3%
  • Heidelberger Druck (HDD TH) +1.9%
  • PNE AG (PNE3 TH) +1.4%
  • Deutz (DEZ TH) +1%
  • Bilfinger (GBF TH) -1.4%
  • MorphoSys (MOR TH) -1.4%
  • SMA Solar (S92 TH) -1.6%
  • Suedzucker (SZU TH) -1.6%
  • Uniper (UN01 TH) -6%
    • Woodside Energy Ships North West Shelf LNG Cargo to Europe

>>> What to look at today - 28th of November 2022

Shares slid while the dollar and Treasuries advanced as growing unrest in China over Covid restrictions sent a shiver through global markets. Chinese equities led the share-market declines, with weakness also evident in Australia, Japan and South Korea. US futures dropped as modest customer traffic and heavy discounting by American retailers on Black Friday added to the downbeat tone. The greenback strengthened on haven demand, showing notable gains against the currencies of Australia and South Africa, both of which are exposed to trade with China. The onshore yuan dropped as much as 1% before trimming its loses.  Oil fell as developments in China hurt appetite for risk and the outlook for demand, adding to stresses in an already-fragile global market. West Texas Intermediate Crude slid to the lowest level since 2021. Gold edged lower as the dollar strengthened, placing downward pressure on the precious metal. The downbeat mood emanating from China contrasts with the boost to sentiment in global markets last week after the Federal Reserve’s Nov. 1-2 meeting minutes showed most officials backing slowing the pace of interest-rate hikes.  Since the Fed’s latest meeting, investors have parsed a bevy of economic data that somewhat eased inflation concerns, further strengthening the case for smaller rate hikes. The S&P 500 notched a weekly gain of 1.5% that took the index to the highest level since early September. The Nasdaq 100 also eked out a gain for the week. All eyes will be on the US jobs report this week and on Fed Chair Jerome Powell and New York Fed President John Williams, who are among central bank officials scheduled to speak. 

Nikkei -0.54% Hang Seng -2.38% CSI -1.93% Shanghai -1.41% Shenzen -1.11%

Eur$ -0.42% CNH 7.2285 CNY 7.2107 JPY 138.39 GBP 1.2048 CHF 0.9468 RUB 60.74 TRY 18.6258 WTI$ 73.94 -3.07% Gold 1,750 -0.32% BTC 16,155 -2.51% ETH 1,168 -3.89%

S&P -0.60% Nasdaq -0.79% EuroStoxx -0.50% FTSE -0.45% Dax -0.48% SMI -0.15%

Macro :
- Commodity Currencies Weaken as China’s Covid Unrest Hits Mood
- FTX Chaos Prompts Reckoning on Dubai’s Embrace of Crypto Giants
- Backlog of U.S. Arms Deliveries to Taiwan Nears $19 Billion -- WSJ
- Oil Eyes $70 Floor in Slow-Growth Case Where US Reserves Rebuild

Keep an eye on :
- ABBN SW : ABB Nears Deal to Resolve Third U.S. Bribery Case Against Company -- WSJ
- ADS GY : Kanye West Wanted as Much as $3 Billion in Adidas Stock During Negotiations, Sources Say -- WSJ
- ADJ GY : Adler Agrees on ‘Expensive, Complex’ Debt Deal With Bondholders
- AIR FP : Airbus Prepares to Delay 2023 Deliveries of Some Aircraft: Rtrs
- AAPL US : Foxconn Offers $1,800 Bonus to Workers Who Stay in IPhone City
- ARYN SW : Aryzta 1Q Revenue EU509.1M
- BNR GY : Brenntag Confirms Early Talks to Acquire US Rival Univar
- BNR GY : Brenntag-Univar Combination Would Be Logical Step: Street Wrap
- BPT LN : Bridgepoint Eyes 75% Stake in English Cricket Competition: Sky
- CO FP : Casino Starts Process to Sell Up to $677M Assaí Stake
- C3RY GY : Cherry AG Picks Oliver Kaltner to Succeed Unterberger as Chair
- CINE LN : ‘Knives Out 2’ Pulls in $13.3 Million for Netflix in Cinema Test
- DB1 GY : Global Exchanges May Yet Seek Bolt-On M&A for Strategic Merits
- DMYDB SS : Diamyd Medical’s Phase 3 Diabetes Trial Approved to Start in US
- FINGB SS : Fingerprint Cards to Receive SEK305m From Rights Issue
- FORN SW : Forbo Group CEO Michael Schumacher to Leave Co. Nov. 30
- IREN IM : Iren & Ascopiave Modify Pact on Gas Distribution Concessions
- LSEG LN : Global Exchanges May Yet Seek Bolt-On M&A for Strategic Merits
- MC FP : LVMH to Buy Pedemonte to Boost Jewelry Production Capacity
- MANU US : Manchester United’s Price Tag May Set ‘Landmark’ for Football
- MEL SM : *MELIA CEO TO RECOMMEND BOARD NOT TO PAY DIVIDEND AGAINST 2022
- NOVN SW : Novartis Granted FDA Orphan Drug Status for Ribociclib
- SU FP : Meituan, Schneider Electric in Latest BI Analyst Reaction
- SDRY LN : Elliott-Backed Fund to Bankroll Rescue of Superdry: Telegraph
- SHEL LN : Shell Said to Be Selling Stakes in UK North Sea Oil Fields
- SPI AV : S Immo 9M Net Income EU98.9M Vs. EU159.9M Y/y
- TIT IM : Italy State Lender May Delay Telecom Italia’s Grid Bid: Corriere
- VIFN SW : *FERINJECT APPROVED IN CHINA FOR TREATMENT OF IRON DEFICIENCY
- WDP BB : WDP Places €440M Syndicated 7-Year Bullet Loan Maturing in 2030
- XOM US : Exxon Mobil Has a Potash Problem in the Permian Basin -- WSJ
- YU/ LN : Yu Group Sees Earnings Significantly Ahead of Market Views

>>> Europe : Brokers Upgrades & Downgrades - 28th of November 2022

>>> Up
* AB InBev Raised to Overweight at JPMorgan; PT 70 euros
* ACTIVISION RAISED TO OVERWEIGHT VS EQUAL-WEIGHT: MORGAN STANLEY
* BNP Paribas Raised to Overweight at Barclays; PT 70 euros
* Bucher Raised to Outperform at RBC; PT 440 Swiss francs
* Devro Raised to Neutral at Exane; PT 319 pence
* FDM Group Raised to Buy at Numis; PT 1,000 pence
* Hugo Boss Raised to Add at Baader Helvea; PT 56 euros
* Jet2 Raised to Buy at HSBC; PT 1,125 pence
* Lanxess Raised to Buy at Goldman; PT 47 euros
* Nabaltec Raised to Buy at Baader Helvea; PT 30 euros
* Swedbank Raised to Buy at AlphaValue/Baader

>>> Down
* Abrdn plc Cut to Sell at Redburn
* Beyond Meat Cut to Underweight at Barclays; PT $10
* Carlsberg Cut to Underweight at JPMorgan; PT 800 kroner
* DraftKings Cut to Underweight at JPMorgan; PT $12
* Heineken Cut to Neutral at JPMorgan; PT 100 euros
* Nexus Cut to Hold at Pareto Securities; PT 60 euros
* Symrise Cut to Neutral at Goldman; PT 116 euros
* Tyson Cut to Underweight at Barclays; PT $58
* Virgin Money UK Cut to Market Perform at KBW; PT 200 pence
* Watches of Switzerland Cut to Neutral at Goldman; PT 1,045 pence

>>> Initiation
* Airtel Africa Rated New Overweight at ABSA Securities
* Alm Equity Rated New Buy at Arctic Securities; PT 618 kronor
* HUTCHMED China Rated New Add at Huachuang
* Unity Software Resumed Equal-Weight at Morgan Stanley; PT $27.50

>>> Call
* AB-InBev Double-Upgraded, Heineken and Carlsberg Cut at JPMorgan
* Challenges in Mobile Gaming, But Positive on Activision, MS Says
* European Telecom M&A to Go Quieter in 2023 Amid Challenges
* Hugo Boss Loses Only Negative Rating as Baader Sees Momentum
* Just Group New Buy at Jefferies on Underappreciated Turnaround
* Lanxess Raised, Symrise Cut as Goldman Sees Deflationary Outlook
* Vestas Reached Turning Point, Citi Sees Improved Orders, Cash

(ZH) Binance's 'CZ' Says Half Billion WhatsApp User Records For Sale On Dark Web

Binance's 'CZ' Says Half Billion WhatsApp User Records For Sale On Dark Web

Nearly half a billion WhatsApp users' mobile phone numbers are allegedly for sale on a dark web community forum, according to multiple sources, including Binance's billionaire Changpeng "CZ" Zhao.
"A new set of 487 million WhatsApp phone numbers for sales in the Dark Web," CZ tweeted Sunday. He said a sample of hacked data "indicates the phone numbers are legit."
CZ warned users on the Meta-owned platform that "threat actors downstream will use this data to conduct smishing (phishing messages) campaigns."
Cybernews initially confirmed the hack. They said:
On November 16, an actor posted an ad on a well-known hacking community forum, claiming they were selling a 2022 database of 487 million WhatsApp user mobile numbers.
The dataset allegedly contains WhatsApp user data from 84 countries. Threat actor claims there are over 32 million US user records included.
Another huge chunk of phone numbers belongs to the citizens of Egypt (45 million), Italy (35 million), Saudi Arabia (29 million), France (20 million), and Turkey (20 million).
The dataset for sale also allegedly has nearly 10 million Russian and over 11 million UK citizens' phone numbers.
The threat actor told Cybernews they were selling the US dataset for $7,000, the UK – $2,500, and Germany – $2,000.
Cybernews also posted a screenshot of the seller's post on the forum featuring the total number of phone numbers per country.
Cybernews investigated a sample of the stolen database and concluded this is legit.
The report adds massive data sets "could be obtained by harvesting information at scale, also known as scraping, which violates WhatsApp's Terms of Service." The seller claims all numbers belong to active users.
"In this age, we all leave a sizeable digital footprint – and tech giants like Meta should take all precautions and means to safeguard that data.
"We should ask whether an added clause of 'scraping or platform abuse is not permitted in the Terms and Conditions' is enough. Threat actors don't care about those terms, so companies should take rigorous steps to mitigate threats and prevent platform abuse from a technical standpoint," head of Cybernews research team Mantas Sasnauskas said.
This is not the first time Meta and its platforms have had users' personal data published on the dark web. Last year, someone on a low-level hacking forum published the phone numbers and personal data of 533 million Facebook users from 106 countries for free.
Meta has vowed to crack down on data-scraping after Cambridge Analytica scraped the data of over 80 million users to target them with political ads in the 2016 election.

FT : The ultimate guide to vegan Paris

The ultimate guide to vegan Paris
Where to find everything that’s great about French gastronomy — in plant-based form

Hosting visitors in Paris is usually a painless experience. Most are delighted to simply walk around, eat food and drink wine. But when a vegan friend came to see me from London, I felt out of my depth. The ubiquitous buttery pastries, cheeseboards and steak tartares were definitely not going to cut it.

The French are understandably defensive about their gastronomy. It is so central to their identity and renowned globally that the Unesco has awarded it World Heritage status. Unfortunately for my friend, they have been equally resistant to the growing trend of vegan cuisine as they are protective of their own.

This defiance takes many faces. When I interned at an independent French magazine, my boss despised vegans so much that he banned us from writing about their restaurants. Last year, the Green Party mayor of Lyon sparked outrage when he proposed introducing meatless meals to school canteens. Farmers driving tractors stormed the city hall in protest.

It’s not just pride: many French people see veganism as an existential threat that could jeopardise jobs and alter the country’s social fabric. France is Europe’s biggest beef and second-largest poultry and dairy producer. Regional specialities such as charcuterie and cheese are tied to centuries-old traditions and are often protected by state regulation.

Food, however, has a way to bypass borders and keep up with the times. And so a niche but ambitious new breed of Parisian chefs have made it their mission to marry the best of French culinary traditions with plant-based cuisine. Below are some of my favourite bakeries, restaurants and even fromagers for vegans in the eternal food capital of the world.