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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
Adidas (A3, A-; double neg) {ADS GY Equity} - comp's report weak US retail conditions
- As a recap on recent developments; Yeezy inventory disposal (drops) has been more successful than expected last year - a positive for margins/ratings - but it still needs margin growth & earnings growth for leverage to come into required levels (Moody's 2.5*) - it reported it fell from 4.8* to 3.3* over the qtr ending in FY23 helped by earnings uplift and no refi'ing on a €500m paydown.
- It kept FY24 outlook unchanged (from earlier this year) at high-single digit constant currency growth (ex. Yeezy) and 2024 EBIT at €500 on assumption Yeezy inventories will be sold only at cost. Capex targets left unch at €600m while dividend was kept unch (tad higher than consensus) at €126m.
Adidas curve continues to screen tight to us, we don't see any rating upside in near future with Moody's out in late Jan affirming negative outlook. Cash lines unch today.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.