MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

AMS-Osram Q4 Rev and adj-EBIT In-Line Though Outlook Implies Weak FY24

CONSUMER STAPLES


  • Q423 Rev and adj-EBIT in line with consensus though CapEx of EUR 222mn came in higher than that EUR 180mn consensus and a loss of EUR 16mn came against an expected EUR 15mn profit. Adj-EBIT margin of 7.9% was towards the upper end of the 5%-8% guidance.
  • Net debt improved signifincantly on the back of their refinancing (EUR 2.3bn in Q3 to EUR EUR 1.7bn) though OCF declined 60% YoY to EUR 80mn while CF From CapEx stayed broadly stable.
  • Q1 Rev seen at EUR 800-900mn (from EUR 927mn last year), affected by seasonal trends and weak demand in industrial and medical market and adj-EBIT margin of 4% to 7% on normalised China demand.
  • FY24 outlook includes “sustained weakness” in industrial and medical segments in H1, with improvement expected in H2. Plans to exit non-core semiconductor businesses, projecting EUR 75mn EBIT run-rate improvements by end-year. The see positive FCF including divestment proceeds.
  • EUR bonds all muted in early trading.
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

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.