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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.
CAPITAL GOODS
Baa2/BBB/BBB EUR 28s +6bp, EUR 31sa +2bp
Top line miss but EBITDA beat with stronger cash flow in the quarter. FY guidance changed as per the below image with sales, EBITDA, CFO, CapEx revised lower but EPS revised higher. New USD 5bn share repurchase programme authorised as per the below.
- Q2 revenue -2.9% YoY (-4.6% vs. BBG consensus)
- EBITDA-adj +13.4% YoY (+1.8% vs. consensus)
- USD 643mn in net cash flow vs. USD 535mn in Q223
- “Aptiv announced today that its Board of Directors has authorized a new $5.0 billion share repurchase program. This program will commence following completion of the Company’s previous $2.0 billion January 2019 share repurchase program. Under the existing and new authorizations, the Company will immediately proceed with an accelerated share repurchase program totaling $3.0 billion.” - Funded via combination of available liquidity, prepayable and long-term debt. Intend to maintain investment grade rating.
- Guidance updated as per below image (our table)
- https://ir.aptiv.com/investors/press-releases/press-release-details/2024/Aptiv-Reports-Second-Quarter-2024-Financial-Results-Delivers-Record-Quarterly-Operating-Earnings-and-Earnings-per-Share-Announces-New-5.0-Billion-Share-Repurchase-Authorization-and-3.0-Billion-Accelerated-Share-Repurchase-Program/default.aspx
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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