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Asahi Beats On Q4 Sales & Op Inc, Guides For Growth & Lev Reduction

CONSUMER STAPLES
  • Asahi looks to have beaten by 5% on Q4 Net Sales and 70% on Operating Income but missed by 14% on earnings.
  • FY24 guidance is broadly slightly BBG consensus on most measures but still guiding for 3.6% rev growth (improvement in prices across all regions), core op profit +4.2%, adj-profit (attrib to shareholders) +6.3%
  • ND/EBITDA of 3.08x, seen declining to 2.7x by end-2024. FY FCF of JPY 252bn seen falling to JPY 225bn
  • EUR bonds 0-2bps cheaper in early trading but broadly muted.

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