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AstraZeneca (AZN; A2, A, A-; S) {AZN LN Equity}

HEALTHCARE

  • Mgmt is pushing '24 dividend up by +7% to $3.10 a share or total $4.8b (from $4.5b last year).
  • Move consistent with its policy for flat to increasing dividend.* Analyst expect FCF to stay flat at $9.2b, BS is levered low in high 1s - down from >3x it was running post Alexion acquisition in '21.
  • 31's spread in normal +10-20bp range vs. Eli for the one-notch rating.

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