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Why MNI
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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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Free AccessBASIC INDUSTRIES: Imerys (NK Baa3/BBB-/NR): 2Q24 Results
Neutral for credit. Negative read for autos here, sees stronger than expected drop and negative outlook for the rest of the year. The hoped-for 2H recovery in autos appears increasingly unlikely.
- Revenue was slightly ahead of consensus, beating by just under 2%. That’s up 1% YoY with higher volumes but marginally lower prices.
- Adj. EBITDA beat by 9% (3 estimates). 20% margin was 2.6% better YoY with input costs improving relative to prices as well as cost saving initiatives.
- Despite 11% YoY EBITDA growth, LfL 1H FCF was a touch lower at €88mn, mainly on WC changes. Leverage is unchanged from FY23 at 1.7x.
- Management seems slightly more upbeat than others on the construction market outlook; sees European residential improving but remaining below historical levels. North America remains good overall despite weak residential. Interestingly they see positive trends in China with government measures supporting residential.
- FY24 adj. EBITDA guidance has been provided for the first time at €670-690mn, 2% below consensus at mid-point.
- Call replay https://edge.media-server.com/mmc/p/yo8bxjye/
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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.