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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.
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- FY Revenue flat YoY with gains in book publishing, music & education offsetting a strong decline in TV and FX-related declines. Adj-EBITDA was down 2% with the company citing German TV advertising and the sale of Majorel shares as the reason.
- Leverage remains at 1.8x (vs. an upper limit of 2.5x) while FY CFO came in EUR 500mn higher YoY at EUR 1.9bn.
- FY guidance is vague like previous years though this is unsurprising given that they downgraded FY23 guidance at both H1 and Q3; guiding for “modest increase in revenues and earnings in our continuing operations” though due to the disposals we should expect a decline in reported figures.
- 2026 targets have been revised lower to reflect the disposals; rev and EBITDA now seen at EUR 21bn (from EUR 26bn previously, vs. EUR 20.1 this year) and EUR 3.4bn (from EUR 4bn previously, vs. EUR 3.1bn this year).
- EUR spreads are slightly wider but muted on the day. Bertelsmann bonds trade tight against higher rated media peers and in our view probably too tight to a broader €IG BBB Comms curve given their exposure to the structurally weak television industry.
- That being said, the asset disposals are a credit positive and stable leverage under 2x over the year should limit the potential for adverse rating actions.
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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