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Birkenstock (BIRKEN; NR/B/BB)

CONSUMER CYCLICALS
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  • Some firm 2Q results flowing through & its bumped FY guidance on it (above analyst consensus as well).
  • Net leverage down from 3.3x last half to 2.6x on gross paydowns (-€525m) funded by October IPT (€466m) & cash on hand. Net debt now at €1.3b, gross €1.5b (3x). Adds "The Company remains committed to further deleveraging its balance sheet with free cash flow."
  • Has single line in €s; {BP136819 Corp} mids at 4.8% working out to first par call in '26 (Z+139 vs Z+204 to maturity/29 workout). Value there on if it does par call in '26 (5.25% coupon), b/a 0.8pts wide, no view yet from us on that.
  • Equities spike +6% in pre-market.

"The Company now expects fiscal 2024 reported revenue of €1.77-1.78b, reflecting overall revenue growth of approximately 19% on a reported basis and 20% on a constant currency basis...Adjusted EBITDA is expected €535-545m, up from prior guidance of €520-530m, resulting in an Adjusted EBITDA margin of 30-30.5%. The Company is reiterating its medium to long-term profitability objectives for gross profit margin of approximately 60% and adjusted EBITDA margin over 30%"

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  • Some firm 2Q results flowing through & its bumped FY guidance on it (above analyst consensus as well).
  • Net leverage down from 3.3x last half to 2.6x on gross paydowns (-€525m) funded by October IPT (€466m) & cash on hand. Net debt now at €1.3b, gross €1.5b (3x). Adds "The Company remains committed to further deleveraging its balance sheet with free cash flow."
  • Has single line in €s; {BP136819 Corp} mids at 4.8% working out to first par call in '26 (Z+139 vs Z+204 to maturity/29 workout). Value there on if it does par call in '26 (5.25% coupon), b/a 0.8pts wide, no view yet from us on that.
  • Equities spike +6% in pre-market.

"The Company now expects fiscal 2024 reported revenue of €1.77-1.78b, reflecting overall revenue growth of approximately 19% on a reported basis and 20% on a constant currency basis...Adjusted EBITDA is expected €535-545m, up from prior guidance of €520-530m, resulting in an Adjusted EBITDA margin of 30-30.5%. The Company is reiterating its medium to long-term profitability objectives for gross profit margin of approximately 60% and adjusted EBITDA margin over 30%"