Free Trial

Birkenstock (BIRKEN; NR/B/BB)

CONSUMER CYCLICALS
  • 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%"

To read the full story

Close

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.