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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 AccessBooking.com (A3, A-; S) guidance misses, dividends restarted, leverage targets unch
Equities are down -8.6% in pre-market. Its 4Q results came ~in-line with mgmt reported it would have posted stronger beats ex. impact from middle-east/Israel. FCF for FY was $7b which was used up in $10b of buybacks (it has headroom on net lev. targets) - $14b remaining in the authorisation which it expects to finish by 2026. Its also restarted dividends (qtrly at $8.75/share, 0.9%p/a, ~$1.3b) while reiterating that it won't change gross/net leverage target of 2* & 1* respectively (net leverage was negative till this yr).
It missed on Q1 & FY24 guidance (room nights, gross bookings & EBTIDA) which seems be driving share px action. Leverage targets unch (ratings have been affirmed since targets were brought in FY22) & still strong EBITDA growth (in high single digits) should support leverage & leave its A grade rating unch. Its already a name that trades wide of its rating (unlike local issuer Accor (Snr; NR, BBB-, BBB- S) which screens tight) - BKNG € cash bonds were unch this mng.
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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.