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Brenntag (Baa2/BBB+): 1Q24 Results

BASIC INDUSTRIES

Small negative for spreads. Brenntag issued 2 €500mn tranches last month


  • Revenue missed by 6% and EBITDA missed by 5%; down 12% and 19% YoY. Lower prices and increased transportation costs were cited.
  • Company defined FCF remains positive at €175mn, a 61% step down YoY. Consensus saw €288mn (2 estimates). We estimate FCF at €86mn on conventional calculations.
  • Guiding FY24 EBITA to the lower end of its range, a 7% downgrade using midpoint. Analyst consensus suggests this isn’t a surprise. Management expects some improvement in market conditions in H2.

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