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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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- Q3 Adj-Rev GBP of GBP 5.3bn (+2.5% YoY) slightly ahead of the 5.2bn consensus.
- Q3 Adj-EBITDA was as expected at just over GBP 2bn (+1% YoY) with Consumer nearly exactly in-line with consensus of GBP 661 and Openreach GBP 20mn ahead of consensus at GBP 967mn despite some concerns in the market about vulnerability to contract losses to VM02/Sky.
- All FY24 guidance was confirmed.• Not a whole lot to surprise in the numbers so we don’t expect much of a credit reaction here.
- As previously noted, BT bonds performed well over Q4, with tightening versus peers supported by H1 earnings which saw FCF guidance raised to the top of their range as well as their triennial pension revaluation in November.
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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