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CAPITAL GOODS: Dover (Baa1/BBB+/NR): 2Q24 Results

CAPITAL GOODS

Credit neutral.

  • Revenue beat consensus by 1%, with 5% organic growth. Book-to-bill at 1x.
  • EBITDA landed 10% better than expected, although this was on lower depreciation with adj. EBIT missing by 11%.
  • FCF looks on the low side, with larger than expected WC changes and a one-off tax payment. Net debt is close to expected.
  • FY growth guidance is narrowed up from +1-3% to +2-3% with FCF/sales maintained.
  • Webcast ongoing https://edge.media-server.com/mmc/p/hqnjxbem

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