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CAPITAL GOODS: Schneider Electric (A3/[P]/A/NR): 1H24 Results

CAPITAL GOODS

Strong results, minimal spread impact expected.

  • Schneider reported revenues in-line with consensus, with 6% organic growth. The systems division is benefiting from the energy transition with Software also posting strong growth.
  • Adj. EBITDA beat by 7%, with margins 1% better YoY at 18.6%.
  • FCF at €900mn was 19% shy of consensus due to increased WC and would have beat otherwise. Leverage is marginally up from FY23 at 1.4x, down from 1.8x YoY.
  • Organic EBITDA growth guidance was upgraded 1% to 9-13% range, on improved margin expectations. Consensus is already in-line with that.
  • Webcast replay https://edge.media-server.com/mmc/p/houqnc5f
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