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CAPITAL GOODS: Traton (TRAGR Baa2[P]/BBB/NR): 1H24 Results

CAPITAL GOODS

Neutral for spreads with guidance confirmed being the main point.

  • Revenue was in-line with consensus. 2Q pricing and mix helped; revenue -1% with unit sales -5%. 
  • Adj. EBIT was also in-line.
  • FCF fell sharply YoY to €64mn due to inventory buildup. Nebt debt is left €1.2bn higher from FY23 at €7bn.
  • F24 outlook confirmed, truck market forecast unchanged.
  • Webcast 09.00 BST https://www.webcast-eqs.com/register/traton-2024-h1/en

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