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CONSUMER STAPLES: Walgreen Boots (B1 Stable/BB Neg) final remarks on 4Q

CONSUMER STAPLES
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  • We can confirm it said a $100m benefit to the FY adj. EBIT from store closures (will scale higher as years go/leases roll-off).
  • Net we still see the release as credit neutral but as we said the €26s were heading in wide and that seems to be correcting.
  • Equities trade at an abysmal multiple so a +10% gain is hardly a sign of a recovery.

Moves:

  • new $29s +1.7pts/-50bps
  • €26s +0.6pts/-30bps
  • £25s unch

Reported margins for FY24 and FY25 based on provided guidance updated below.

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  • We can confirm it said a $100m benefit to the FY adj. EBIT from store closures (will scale higher as years go/leases roll-off).
  • Net we still see the release as credit neutral but as we said the €26s were heading in wide and that seems to be correcting.
  • Equities trade at an abysmal multiple so a +10% gain is hardly a sign of a recovery.

Moves:

  • new $29s +1.7pts/-50bps
  • €26s +0.6pts/-30bps
  • £25s unch

Reported margins for FY24 and FY25 based on provided guidance updated below.