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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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Free AccessDell (NR/BBB/BBB) Q1 Results; Cash Flow Weaker, Leverage Steady
- Equity moves driven by extremely high expectations; don’t see this as a big credit mover given healthy underlying fundamentals.
- Q1 revenue close to 3% ahead of consensus at +6.6% YoY driven by a 22% increase in Infrastructure Solutions and flat Client Solutions revenue with AI server sales doubling QoQ. Q1 op income was -14% YoY on flat Infrastructure Solutions and an 18% drop in Client Solutions.
- CFO of USD 1bn was -41% YoY but still gives a LTM figure of USD 7.9bn. adj-FCF of USD 0.6bn was -9% YoY to give a LTM figure of USD 5.5bn. Capital returns of USD 1.1bn in line with USD 1.1bn in Q423 and USD 1bn in Q323. Chosen LT core leverage metric flat to FY23 at 1.5x.
- Q2 revenue seen +5% YoY at the midpoint vs. FY25 guidance of +8% at the midpoint (FY25 BBG consensus of +7.9%). FY25 gross margin to decline by 150bps on cost inflation and higher spending on AI-optimised servers.
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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.