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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.
CONSUMER CYCLICALS
- 2Q saw organic fall of -0.9% (c-1.7%) with volume +0.4% and price/mix -1.3%. Ex. restructuring and exited contracts volume was +2.9%. By product volumes were; Health & Medical +3.2%, Consumer goods +3.2% and Professional Hygiene -3.9% (ex. restructuring +1.4%)
- EBITA margin of 14.7% (+2.2ppt yoy, c13%) strong improvement despite the pricing weakness which it's tying to volume growth and falling costs (raw materials, energy & as cost saving investments).
- Net leverage is sitting at a low 1.3x helped by its cash pile from Vinda sale.
- Reminder new MT financial targets were introduced last month (organic growth >3%, EBITA margin >15%). Good progress already made on margins, headline weak but not on volumes.
The curve is pricing a par call on EoD trigger - nothing to add from presser and we don't expect mgmt to say anything new in the earnings call (at 8am London). Not exactly sure what bondholders are waiting for re. formal notice - cost of carry is high in some of these lines (31s through swaps).
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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