MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

FINANCIALS: Mastercard: Results Appear Spread Neutral

FINANCIALS

Mastercard (MA: Baa1) 2Q24 results were broadly in line with small misses on volumes offset by a better top line margin. Leverage is down from Mar-24 (seasonal). Spreads have done little since last results (or over the last month) so this appears a relatively spread-neutral event, in our view.

  • Revenues were 1% ahead of consensus but higher costs meant EBITDA was only broadly in line, along with pre-tax profit. Debt-EBITDA is down to 2.0x (from 2.2x at Mar-24) on the seasonally stronger earnings figure.
  • Payments and spending volumes both missed consensus (by c.2%) with AsPac being the largest miss but a relatively broad spread of missed regional figures. Positively, the operating margin was around 70bp better than consensus which drove that revenue beat.
  • July trading looks similar or slightly better than 2Q24 but there’s nothing more substantive on the outlook.

Conf call is 1400 (London time) at: https://events.q4inc.com/attendee/532562736

BulletCredit Bullets
BulletCredit Bullets

To read the full story

Close

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.