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Glencore FY23: Disappointment Contained to Equity

  • Neutral for spreads. Equity lower on net income miss, lower dividend, no buyback.
  • Revenue beat consensus by 1%. Adj. EBITDA missed consensus by -1%, down -50% YoY after an exceptional 2022 number.
  • Net debt €4.92bn, 11% higher than expected.

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