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GN Store Rallies As Spreads Tighten - Guidance Outweighs Margin Miss

COMMUNICATIONS
  • Q4 rev came in broadly in-line with adj-EBITDA showing a 5.5% beat though negative 1.3% EBITA margins missed expectations of +9.3%.
  • FY24 targets organic revenue growth of 2-8% from -1% this year, an EBITDA margin of 12-14% from 10% this year and FCF excl. M&A of DKK >700mn from DKK 1.1bn this year.
  • adj-Leverage of 4.5x from 5.5x at FY22 on the back of a DKK 4BN decrease in interest-bearing debt on the back of the strong FCF (driven by earnings, inventory reduction and new trade payables terms), equity raise and refinancing.
  • Not seeing any material new info on their refinancing plan.
  • Shortest EUR lines streaming with spreads up to 12bps tighter DoD.
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