Free Trial

Heidelberg Posts Stable Results With Guidance For Steady FY24 Growth


  • Q4 results broadly in line; Rev missed by 2%, adj-EBITDA beat by 1%
  • EUR spreads broadly muted; 1-2bps of tightening in places
  • FY results saw a EUR 3.02bn result from current operations vs. the EUR 2.85-3bn guidance and ROIC of 10.3% vs. the 9% guidance. A EUR 1.6bn buyback through to 2026 was announced though judging from the equity reaction this may have disappointed slightly.
  • For FY24 the outlook implies like-for-like revenue growth, result from current operations of EUR 3-3.3bn and ROIC of ~10%.
  • Credit metrics appear strong; FY FCF of EUR 2.2bn was EUR 0.9bn above FY22 with Cash Conversion rising to 51% from 26%. Leverage fell to 1.24x from 1.48x at FY22

To read the full story



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.