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Intercontinental Hotels {IHG LN Equity} (Baa2, BBB) reports in-line earnings

CONSUMER CYCLICALS

* Net debt rose by $421m despite $819m/+45%yoy in FCF - that was due to $1b in returns to equity holders - ~$790m in buybacks and $254m in dividends over the FY (not new)* Its again targeting "over $1b return" to shareholders over '24 - final dividend of 104c & new $800m buyback & will increase leverage to 2.8* (from year-end 2.1*) - its guiding to 2.5*-3* by year end based on current analyst growth (EBITDA +6% yoy) with objective of "maintaining an IG credit rating" (again unch targets).

* Medium/long-term target of 12-15% in EPS growth (~higher than consensus) & guiding to FY24 capex of $150-200m (net in FY23 was $157m).

The above including continued buybacks, FY24 capex guidance, leverage targets & earnings growth are in line with what Moody's had expected when it initiated at Baa2 Stable (Sept '23).

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