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JDE Peet's Beats On H2, Guides For Stable FY24 With Higher Leverage

CONSUMER STAPLES


  • H2 looks like a beat vs. company-provided median consensus on organic sales growth (+4.3% vs. consensus 3.7%), organic EBIT growth (+5.5% vs. consensus -0.2%), FY FCF (EUR 522mn vs. consensus EUR 396mn) with an in-line DPS.
  • FY24 outlook includes a slightly ahead of consensus organic sales outlook (lower-end of 3-5% vs. 3% consensus and 3.9% this year) and mid-single-digit organic adj-EBIT growth excl. Russia (vs. 6% this year).
  • They also guide for net leverage of ~3x (from 2.7x this year and 2.65x at FY22) and stable FCF and dividends.
  • EUR spreads flat in early trading with ~1bp of widening in places.

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