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Why MNI
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.
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Free AccessLanxess (Baa3): 4Q23 Results
Negative for spreads with rating pressure building. Tough conditions for Lanxess confirmed with no relief on the horizon.
- Revenue missed consensus by 9%, while adj. EBITDA beat by 2%.
- FY FCF beat at €512mn vs €283mn expected. Looks mostly driven by destocking of inventory.
- Leverage is left at 4.9x vs 4.1x YoY due to lower EBITDA. Better than expected due to higher FCF.
- Large exceptional in adj. EBITDA, which was negative pre adjustment.
- Outlook is downbeat with the environment remaining challenging “at least in H1”.
- Moody’s leverage threshold is 3.5x; with the difficult outlook the rating may come under pressure at some point this year.
- LXSGR has underperformed for some time with downgrade risk increasingly priced in.
- Call 12.30 CET https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=BE26729A-0732-4B49-9B4A-DB8B9F5A783A
To read the full story
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Why MNI
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.