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LSEG Results: Inline, CapEx To Slow In FY25, Credit Neutral

FINANCIALS

LSEG (LSEG LN) 4Q23 results with operating metrics broadly in line, outlook similar and an indication that capex will start to slow beyond Dec-24. We take these as credit neutral.


  • Key credit metrics: net debt was GBP6.8bn (similar to Jun-23) with leverage at 1.8x (same as Jun-23). FCF was better y/y but lower than expectations (GBP1.8bn vs. 2.1bn est.).
  • Revenues were in line with consensus, as was EBITDA and net profit, at least at the underlying level. LSEG took over GBP1bn of non-cash write-offs (most importantly, against software build), which did mean GAAP net income missed.
  • Outlook: mid-high single digit (organic) revenue growth (consensus +7.5% y/y), improving profitability (EBITDA growth is 1%> revenue growth in consensus), capex at similar level in FY24 (then declining) and “strong cash conversion”. Intention to maintain leverage at mid-point of 1.5-2.5x range. So, there’s little meaningful upgrade in here, we feel.
Conf call is 1000 London time at: https://www.lsegissuerservices.com/spark/LondonStockExchangeGroup/events/9ed3534d-ddb8-4bbe-bda5-c561dcbad4ec
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