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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.
TRANSPORTATION
- News reports over weekend are for Cabin crew strikes on Tuesday & Wednesday as they ask for +15% wage increase. It follows ground staff striking for 2 days last week - they were seeking a +12.5% raise.
- LHA expects this week's strikes to impact 100k passengers (vs. last week strikes est. impact of 200k passengers). As point of reference, it estimated a cost of €100m from Jan/Feb strikes (it guiding to FCF of >€1.5b this yr).
- FY23 results last week were slight miss; leverage up over the qtr on pension liability vol. and guiding for FCF slightly below consensus. It also restarte dividends (it sees BS/leverage healthy here) at ~€360m/yr (at low-end of pay-out ratio/expected to grow).
- Perhaps reflecting some of the above, it is a name that's struggled to price to its firm IG rating. We don't see any point of concern for IG status from last weeks numbers.
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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