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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 AccessNaturgy Beats On EBITDA, Gives Limited FY24
- Credit spreads stable, equity -1.7% at time of writing.
- FY results look like a slight beat on EBITDA (+10.5% YoY and +2.5% vs. consensus) and EUR ~500mn ahead of guidance. Revenue of EUR 23bn was notably lower than the EUR 34bn in FY24 due to falling energy prices.
- Net debt came in flat with EBITDA leverage of 2.2x from 2.4x at FY22; EUR 9.2bn cash and undrawn credit lines from EUR 9.5bn at FY22; FY FCF +32% YoY
- Limited FY24 outlook (RTRS say this is due to market volatility and unexpected weather conditions) aside from a EUR 3bn investment plan focussed on renewables and DPS of EUR 1.40 subject to BBB rating (which it intends to protect).
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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.