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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.
COMMUNICATIONS
Netflix (NFLX US) reported results last night which showed strong subscriber growth, credit is moving tighter across Euro lines this morning.
- NFLX equity was reporting up as much as 9% in extended US trading post-close last night and market commentary was very excited about “best quarter of growth” since the pandemic, in subscriber terms, including 5m (of 8.1m total) added across EMEA.
- FCF was USD6.9bn for FY23 and the 1Q24 revenue forecast is for 13.2% y/y growth along with an improved margin (of 26.2%). The outlook statements were positive, including comments such as “plenty of room for growth” and “healthy double digit revenue growth” for FY24 and the business has generated positive FCF for seven quarters consecutively.
- This morning in Euro trading, NFLX has 5 of the top-11 performing credits in the EuroIG index streaming now, between 3 and 5bp tighter on the day. The benchmark ’27 bond (NFLX 3 5/8 05/15/27) still only trades broadly in line with Omnicom and Disney (see graphic).
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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