May 09, 2024 11:32 GMT
Nissan (Baa3/BB+/BBB-): 4Q23 Results
CONSUMER CYCLICALS
Slightly negative on outlook, particularly margins
- 4Q: Revenue missed consensus by 1%. Operating income missed by 31%.
- FY: Revenue missed by 1%, operating income missed by 7% with margins slightly below expectations. However, this was a beat to updated guidance following the profit warning last month.
- Auto FCF up to 323bn (187bn FY22). Leaves auto net cash up 333bn, group net debt is 660bn higher, however.
- FY24 outlook has revenue up 7% and 4% better than consensus. Operating income 3% lower than consensus with margins expected to be still weak at 4.4%.
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