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Nomad Foods(B1, BB-,BB+;S) reports Q4 results ; mids on single 28's (€92.7) are unch

CONSUMER STAPLES

* Slight miss headline on revenue at €761m (c€767m) but beat on adj. EBITDA at €117m (c€155m) driven by a +1.5% beat on gross margins (at 27.3%).

* Adj. FCF was €300m driven by strong cash conversion of 109% - still it used little of that to pay down loans/lease liabilities, (~€42m paid down vs. the €2.1b in debt) instead opting for buybacks of €171m.

* That choice is in the face of a nearly doubling in interest cost to €94m, strong FCF still net boosting cash & eqv's that were up ~€30m to €400m. Its reinforcing "commitment to enhance shareholder value" in pressy - it initiated qtrly dividend last month at 15c/~€25m.

* Its affirmed FY24 guidance at org. revenue growth of 3-4%, adj, EBITDA +4-6% & FCF conversion at 90-95%. No rating change on the 28's since 2021, & hard to see gross leverage tailwind on marginal EBITDA beat.

* No clear direction from equities in pre-market, single 28's unch

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