MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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

Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

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.