CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

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

Orsted Curve Steady Ahead As Company Outlines Measures To Protect BS

UTILITIES


  • Orsted’s FY23 results included measures to protect the BS in the wake of November’s scrapping of two US projects in November and a DKK ~17bn increase in interest-bearing debt.
  • Measures between 2024-2026 include a 20% reduction in CapEx, an accelerated divestment schedule bring DKK 15bn in additional proceeds, DKK 1bn in cost cutting with 600-800 job losses and a three-year dividend holiday.
  • From FY EBITDA excl. new partnerships of DKK 24bn (slightly ahead of the DKK 20-23bn target) is expected in the range of DKK 23-26bn for FY24 with the company now targeting a lower DKK 39-43bn by 2030. FFO/Net Debt seen rising to ~30% in FY25 to protect their IG rating.
  • Orsted’s curve is stable despite the notable changes outlined while equity is -1.6%. A CMD update at 12pm London Time will likely provide more colour.
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.