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Rentokil (RTOLN; NR/BBB/BBB) Profit Warning

CONSUMER CYCLICALS
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Unscheduled trading update where it has revised North America organic revenue growth to +1% in 2H (c+3%), FY24 NA EBIT margin at 17.2% (last yr 18.7%) and group EBIT margin to 15.5% (prev. guidance for slight improvement from last year which was 16.6%; consensus was at 16.2%)

  • Says ex. NA is doing fine but reminder 60% of revenue and profit comes from the region.
  • Group EBTA now expected at £700m for the FY - consensus was at £750m.
  • Nothing on BS but it was net 2.8x levered at the end of June and targeting 2-2.5x

Reminder a CFTN report said the initial leaks from the Times that Phillip Jansen and PE partners were eyeing the co were false. Low cash px lines went bid on the initial news for CoC at par (Junk ratings) - on all the lines. ONLY the €24/€26/€28s also have a 1.25% step-up - they only require ONE agency to move below BBB-.

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Unscheduled trading update where it has revised North America organic revenue growth to +1% in 2H (c+3%), FY24 NA EBIT margin at 17.2% (last yr 18.7%) and group EBIT margin to 15.5% (prev. guidance for slight improvement from last year which was 16.6%; consensus was at 16.2%)

  • Says ex. NA is doing fine but reminder 60% of revenue and profit comes from the region.
  • Group EBTA now expected at £700m for the FY - consensus was at £750m.
  • Nothing on BS but it was net 2.8x levered at the end of June and targeting 2-2.5x

Reminder a CFTN report said the initial leaks from the Times that Phillip Jansen and PE partners were eyeing the co were false. Low cash px lines went bid on the initial news for CoC at par (Junk ratings) - on all the lines. ONLY the €24/€26/€28s also have a 1.25% step-up - they only require ONE agency to move below BBB-.

Keep reading...Show less