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Schneider Electric Beats On Org Growth, Misses On EPS; Guides For Slower FY24

CAPITAL GOODS


  • Q4 rev broadly in line (-0.3% miss) with a beat in Org Growth (9.1% vs. 7.5%) though FY EPS missed by nearly 7%. FY Org Growth of 12.5% beat the 11.9% consensus. DPS to EUR 3.5 from 3.15 (broadly in line).
  • Sees FY24 adj-EBITA Org Growth of 8%-12% (from +25% in FY23), Org Rev Growth of 6%-8% (from 12.5%) and adj-EBITA Margin +40-50bps (from 17.9%).
  • FY FCF +38% YoY, Net Debt to EUR 9.4bn from EUR 11.2bn at FY22, management still committed to strong IG rating.
  • Spreads muted.
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