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Snam Results In Line; Leverage Higher As Expected With Guidance Implying 0.2x Increase

UTILITIES


EUR Spreads Muted


  • FY earnings look broadly in line on revenue (+17% YoY) and EBITDA (+8% YoY) and look broadly in line with management targets on debt, investment etc.
  • FY24 guidance implies EBITDA +12% (in line) and net debt EUR +2.3bn to EUR 17.6bn giving a leverage ratio of 6.52 from 6.32 this year (from 5.32x at FY22 though the increase was expected in the wake of MT guidance).

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