TEST FROM BANK OF CANADA, PLEASE IGNORE

MNI BRIEF: US Existing Home Sales Fall 5.4% To 3.89M In June

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

EZ/UK T-Bill Calendar: 26-Week GTB Auction on Wednesday

EZ/UK T-Bill Calendar: 26-Week GTB Auction on Wednesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Wednesday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

TEL Miss On Q4 OIBDA, Beats On FCF, FY24 Guidance Compatible With Goals

COMMUNICATIONS
  • Q4 looks like a slight beat on Q4 Rev (EUR 10.15bn vs. consensus EUR 10.09) but a miss on Q4 OIBDA (EUR 1.8bn vs. consensus EUR 2bn) though Spanish organic OIBDA appears to have stabilised at +0.1% YoY on the back of service revenue improvements. Q4 FCF was ~10% ahead of consensus at EUR 1.56bn).
  • FY results broadly in line with target (Rev +3.7% vs. ~4% target, OIBDA +3.1% vs. ~3% target, FCF EUR 4.3bn vs. EUR ~4bn target) though FY EPS posted a loss on the back of impairments at -0.20. Leverage slightly higher at 2.6x vs. 2.5x at Q3.
  • 2024 targets guide for a slower year but look broadly in line with MT Guidance to 2026 (Rev ~+1% vs. MT guidance of ~1% CAGR, EBITDA +1-2% vs. MT guidance ~2% CAGR, CapEx/Sales up to 13% vs. <12% CAGR).
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.