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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.
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- BBG consensus figures for Q4 are quite sparse but by backing out 9M23 results from FY23 consensus we arrive at Q4 expectations of EUR 1.36bn for Rev (+1.4% YoY), EUR 457mn for EBITDA (+6% YoY), CapEx of EUR 271mn (+4.6% YoY) and adj-earnings of EUR 125mn (-5% YoY).
- For FY24 the market sees FY24 revenue +2.3%. EBITDA +3.4% and CapEx of EUR 1.05bn against MT (2024-2026) targets of +3-4%, +4-5% and CapEx of EUR 2.8bn (note CapEx figure is over the three years, equiv to EUR 933mn per year).
- EBITDAal leverage stood at 0.4x at 9M23 from 1x at FY22 on the back of the reduction in debt from the EuroTeleSites spin-off with their low leverage contributing to an upgrade from Moody’s in December and a positive outlook from Fitch in June.
- However spreads on their EUR 26s are tight compared to other HQ names in the European TelCo space (e.g. Orange, DT) and with the rating upgrade from Moody’s in the back mirror there may be limited scope for further tightening.
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.
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