Free Trial

Tesco (TSCOLN; Baa3, BBB-, BBB-; S) Q1 Trading update tomorrow

CONSUMER STAPLES
  • Don't expect it to be a mover for credit but keeping an eye on any changes to FY guidance including for retail FCF of £1.4-1.8b.
  • BS is low levered, equity pay-outs expected to be ~£1.9b this year part of that funded from another ~£950m from Tesco bank linked proceeds/divvy's.
  • We have cheap view on the €31s and the new £34s.
60 words

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.
  • Don't expect it to be a mover for credit but keeping an eye on any changes to FY guidance including for retail FCF of £1.4-1.8b.
  • BS is low levered, equity pay-outs expected to be ~£1.9b this year part of that funded from another ~£950m from Tesco bank linked proceeds/divvy's.
  • We have cheap view on the €31s and the new £34s.