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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.
CONSUMER CYCLICALS
- VF Corp (Baa3[N]/BBB[N]), a name we’ve bulleted on several times (mostly related to their Christmas cyber-attack), is due to report Q3 earnings after the European close.
- The US-based owner of brands such as The North Face, Timberland and Vans saw spreads widen in the wake of delays in ordering during their seasonal busy period.
- Subsequent filings indicated they expected limited financial impact though BBG consensus forecasts see a 7.4% decrease in Rev with Vans in particular underperforming with an expected -23% YoY Constant FX Sales Growth.
- The company ditched their FY revenue and earnings guidance at Q2, citing the poor performance of the Vans brand along with a weaker US wholesale environment, while reducing their FY FCF outlook from USD 900mn to USD 600mn.
- Their shortest-dated EUR bond (26s) has unwound much of the widening seen in the wake of the cyber-attack though spreads remain at elevated levels in the wake of 2023 rating downgrades.
- Recent management commentary has implied a conservative financial policy focused on cost-cutting and achieving gross leverage of 2.5x (BBG: Gross lev excl leases 4.9x as of Q2).
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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