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.
Leverage fell from 2.6* to 2.5*, no maturities till FY25 ($400m in public debt), generated ~$1.4b in FCF - final dividend (for FY23) and repayment of lease liabilities left net $127m in cash flows over the half.
Little change in BS strategy & outlook only on easing in headline growth; "EBIT growth in H2 expected to be below H1" - some of this already in analyst forecast. CEO departure and slightly below consensus dividend likely adding to equities sell-off - stock among worst performers in €IG basket.
The single € SLB 28's have tightened significantly since we flagged it as cheap ~2 weeks ago - it was at +110 then and has moved to +91 now (b/a was 8 wide). We don't see a firm skew for it to move tighter from here & focus after CEO resignation seems to be shifting to the continuing senate inquiry into pricing from the 2 major grocers (Woolies & Coles) -no regulation change as of yet (inquiry launched in early Dec) & as noted in earnings call seems to be shared impact for now; "inquiry has led to a material drop in overall reputation and brand NPS scores for the major supermarket chains in Australia". Mmgt downplayed any link to the CEO departure; “We started the process really last year,”
Equity takes; {NSN S96KLET0G1KW <GO>}
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.