EU AUTOMOTIVE: AUTOMOTIVE: Nissan (NSANY Baa3/BB+/BBB-): 2Q24 Results
Nov-07 08:27
Credit negative, margin woes continue. We will revert on rating implications but clearly there is now increasing HY risk.
- Nissan reported revenue 2% below consensus.
- EBIT missed by 42%; margins are razor thin at 1.1%, with 1.8% expected, to contextualize the miss. That seems to have been driven by pricing as it pushed for inventory reduction.
- FY24 guidance downgraded; revenue by 11% and EBIT by 70%. Again, thin margins making for dramatic percentages here. The EBIT guidance is 50% below consensus.
- It will not pay an interim dividend; year-end payment is undecided.
- We see adj. net cash around Y1.4bn.
- It’s aiming for Y300bn fixed and Y100bn variable cost reductions, cutting global capacity by 20% and reducing workforce by 9,000. These are significant numbers against previous EBIT guidance of Y500bn.
- Webcast 07.45 GMT https://global.nissannews.com/en/releases/241107-01-e.
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FOREX: FX OPTION EXPIRY
Oct-08 08:25
Of note:
EURUSD 1.01bn at 1.1000.
USDCAD 1.1bn at 1.3595/1.3600 and 1.04bn at 1.3650 (thu).
EURUSD 2.23bn at 1.1000 (fri).
USDCAD 1.13bn at 1.3600 (fri).
- EURUSD: 1.0950 (648mln), 1.0975 (510mln), 1.1000 (1.01bn), 1.1085 (1.11bn).
- USDCAD: 1.3600 (573mln).
- AUDUSD: 0.6740 (629mln), 0.6800 (781mln).
- NZDUSD: 0.6180 (578mln).
DUTCH AUCTION RESULTS: 2.50% Jul-34 DSL
Oct-08 08:12
| 2.50% Jul-34 DSL | Previous | |
| ISIN | NL0015001XZ6 | |
| Amount | E2.49bln | E1.655bln |
| Avg yield | 2.54% | 2.983% |
| Avg Price | 99.65 | 95.85 |
| Pre-auction mid | 99.604 | 95.801 |
| Previous date | 11-Jun-24 |
BONDS: Bund tests session low
Oct-08 08:06
- The Italian BTP makes another attempt at the session low, sold again here in over 1k, helps keeping the lid on EGBs.
- Immediate support is at 120.17, followed by the Yield level at 119.80.
- Bund on the follow hovers at its session low, today that 2.267% level has moved down to 133.31 vs 133.37 Yesterday.
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Dec-12 08:02
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