EU CONSUMER STAPLES: Bunzl; 1H trading update
(BNZLLN; NR/BBB+)
Below released earlier in the week and all guidance left unch. Full 1H results generally come late August. We do see some value in the €32s.
- 1H revenue +4% and net of fx +1%. Ex. acquisitions revenue was flat. 1H EBIT margin guidance unch at 7% (-100bps y/y) - implying EBIT will fall circa -11% y/y.
- 2025 guidance unch for flat underlying revenue growth and net of acquisitions moderate growth. EBIT margin guidance unch at 8% (-30bps y/y) on the back of a expected 2H recovery.
- 1H leverage expected to be 2x and continues to guide to be at lower end of 2-2.5x range by end of the year (range cleared by S&P, add +0.4x for leases).
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EQUITY TECHS: E-MINI S&P: (M5) Bulls Remain In The Driver’s Seat
- RES 4: 6080.75 High Feb 26
- RES 3: 6057.00 High Mar 3
- RES 2: 6000.00 Round number resistance
- RES 1: 5993.50 High May 20 and the bull trigger
- PRICE: 5943.00 @ 14:34 BST May 29
- SUP 1: 5756.50/5728.00 Low May 23 / 50-day EMA and key support
- SUP 2: 5596.00 Low May 7
- SUP 3: 5455.50 Low Apr 30
- SUP 4: 5355.25 Low Apr 24
A bullish trend condition in S&P E-Minis remains intact and the latest pullback appears to have been a correction. Last Friday’s sell-off resulted in a print below the 20-day EMA, at 5794.26. A key support lies at 5728.00, the 50-day EMA. A clear break of this average is required to highlight a stronger reversal and signal scope for a deeper retracement. Sights are on the bull trigger at 5993.50, the May 20 high.
MNI EXCLUSIVE: Canada's Former Deputy PM On Alberta Succession Talk
Canada's former Deputy Prime Minister Anne McLellan discusses the impact on investment of talk of secession by Alberta.- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
SOFR OPTIONS: Vol Buyer
SFRQ5 95.87^, bought for 23 in 2k.
