EM CEEMEA CREDIT: EDVLN: 1Q25, supportive read for credit
May-01 07:55
Endeavour Mining (EDVLN; -/BB-neg/BB)
1Q25, supportive read for credit
- London-HQ, West Africa operating gold miner Endeavour Mining posted 1Q25 results, a supportive read for credit.
- Q1 production at 341koz shows +56% YoY (strong contribution from Hounde mine at 92koz in Burkina Faso) in line with FY guidance. A mix of changes in grades across mines leaves sequentially lower prod’n vs Q4. AISC marginally more contained on net impact from a few technical factors across mines.
- Adj EBITDA reported at USD613mn, +12% sequentially. TTM adj EBITDA at USD1,725mn. FCFs at USD409mn, sequentially up 53% QoQ, a reflection of the new perimeter (Lafigue mine) implies strong signal.
- Net debt lower at USD378mn strengthens B/S and leaves scope for further expansion (Co. cites tier 1 Assafou project), leaves improved TTM adj leverage position at 0.22x, well below tgt at 0.5x.
- Our feeds show EDVLN 5 Oct26 @ z+270bp, having charted in a 110-350bp range YtD.
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MNI: GERMANY MAR FINAL MANUF PMI 48.3 (FLASH: 48.3); FEB 46.5
Apr-01 07:55
- MNI: GERMANY MAR FINAL MANUF PMI 48.3 (FLASH: 48.3); FEB 46.5
ITALY DATA: Very little positive in the PMI manufacturing report
Apr-01 07:49
Nothing particularly positive in the Italian PMI manufacturing press release. It missed expectations by 1.4 points, falling to 46.6 from 47.4 (against an expected increase to 48.0). And most of the details were diappointing. The following highlights from the press release:
- "Production volumes were lowered once again and at the fastest rate for four months.
- "New orders continued to decrease at a sharp and steady pace
in March, keeping firms in retrenchment mode." - "Sustained reduction in headcounts amid signs of excess capacity"
- "Charges up after six months of discounting and despite softer cost pressures"
MNI: ITALY MAR MANUFACTURING PMI 46.6 (FCST: 48.0); FEB 47.4
Apr-01 07:45
- MNI: ITALY MAR MANUFACTURING PMI 46.6 (FCST: 48.0); FEB 47.4
