EM CEEMEA CREDIT: FMCN: FY24 Results, liquidity remains tight
Feb-12 11:36
First Quantum Minerals (FMCN: -/Bneg/Bwneg)
FY24 Results, liquidity remains tight
- Aggressive capex plans, high cost of debt and no update on the situation in Panama means liquidity remains tight for FMCN. The co reported FY24 after the close. As expected, (see link below) prod’n and cash costs inline with mid Jan guidance. 4Q EBITDA was marginally ahead of expectations at USD455mn.
- Liquidity and cashflow remains key for FMCN, co. reported operating cash flow of USD1.65bn, capex of USD1.3bn and interest costs of USD501mn, giving free cash flow consumption of USD144mn.
- Net debt was in line with expectations at USD5.5bn at the end of Dec24. FMCN improved its liquidity profile at the beginning of last year by renegotiating covenants on its bank debt, equity injection and debt issuance.
- The Company will host a conference call and webcast to discuss the results on Wednesday, February 12, 2025 at 9:00 am (ET). Toll-free International: +1-647-484-8814
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OUTLOOK: Price Signal Summary - Retracement In The EUROSTOXX50 Contract Extends
Jan-13 11:35
- In the equity space, a bear threat in the S&P E-Minis contract remains present and the contract is trading lower today. 5866.00, the Dec 20 low and a key short-term support, has been cleared. This strengthens a bearish theme and sights are on 5784.00, the Nov 4 low and an important short-term support. Initial pivot resistance is seen at 5996.50, the 50-day EMA.
- A bull cycle in the EUROSTOXX 50 futures contract remains intact and for now, the latest pullback appears corrective. Initial support to watch is 4935.71, the 50-day EMA. It has been pierced, a clear break of it would undermine a bullish theme and signal scope for a deeper retracement, towards 4829.00, the Dec 20 low and key short-term support. For bulls, resistance at 5040.00, Dec 9 high, has recently been pierced. A clear break of it would resume the bull cycle that started on Nov 21 and open 5068.13, the 0.764 projection of the Nov 21 - Dec 9 - 20 price swing.
EURIBOR OPTIONS: Mid Curve Upside structures
Jan-13 11:27
- 0RG5 97.875/98.00/98.12c fly, bought for 1.75 in 4k.
- 0RG5 98.00/98.125/98.25c ladder, bought for 1 in 6k.
US 10YR FUTURE TECHS: (H5) Bearish Start To The Week
Jan-13 11:27
- RES 4: 111-20+ High 6 and the bull trigger
- RES 3: 110-25 High Dec 12
- RES 2: 109-28 50-day EMA
- RES 1: 108-26/109-06 20-day EMA / High Dec 31
- PRICE: 107-09 @ 11:08 GMT Jan 13
- SUP 1: 107-06 Intraday low
- SUP 2: 107-04 Low Apr 25 ‘24 and a key support
- SUP 3: 107-00 Round number support
- SUP 4: 106-11 2.00 proj of the Oct 1 - 14 - 16 price swing
The trend condition in Treasury futures is unchanged and remains bearish. Today’s bearish start to the week, has once again, confirmed a resumption of the downtrend. Sights are on 107-04 next, a Fibonacci projection. Note too that moving average studies remain in a bear-mode position highlighting a dominant downtrend. Key short-term resistance is seen at 108-26, the 20-day EMA.
