AUTOMOTIVE: Porsche SE (PORSCH NR): FY24 Results
Mar-26 08:53
Upstream dividends are ultimately the main credit driver.
- Porsche confirmed net income and net debt, as guided earlier this month with the impairment announcement. Adj. net income was 20% below consensus. It will guide for adjusted going forward, due to noise from quarterly impairment tests.
- FY25 adj. net income guidance was 23% below consensus at midpoint. Net debt was guided for little change at €4.9-5.4bn, with consensus at €5bn. LTV was 23%, up from 20% YoY.
- Proposed dividend payouts total €584mn, €250mn less than expected, due to lower expected dividends from Volkswagen.
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CROSS ASSET: Some early reversals in European cross assets
Feb-24 08:34
- Some early unwind in Europe, the Estoxx futures has fully pared the overnight gains to close its opening gap down to 5450.00, printed a 5448.00 low.
- Bund seems to be heading the same way, the opening gap for the contract, would be up to 132.60, ahead of the Initial resistance at 132.97.
- The Dollar is still in the red against G10s, but the Currency is paring losses, to edge towards flat on the Day, EURUSD is still up a small 0.19%.
STIR: J.P.Morgan Recommend Receiving 1y1y €STR
Feb-24 08:25
J.P.Morgan recommend receiving 1y1y €STR.
- They believe that “the €STR curve is not pricing enough downside risk-premium”, with growth remaining on a soft trajectory and the U.S. tariff backdrop further tilting economic risks to the downside.
- They acknowledge that they “do not expect any sharp sustained repricing lower of terminal rate expectations over the near term but a gradual decline over the coming months and therefore prefer to trade tactically at the front-end of the curve”.
CROSS ASSET: MONTH END EXTENSION
Feb-24 08:22
Bloomberg Bonds:
- US Tsys: +0.12yr (Large).
- EU Govies: +0.08yr (Average).
- UK Govies: -0.03yr (non event).
- JGBs: +0.04yr (small).
