EU UTILITIES: UTILITIES: Terna (TRNIM Baa2/BBB+/NR): 3Q24 Results
Nov-06 15:01
Credit neutral.
- Terna posted revenue 1.5% ahead of consensus.
- EBITDA beat by 5%. Capex was close to expectations.
- We see FCF at €356mn for the quarter and net leverage at 4x.
- FY24 revenue guidance increased by 2%, EBITDA guidance by 3%.
- Plans to sell assets in Peru and Brazil continue, with no new details here.
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STIR: BLOCK: Nov24 SOFR Put Flys
Oct-07 14:43
- +10,000 SFRX4 95.25/95.37/95.50 put flys, 1.25 ref 95.68
US TSY OPTIONS: Latest 5Y & 30Y Put Spread Trade
Oct-07 14:39
- 2,600 FVZ4 105.5/107 put spds ef 108-15.75
5,000 USZ4 112/116 put spds, 25 ref 121-11
US DATA: Manheim Vehicle Prices Dip In Sept, CPI To See Belated Strength
Oct-07 14:31
- Manheim used vehicle prices declined 0.44% M/M in seasonally adjusted terms in September, revised from the -0.15% with the mid-month estimate.
- It offers a small drop after two strong increases of 1.1% M/M in Aug and 2.8% M/M in Jul.
- Typical lags into the CPI data mean that analysts are only just looking for this prior strength to show up in Thursday’s CPI release. We’re still collating views but we’ve seen an average estimate of 0.9% M/M (range 0.3-1.7) for September used car prices after -1.0% M/M in Aug.
