EU AUTOMOTIVE: Aptiv (APTV Baa2[N]/BBB/BBB[N]): 4Q24 Results
Feb-06 14:54
Credit neutral.
- Aptiv reported revenue in line with consensus.
- Adj. EBITDA beat by 2%.
- FCF of $890mn was ahead of $530mn expected with WC release higher YoY by a similar quantum. We see adj. net leverage at 2.3x down from 2.8x QoQ but higher from 2x YoY on buybacks this year. We don’t expect much change with excess cash earmarked for investments and/or shareholder returns.
- FY25 revenue guidance growth of 2%, and adj. EBITDA, align with consensus. Cash flow guidance appears slightly below with WC expected to increase.
- Webcast 13.00 GMT https://event.webcasts.com/starthere.jsp?ei=1703386&tp_key=014faad3e5.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURIBOR OPTIONS: Upside call spread
Jan-07 14:43
Euribor upside, looking for deeper cut into the end of the Year.
- ERZ5 99.00/100.00cs, bought for 2.75 in 6k.
EGB SYNDICATION: Slovenia 30-year: Allocations out
Jan-07 14:39
- Size set earlier: E1bln (MNI expected E1.0-1.5bln)
- Spread set earlier at MS+128bp (Guidance was MS+140bps area then MS+135bps area)
- Books in excess of E2.1bln (inc E410mln JLM interest)
- Maturity Date: 14 April 2055
- HR: 93% vs 2.50% Aug-54 Bund
- Settlement Date: 14 January 2025 (T+5)
- Joint Bookrunners: Deutsche Bank, Erste Group, Goldman Sachs Bank Europe SE, HSBC, J.P. Morgan (B&D) and OTP Banka Slovenia
- ISIN: SI0002104873
- Timing: Pricing to follow
From market source
EGB SYNDICATION: Belgium 10-year: Allocations out
Jan-07 14:30
- Size set earlier E7bln (in line with MNI expectations and same as 2023/24 10-year syndis)
- Spread set earlier at MS+66bps (guidance was +68bps area)
- Books closed in excess of E89bln (ex JLM interest)
- Maturity: 22-June-2035
- HR 103% vs 2.60% Aug-34 Bund
- Settlement: 14-January-2025 (T+5)
- Coupon: Annual ACT/ACT, short first to 22-June-2025
- ISIN: BE0000363722
- Bookrunners: BNPP (DM/B&D) / CACIB / HSBC / JPM / MS
- Timing: Allocations out, hedge deadline 14:50GMT / 15:50CET. Pricing to follow
From market source
