EU BASIC INDUSTRIES: Kingspan FY Results
Strong beats on both revenue and EBITDA pushing equity higher. FCF was lower this year, feeding through to a move higher in leverage.
KSPID NR/BBB/BBB
- H2 revs EUR 4.4bn (+6% YoY, 4% beat). FY +6%.
- H2 EBITDA EUR 0.6bn (+24% YoY). EBITA was a 7% beat. FY EBITDA was +7%.
- FY FCF EUR 0.5bn from EUR 0.9bn in 2023 mostly on WC and higher CapEx. FY dividend +7%.
- Reported net debt of EUR 1.6bn from EUR 1bn at FY23.
- Reported leverage of 1.5x from 1x, against a target range of <2x.
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EQUITY TECHS: E-MINI S&P: (H5) Breaches Resistance
RES 4: 6178.75 High Dec 6 and key resistance
- RES 3: 6163.75 High Dec 16
- RES 2: 6148.00 High Dec 18
- RES 1: 6114.75 Intraday high
- PRICE: 6116.00 @ 14:19 GMT Jan 22
- SUP 1: 5961.75 Low Jan 16
- SUP 2: 5879.50/5809.00 Low Jan 15 / 13 and key S/T support
- SUP 3: 5784.00 Low Nov 4
- SUP 4: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg
S&P E-Minis are trading higher this week, marking an extension of last week’s bull phase. Gains undermine a recent bearish theme. The contract has traded through the 50-day EMA and attention is on resistance at 6107.50, the Dec 26 high. It has been pierced, a clear break would strengthen a bullish theme. This would open 6178.75, the Dec 6 high and key resistance. Initial support to watch is 5961.75, the Jan 16 low.
EQUITIES: US Cash Opening calls
SPX: 6,086.4 (+0.6%); DJIA: 44,213 (+0.4%/+187pts); NDX: 21,782.4 (+1.0%).
SPX and NDX are set to Gap higher on the Open.
EURIBOR OPTIONS: More Large upside Options
ERM5 97.75/97.87/98.00c fly, bought for 1.25 in 13k.
