Ooredoo (QTELQD; A2/A/A)
FY24 results, neutral for credit
• Qatar’s telecom champion Ooreedoo posted out its FY24 consolidated figures after mkt close yesterday. Ooreedoo is showing +1.86% YoY growth in revenues @QAR23.59bn, with growth in customer base (adj for Myanmar) @ +5% to 51.5mn. EBITDA miss @ QAR10.03bn, +3% YoY. EBITDA margin remained stable @ 42.5%. Net income @ QAR3.4bn miss vs QAR 3.82bn Bloomberg consensus, up +14% YoY.
• Leverage shows NetDebt/EBITDA @ 0.4x, below Co. guidance of 1.5x to 2.5x.
• Capex shows +13% YoY @ QAR3.18bn, reflecting as stated by Co. “higher investments in Iraq, Oman, Tunisia and Kuwait”.
• Call 2 p.m. Qatar time (Feb. 13), +44 203 481 5237 password: 960 2617 5510, 348832
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Heavy option volumes reported Friday, SOFR outpacing Treasury flows with the former leaning towards downside puts as underlying futures retreated towards post data lows late in the session. Projected rate cuts through mid-2025 have retreated since this morning's data, current vs. morning levels* as follows: Jan'25 at -0.7bp (-1.7bp), Mar'25 -6.3bp (-10.1bp), May'25 -10.5bp (-15.9bp), Jun'25 -18.2bp (-25.6bp), Jul'25 -20.2bp (25.5bp).
A clear downtrend in JGB futures remains intact and the latest fresh cycle lows, reinforces this condition. Note too that moving average studies on the continuation chart are in a bear-mode setup, highlighting a clear downtrend. The move down exposes the 140.00 psychological handle next. For bulls, a reversal would open 142.73 and 144.48, the Dec 9 and Nov 11 high respectively.