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ON Holding (ONON.US)First Take: 2Q24 adj. EBITDA +5% beat; FY24 guidance reiterated
Goldman Sachs· 2024-08-14 02:57
13 August 2024 | 10:54AM BST 2131d4eaf4cb4d50b1d51c8af07b64b4 ON Holding (ONON): First Take: 2Q24 adj. EBITDA +5% beat; FY24 guidance reiterated News: On Holding reported 2Q24 adj. EBITDA of CHF 90.8mn, +5.3% above FactSet consensus of CHF 86.2mn, driven by net sales of CHF 567.7mn, +27.8% yoy and +29.4% cFX (consensus CHF 562mn, +26% yoy and Visible Alpha Consensus Data +30.1% cFX). Group gross margin came in at 59.9%, +40bps yoy (FactSet consensus +60bps yoy to 60.1%), with adj. EBITDA margins of 16% (con ...
Ocumension (1477.HK)Earnings Review:1H in~line with narrower loss; Alcon partnership opportunity in dry eye; Buy
Goldman Sachs· 2024-08-14 02:56
13 August 2024 | 6:57PM HKT Ocumension (1477.HK): Earnings Review: 1H in-line with narrower loss; Alcon partnership opportunity in dry eye; Buy 1H product sales in-line; narrower loss with lower spending: 1H revenue of Rmb168mn (+62% y/y, or +18% h/h, vs. GSe of Rmb170mn) was mostly in line with lower product sales of Rmb150mn (vs. GSe of Rmb169mn) given the slower ramp-up of Yutiq due to supply constraints (see our Corporate Day note), which in our view may have contributed to a decreased GPM of 59.2% (vs. ...
Nu Holdings (NU.US):2Q24 First Take,Beat on better cost of risk and revenues
Goldman Sachs· 2024-08-14 02:56
13 August 2024 | 6:21PM EDT Nu Holdings (NU): 2024 First Take: Beat on better cost of risk and revenues Loan growth remains healthy on FX neutral basis Reported net income of $487mn (+29% gog, +117% yoy) was 15% above GSe and 13% above company-compiled consensus of $432mn with an all-time high ROE of 28.4% (+550bps gog). Recurring net income also improved 27% gog to $562mn, also beating GSe by 16%. While loans fell in US$, this mostly due to weaker FX, while the FX neutral growth remained healthy at 8% qoq. ...
NCR Atleos (NATL): 2Q First Take: Revenue, margins and EPS at or above consensus, with ATMaaS strategy continuing to advance
Goldman Sachs· 2024-08-14 02:56
13 August 2024 | 2:44PM PDT NCR Atleos (NATL): 20 First Take: Revenue, margins and EPS at or above consensus, with ATMaaS strategy continuing to advance We expect investors to have a neutral-to-positive reaction to NCR Atleos' 2Q 2024 earnings release, its second as a standalone public entity, with EBITDA margins and EPS surpassing consensus expectations, revenue coming in line with the Street and the full-year quide reaffirmed for these metrics. Revenue increased 4% y/y and recurring revenue grew 9%, while ...
Natura (NTCO3.SA)First Take: 2Q24 shows progress in Latam, but Avon Intl and cash generation visibility still limited
Goldman Sachs· 2024-08-14 02:56
13 August 2024 | 7:21AM EDT Natura (NTCO3.SA): First Take: 2024 shows progress in Latam, but Avon Intl and cash generation visibility still limited Natura&Co reported 2024 results that continued to come with robust growth of the Natura brand in Brazil, and with maturation of the Wave 2 process driving better rep productivity across geographies. The combination of this drove reported sales to beat GSe and BBG consensus topline expectations by +9%. This beat was mitigated at the EBITDA level by slightly lower ...
Mosaic Co. (MOS.US) Management meeting highlights Phosphate market optimism and cost initiatives; Buy
Goldman Sachs· 2024-08-14 02:56
13 August 2024 | 5:05PM EDT Mosaic Co. (MOS): Management meeting highlights Phosphate market optimism and cost initiatives; Buy We hosted a virtual meeting with MOS management today (8/13), including CEO Bruce Bodine, CFO Clint Freeland, and EVP of Commercial Jenny Wang, Overall, we come away encouraged by management's optimism on Phosphate (P) markets and internal production/cost initiatives as we head into the 2H. The discussion focused primarily on MOS' P operations, where management emphasized tight glo ...
Melco Resorts & Entertainment Ltd. (MLCO.US)2Q24 results inline: Margin slips on higher costs after stepping upreinvestment; EBITDA to trend more inline with GGR ahead; Buy
Goldman Sachs· 2024-08-14 02:56
14 August 2024 | 7:11AM HKT | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------|-----------------------------------------------------------------------------------------------------------------------|--------------|---------------|-------------------------------------------------------------------------------------|---------|---------|---------------------------------------------|--------------------| | | | | | | | | | | | | Melco Resorts & Entertainment Ltd. (MLco) | | | | | | | | | | 2 ...
Mercury Systems Inc. (MRCY.US):First Take,Qtr improved sequentially; guidance implies a transition window for foreseeable future
Goldman Sachs· 2024-08-14 02:56
13 August 2024 | 8:37PM EDT Mercury Systems Inc. (MRCY): First Take: Qtr improved sequentially; guidance implies a transition window for foreseeable future Bottom line: MRCY F4Q24 revenue, EBITDA and free cash flow are above. consensus, in a year where key metrics ended up well below original expectations on a full-year basis. The company did not provide a full set of FY2025 guidance ranges as it has in the past. It pointed to flattish revenue and a low double digit adjusted EBITDA margin in FY2025, then a ...
Midday Market Intelligence: disinflation~nation
Goldman Sachs· 2024-08-14 02:56
13 August 2024 | 2:07PM EDT Midday Market Intelligence: disinflation-nation US stocks are trading higher on Tuesday as investors digest a softer-than-expected July PPI report ahead of tomorrow's CPI release. back to micro? The producer price index (PPI) increased by 0.1% in July, somewhat below expectations, with the PPI excluding food and energy remaining unchanged (vs. consensus +0.2%) and the PPI excluding food, energy, and trade services increasing 0.3% (vs. consensus +0.2%) (see "USA: Core Producer Pri ...
Latin America Metals & Mining: Good 2Q24; Leverage Concerns and Weak Capex Execution Remains
Goldman Sachs· 2024-08-14 02:55
13 August 2024 | 10:29AM BRT Latin America Metals & Mining: Good 2024; Leverage Concerns and Weak Capex Execution Remains CSNA3 (Sell) EBITDA of R$2.6B (+35% α/q and +17% γ/γ) was 4% above GSe (+13% vs. Bloomberg consensus) mostly due to stronger steel earnings (beat on cost and product mix). CMIN3 (Sell) EBITDA of R$1.6B (+44% q/q and +47% y/y) came broadly in line with GSe, but 8% above consensus. We expect a slightly positive reaction for both CSN and CMIN. Steel weakness has been driven by a combination ...