RE:Q3/24 Revs 859,
I see you are predicting EBITDA margins of 21% (420/2000). why is it so high, any insight? Q2 was 15.2% (335/2203) and Q1 was 16.0% (205/1281). I'll disagree on your EBITDA # and I will say probably closer to 320M.
I agree on your revenues. I think FCF will be somewhere between 0 and +100M. Consensus is -62M and management did say a slight cash burn, but given how they always beat I am expecting a positive FCF this quarter.
I'll also agree on total 2024 revenues at 9B. I will note that your Q4/24 FCF of 370-400M still puts BBD in a net FCF burn give or take for 2024FY. As per my previous post I think it will be +800M. We burned (455M) in Q1&2 and we need a lot of positive to reach guidance of 100-400M for 2024FY.
Debt ratings increase is important especially for the SP more than debt renewal IMO. I can't recall the debt renewal calendar off the top of my head.