eir (Most Preferred) Q2 24: Another good set of numbers
Eir has reported a solid set of Q2 numbers; underlying trends are slower than in Q1, but still good: SR growth is +1.7% y/y from +2.2% y/y and EBITDAaL growth is +2.8% y/y from +7.0% y/y, with +4.9% y/y for H1 vs guidance for LSD EBITDAaL growth for the full year. We recently made eir one of our most preferred names in European Telco high Yield – read about that HERE – and these results support our view that although the eir spreads are quite tight, they could be tighter still given the outlook (asset cover) and leverage (with a possible rating upgrade to come?).
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- Pan European Telecom Services and Cable
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