New Street Research - Liquid Intelligent Technologies (High Yield) Q2 25: Strong quarter, good progress on the SA TL refinancing and first tranche of equity placement – Call feedback included

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New Street Research

Chris Hoare

EUR 9244.00 For Business Accounts Only

Liquid Intelligent Technologies (High Yield) Q2 25: Strong quarter, good progress on the SA TL refinancing and first tranche of equity placement – Call feedback included

Liquid has reported a good set of Q2 25 numbers and has announced good progress on the SA Rand Term Loan refinancing and on the $90m first tranche of equity placement. Net debt to Adj. EBITDA came in at 3.19x as of end of August-24, a 0.27x improvement vs. Q1 25.

30/10/2024 1 EN

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New Street Research

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Chris Hoare

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Liquid Intelligent Technologies (High Yield) Q2 25: Strong quarter, good progress on the SA TL refinancing and first tranche of equity placement – Call feedback included

Meta Platforms (META, Buy, $595 target) First Take: A bit more color on ROI from Gen AI

Alphabet (GOOGL, Buy, $215 target) 3Q24 Model Update: Raising target to $215 from $210 on higher estimates

WLN (Neutral, TP: EUR8.5, +35%) Worldline Q3 revenue - Tough top line, but positive emerging catalysts

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