Nexity : An opportunity to bounce back in the medium term as the industry battles through a storm
The decline in home reservations across the sector is nothing new (-40% in two years), and Nexity has adapted to this new environment (cost savings, adjusting commercial offerings, deleveraging). Interest rates continue to spark concerns, but this should be put into perspective given the weight of interest-free loans in the financing mix. 2026 should benefit from a pick-up in the building permits issued after the municipal elections and potentially the adoption of private landlord status. The stock has virtually bottomed out, offering a medium-term opportunity. We are raising our rating to Outperform vs Neutral.Nexity in an integrated real estate group based in France. Co. operates in all areas of real estate development and services (residential real estate, commercial real estate, real estate services to individuals and real estate services to companies, distribution networks and client relations, major urban projects). Co. maintains a market presence across all industry cycles (short, medium and long). Co. serves three types of clients: individuals, companies and investors, and local authorities. Co.'s activities are conducted around four primary divisions: Residential real estate, Commercial real estate, Services and Distribution Networks, and Other activities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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