Nexans : Good progress since the launching of its 2028 roadmap
Last year, after having successfully accomplished its 2021-2024 targets, Nexans revealed its 2025-2028 targets at a CMD in November 2024. After the first half of 2025, the company has made important advancements into his targets, including divesting non-core assets to fully concentrate the business into the so-called “electrification segment”. Profitability has slightly improved, while post Q2 2025 results, the company upgraded its FY 2025 estimates amid high expectations in Q3 and Q4 for its Grid and Connection segments. Supported by the disposal of its Lynxeo and AmerCable businesses, the net leverage stands at only 0.1x and the liquidity position is above historical levels, providing the headroom needed to carry out some regular size M&A transactions. We believe that good industry momentum, improvement in profitability, and low net leverage could put some upward pressure on the rating, providing some upside to current bonds’ price.Nexans offers cables and cabling systems for the Infrastructure, Industry, Building and Local Area Network markets. Co.'s offering covers the research, design, manufacturing, installation, training, and network supervision and control. Co. operates under three segments: Energy (power cables for energy infrastructures, special cables for industry, and equipment cables for the building market), Telecom (cables for private telecommunications networks, junction components for telecommunications network cables, and copper and optical fiber cables for public telecommunications networks) and Electrical wires (wirerods, electrical wires and winding wires production operations).
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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