Prysmian : 2028 roadmap and potential hybrid bond issuance
On March 26, Prysmian held a CMD to update investors less than two years after its last CMD as the company has already surpassed the targets set back then. Looking into the roadmap set for 2028, both the Transmission and the Digital Solutions segments are expected to be the main growth drivers. We believe that the targets set for 2028 are achievable amid good organic growth and continued bolt-on M&A. We expect net leverage to continue to decrease y/y supported by the strong FCF generation and expected limited M&A before 2027 as the company focuses on the recently acquired Encore Wire and Channel, both in the US. We provided a fair price for the expected hybrid issuance to finance part of the acquisition of Channel.Prysmian and its subsidiaries produce, distribute and sell cables and systems and related accessories for the energy and telecommunications industries. Co. operates in two segments. The energy segment includes utilities, which organized in four lines of business, comprising high voltage, power distribution, accessories and submarine; trade and installers; industrial; and other, such as sales of residual products. The telecom segment produces cable systems and connectivity products used in telecommunication networks. This segment is organized in the following lines of business: optical fibre, optical cables, connectivity components and accessories, Optical Ground Wire and copper cables.
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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