Financials Nexans

Equities

NEX

FR0000044448

Electrical Components & Equipment

Market Closed - Euronext Paris Other stock markets 16:35:12 26/06/2024 BST			After market 17:39:37
108.5 ^EUR	-1.09%		108.7	+0.18%

06-07	Nexans Finalizes Purchase of Italy's La Triveneta Cavi	MT
06-06	Nexans: completes the acquisition of La Triveneta Cavi	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,890	2,556	3,754	3,648	3,460	4,787	-	-
Enterprise Value (EV) ¹	2,361	2,735	3,828	3,830	3,674	4,986	4,864	4,774
P/E ratio	-15.5 x	33.7 x	23.5 x	15.4 x	16.1 x	16.7 x	15.2 x	13.5 x
Yield	-	1.18%	1.4%	2.49%	2.9%	2.35%	2.55%	2.69%
Capitalization / Revenue	0.41 x	0.45 x	0.62 x	0.54 x	0.53 x	0.69 x	0.66 x	0.64 x
EV / Revenue	0.51 x	0.48 x	0.63 x	0.57 x	0.56 x	0.72 x	0.67 x	0.64 x
EV / EBITDA	5.72 x	7.88 x	8.27 x	6.39 x	5.63 x	7.05 x	6.25 x	5.75 x
EV / FCF	38.1 x	11.8 x	19.6 x	15.6 x	11.4 x	27 x	17.8 x	17 x
FCF Yield	2.63%	8.44%	5.09%	6.42%	8.79%	3.7%	5.62%	5.9%
Price to Book	1.56 x	2.13 x	2.59 x	2.22 x	2.04 x	2.58 x	2.3 x	2.05 x
Nbr of stocks (in thousands)	43,450	43,145	43,730	43,202	43,658	43,634	-	-
Reference price ²	43.49	59.25	85.85	84.45	79.25	109.7	109.7	109.7
Announcement Date	20/02/20	17/02/21	16/02/22	15/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,605	5,713	6,054	6,745	6,512	6,908	7,261	7,442
EBITDA ¹	413	347	463	599	652	707.2	777.8	830.7
EBIT ¹	249	193	299	420	432	512.9	547.8	589.6
Operating Margin	5.41%	3.38%	4.94%	6.23%	6.63%	7.43%	7.54%	7.92%
Earnings before Tax (EBT) ¹	-73	192	237	339	292	396.6	429.2	494
Net income ¹	-122	78	164	245	221	295.1	319.3	359.1
Net margin	-2.65%	1.37%	2.71%	3.63%	3.39%	4.27%	4.4%	4.83%
EPS ²	-2.810	1.760	3.660	5.470	4.920	6.551	7.207	8.144
Free Cash Flow ¹	62	231	195	246	323	184.4	273.2	281.5
FCF margin	1.35%	4.04%	3.22%	3.65%	4.96%	2.67%	3.76%	3.78%
FCF Conversion (EBITDA)	15.01%	66.57%	42.12%	41.07%	49.54%	26.08%	35.12%	33.88%
FCF Conversion (Net income)	-	296.15%	118.9%	100.41%	146.15%	62.5%	85.54%	78.38%
Dividend per Share ²	-	0.7000	1.200	2.100	2.300	2.578	2.792	2.954
Announcement Date	20/02/20	17/02/21	16/02/22	15/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	2,294	2,895	2,818	3,112	1,382	1,560	2,942	1,623	1,778	3,401	1,644	1,700	3,344	3,322	1,599	1,591	-	1,692	1,696	3,459	1,762	1,802	1,927
EBITDA	218	162	185	222	-	-	241	-	-	308	-	-	291	354	-	-	298	-	-	344	-	-	-
EBIT	136	83	110	145	-	-	154	-	-	220	-	-	200	240	-	-	192	-	-	254	-	-	-
Operating Margin	5.93%	2.87%	3.9%	4.66%	-	-	5.23%	-	-	6.47%	-	-	5.98%	7.22%	-	-	-	-	-	7.34%	-	-	-
Earnings before Tax (EBT)	-	-15	-	133	-	-	104	-	-	250	-	-	-	-	-	-	113	-	-	189	-	-	-
Net income	-6	-55	-	81	-	-	83	-	-	199	-	-	48	134	-	-	223	-	-	142	-	-	-
Net margin	-0.26%	-1.9%	-	2.6%	-	-	2.82%	-	-	5.85%	-	-	1.44%	4.03%	-	-	-	-	-	4.11%	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3.140	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	20/02/20	29/07/20	17/02/21	28/07/21	03/11/21	16/02/22	16/02/22	27/04/22	27/07/22	27/07/22	26/10/22	15/02/23	15/02/23	26/07/23	25/10/23	15/02/24	15/02/24	24/04/24	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	471	179	74	182	214	200	77.1	-
Net Cash position ¹	-	-	-	-	-	-	-	12.8
Leverage (Debt/EBITDA)	1.14 x	0.5159 x	0.1598 x	0.3038 x	0.3282 x	0.2821 x	0.0992 x	-
Free Cash Flow ¹	62	231	195	246	323	184	273	281
ROE (net income / shareholders' equity)	10.3%	6.43%	12.3%	15.8%	13.2%	17.8%	16.9%	17.1%
ROA (Net income/ Total Assets)	2.54%	1.51%	3.03%	4.09%	3.42%	3.96%	4.13%	-
Assets ¹	-4,803	5,173	5,409	5,994	6,469	7,456	7,738	-
Book Value Per Share ²	27.80	27.90	33.20	38.00	38.80	42.50	47.60	53.50
Cash Flow per Share ²	6.910	10.30	8.950	12.10	15.60	9.900	13.20	14.00
Capex ¹	238	225	206	298	377	362	291	242
Capex / Sales	5.17%	3.94%	3.4%	4.42%	5.79%	5.24%	4.01%	3.25%
Announcement Date	20/02/20	17/02/21	16/02/22	15/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Nexans

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

109.7 EUR

Average target price

110.5 EUR

Spread / Average Target

+0.73%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Wires & Cables

	1st Jan change	Capi.
NEXANS	+36.91%	5.12B
KEI INDUSTRIES LIMITED	+35.95%	4.87B
NINGBO ORIENT WIRES & CABLES CO.,LTD.	+12.65%	4.59B
ENCORE WIRE CORPORATION	+35.64%	4.57B
WALSIN LIHWA CORPORATION	-8.41%	4.41B
RIYADH CABLES GROUP COMPANY	+9.50%	4.05B
LS CORP.	+51.82%	2.82B
R R KABEL LIMITED	+12.07%	2.38B
TAIHAN CABLE & SOLUTION CO., LTD.	+58.73%	2.09B
QINGDAO HANHE CABLE CO.,LTD	-16.50%	1.48B

Wires & Cables