Nexans is down nearly 0.6% in Paris, as Oddo BHF announced this morning that it was maintaining its 'neutral' rating on the stock, with a price target reduced from 90 to 88 euros.

The analyst firm reports that management remains confident but more cautious for the second half of the year.

The new EBITDA guidance (€610/650m vs. €570/630m) reflects this caution," says Oddo BHF, which estimates that, based on the upper end of the range, H2 EBITDA would be €296m, i.e. stable vs. H2 2022. The lower end of the range would translate into a decline of almost 12% vs. H2 2022.

'Against this backdrop, we have adjusted our 2023 EBITDA estimate by +3% to ME 630 (+5% YoY, mid-range guidance, css ME 595), i.e. a 9.5% margin (+60bp), of which 10.7% in H1 and 8.3% in H2', says the analyst.


Copyright (c) 2023 CercleFinance.com. All rights reserved.