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Nexans

  NEX FP

Wire & Cable Products, Residential C...
 /  France 
Recovery continues but at a slow pace
Updates
30/07/2010EPS change
Change in EPS2010 : € 2.84 vs 3.40-16.5 %
2011 : € 3.80 vs 4.59-17.1 %

We expect a slower recovery in margins due to continued pressure (price/volume) in the building markets with an impact on 2010 and 2011 EPS.

Recovery continues but at a slow pace
29/07/2010Earnings/sales releases
Nexans reported a sequential improve...
23/04/2010Earnings/sales releases
Nexans published Q1 10 sales of €97...
10/02/2010Earnings/sales releases
Nexans reported FY09 results slightly ...
22/10/2009Earnings/sales releases
Nexans released disappointing Q3 sal...
28/07/2009Latest
Nexans published reassuring Q2 09 re...
15/06/2009Latest
Nexans announced an offering of bon...
22/04/2009Latest
Particularly difficult sales in Q1 09. ...
Summary Key Data
Updated :
  12/08A
12/09A
12/10E
12/11E
12/12E
AlphaValue P/E (x) 7.75 47.5
Dividend yield (%) 3.19 2.31
EV/EBITDA (x) 5.22 5.19
AlphaValue EPS (€) 8.81 0.91
Dividend (€) 2.18 1.00
Sales (€M) 4,776 4,026
EBITDA (€M) 538 364
Attributable net profit (€M) 81.0 7.62
ROE (after tax) (%) 4.91 0.44
ROCE (%) 9.86 8.28
Gearing (%) 26.2 18.1
Next Div. Indic € 1.00 payment
Target
Price (€) 50.1
Target Price (€)
Market Cap (€M) 1,452
Perf. 1W: 7.44 %
Perf. 1M: -3.60 %
Perf. 3M: -1.49 %
Perf Ytd: -10.3 %
Rating
  • Strong momentum corresponding to a continuous and overall positive moving average trend confirmed by volumes
  • Relatively good momentum corresponding to a positively-oriented moving average, but offset by an overbought pattern or lack of confirmation from volumes
  • Relatively unfavorable momentum with a neutral or negative moving average trend, but offset by an oversold pattern or lack of confirmation from volumes
  • Strongly negative momentum corresponding to a continuous and overall negative moving average trend confirmed by volumes
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Businesses & Trends
Originating from a spin-off by Alcatel, Nexans is a world leader in cable manufacturing for energy infrastructure (energy transport an... Read More
Money Making
In overall terms, an improved product mix (including downsizing of electrical wires) has led to an improved margin profile. The cop... Read More
Valuation
In our NAV computation we see the Infrastructure activities, the main EBIT contributor, as less risky than Industry and Building so w... Read More
Analyst: Lionel Pellicer
Concepts
Business concepts
  • Labour intensive
  • CF funded capacity exp...
  • B to B
  • Structural overcapacity
Investment Concepts
  • Acquisition based growth
Story Trigger
  • M&A related
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