Nexans: down slightly, broker reduces target
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.
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