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Nexans: Berenberg revises its price target upwards

(CercleFinance.com) - Berenberg announced on Thursday that it had raised its price target for Nexans from 112 to 124 euros, while maintaining its buy recommendation on the stock.


In a research note, the analyst explains that it has revised its earnings forecasts for the cable manufacturer to take account of the acquisition of La Triveneta Cavi, which the group began integrating last month.

Assuming that the deal will be finalized in the second half of the year, Berenberg says it has revised upwards by 4.4% its earnings before interest, taxes, depreciation and amortization (Ebitda) estimate for 2024.

According to its calculations, the acquisition should be accretive to earnings per share (EPS) by 6% to 7% this year, rising to 19.9% next year.

More generally, the intermediary believes that the strength of the Group's activities in low- and medium-voltage projects more than offsets the risks associated with the EuroAsia contract, a high-voltage cable linking Cyprus and Greece that is set to be the longest and deepest interconnection ever installed.

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