Nexans: Berenberg raises TP
(CercleFinance.com) - Berenberg announced on Thursday that it had raised its target price for Nexans shares from E112 to E124, while maintaining its buy recommendation on the stock.
In a research note, the analyst explains that he has revised his 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 is completed in H2, Berenberg says it has raised its 2024 Ebitda estimate by 4.4%.
According to its calculations, the acquisition will raise EPS by 6% to 7% this year, rising to 19.9% next year.
More generally, the broker 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.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In a research note, the analyst explains that he has revised his 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 is completed in H2, Berenberg says it has raised its 2024 Ebitda estimate by 4.4%.
According to its calculations, the acquisition will raise EPS by 6% to 7% this year, rising to 19.9% next year.
More generally, the broker 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.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.