Rankings Grid & electrical equipment Nexans
Nexans
80
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−5
- Cash flow−5
- Customers are shifting−4
Strengths
- Raised guidance+3
- Order book and execution+1
- Dividend+1
How the score is built
From 100 to 80, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 119.50 EUR
- Median analyst target
- 170.00 EUR
- Upside to median
- +42.3%
- Analysts
- 15
- Target range
- 130.00 – 190.00 EUR
- 52-week change
- −1%
- P/E (trailing)
- 65.2
- Forward P/E
- 13.7
- PEG
- 0.50
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−8 of −30
- −2MarginThe electrification margin (adjusted EBITDA) fell from 13.7% to 13.2% in H1 2026, and the group margin from 12.0% to 11.9%. The operating margin is only 5.9% (TTM) and the gross margin 10.2% vs 11.6–12.8% in 2023–25.
- −2ROIC trendROIC has fallen year after year: 18.7% (2021), 16.9% (2022), 16.8% (2023), 13.0% (2024), 13.4% (2025) and 10.8% (TTM). Capital is growing faster than returns (acquisitions and a cable-laying vessel).
- −3Quality of growthOnly +1.5% organic growth in H1 2026 (sales +5.0% incl. acquisitions). Transmission −0.1% organic and Other Activities −15.6%; only Connect (+7.3%) and Grid (+4.9%) grew. Growth is increasingly bought: cash acquisitions of EUR 986m (TTM).
- −1Capital allocationRepublic Wire (US) bought for about EUR 680m + 43m earn-out, 10.3x expected 2027 EBITDA before synergies (7.6x after EUR 23m of synergies only in year 3). Net debt rose from EUR 266m to 1,038m in six months.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −5Multiples vs own historyForward P/E 16.5 vs 13.0–18.6 in 2021–25 (average 14.8) – i.e. above the average, not equal to it. EV/EBITDA 8.6 vs 6.5–9.2 (average 7.6); P/FCF 16.8 vs 9.9–19.3 (average 13.3); FCF yield 6.0% vs 5.2–10.1%.
- −2Earnings baseAnalysts expect adjusted EPS of EUR 7.04 in 2026 vs 8.21 in 2025 (−14%), so the P/E on this year's earnings is 19.0 – more expensive than the forward figure suggests. The trailing P/E of 31 (EPS 1.83) is inflated by losses in discontinued operations.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−17 of −35
- −5Cash flowFCF in H1 2026 fell 46% to EUR 165.5m, and cash conversion was only 42.7%. FCF guidance for 2026 is EUR 235–325m vs 425m in 2025 (company definition), because capex (5.9% of sales) and working capital are rising.
- −4Customers are shiftingThe Great Sea Interconnector (Greece–Cyprus) is EUR 1.2bn of the EUR 7.7bn Transmission backlog (about 16%). The project is being restructured, the delivery date pushed back, IPTO has withheld EUR 70m of payments, and the project is not in 2026 guidance.
- −4Debt and creditS&P rating BB+ (stable), i.e. below investment grade. Net debt/EBITDA rose from 0.4 to 1.4 (own history 0.1–1.2), debt/EBITDA 3.1, and the Altman Z-score is 1.64. A new EUR 500m bond with a 4.25% coupon in September.
- −2Macro and competitionHeavy exposure to European construction and industry (Other Activities −15.6% organic); Jefferies prefers NKT and Prysmian and rates it Hold with a EUR 158 target.
- −1Quality of earningsH1 net profit fell 72% to EUR 105.9m: restructuring costs EUR 34.3m (+15.6m), negative hedging of EUR 35m and a EUR 16.9m loss in discontinued operations (Autoelectric). Depreciation rose EUR 52m.
- −1Insider tradingManagement are net sellers: the CEO, CFO and sales director sold about EUR 1.1m in 2025–26 (most recently 1,500 shares in April 2026). Board purchases are small (600 shares for EUR 96,000 in May 2026). Insiders own 0.07%.
Plus
Only documented strengths. · 3 findings+5 of +15
- +3Raised guidance2026 guidance raised in July: adjusted EBITDA EUR 770–840m (from 730–810) and FCF EUR 235–325m (from 210–310). Five price targets raised since August.
- +1Order book and executionThe EUR 7.7bn Transmission backlog gives visibility to 2028, and the cable-laying vessel Nexans Electra entered service in Q2 on time and on budget.
- +1DividendDividend of EUR 2.90 (2.2%), raised five years in a row and only 37% of FCF.
Caveats
What the score does not capture, or where the data is weak.
Trailing P/E (31) is distorted by losses in discontinued operations (Autoelectric) and restructuring costs; analysts' 14% revenue decline in 2026 is partly due to divestments; the Great Sea Interconnector (EUR 1.2bn of the order book) is frozen and not in guidance; credit rating BB+ (below investment grade)
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