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HIGH YIELD: Nexans (NEXFP NR/BB+/NR): 2Q24 Results

HIGH YIELD

Strong results, credit positive. 

  • Revenue was a whopping 31% ahead of consensus, with strong demand driven by electrification.
  • 1H adj. EBITDA beat by 15%, with margins up 1 point to 12%.
  • FCF was €79mn. Leverage is up to 0.7x from 0.4x at FY23 due to the La Triveneta Cavi acquisition.
  • FY24 adj EBITDA guidance increased 11% and normalised FCF increased 30%. That could FY24 leverage around 0.7x, with consensus at 0.9x.
  • Webcast replay: https://channel.royalcast.com/nexans/#!/nexans/20240724_1

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