olivLaw · European equity research
Nexans NEX.PA
France · Euronext Paris · ISIN FR0000044448 · Vertical: Listed companies from France
Nexans is a French maker of cables and electrification systems, operating in over forty countries. The group is investing heavily in high-voltage submarine cables and new plants, which makes these investments a key topic as the energy transition accelerates.
At the close of 05 Nov 2026, Nexans (NEX.PA) stock was 118.30 EUR (−0.17% on the day), with market capitalisation 5.2 bn EUR, P/E 15.1 on diluted EPS of 7.84 EUR over the last 12 months, dividend yield 2.20%, beta 1.23, 52-week range 112.60–167.90 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.7
- weak (30–45)
- Bollinger (20, 2)
- 112.28 – 133.41
- in the lower half of the band · %B 0.28 · band width 17.2%
- SMA 50 / 200
- 131.04 / 136.39
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.32 / -3.53
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.3% | −0.6% | −10.7 pp | — |
| 3 months | −15.8% | −4.2% | −11.6 pp | — |
| 6 months | −26.6% | +4.3% | −30.9 pp | — |
| Year to date | −6.0% | +7.5% | −13.5 pp | — |
| 1 year | −5.8% | +9.9% | −15.7 pp | −6.8% |
| 3 years | +78.6% | +49.8% | +28.7 pp | −15.9% |
| 5 years | +35.7% | +42.8% | −7.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 16.0, median 16.1, max 16.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 7.8 bn | 6.9 bn | 7.8 bn |
| Revenue YoY | unavailable | −11.2% | +12.9% |
| Net income | 221.0 m | 279.0 m | 352.0 m |
| Net income YoY | unavailable | +26.2% | +26.2% |
| Diluted EPS | 4.92 | 6.20 | 7.84 |
| Diluted EPS YoY | unavailable | +26.0% | +26.5% |
| net % | 2.8% | 4.0% | 4.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.6 bn EUR
- Financial debt
- 1.7 bn EUR
- Net debt
- 56.0 m EUR
- Equity
- 2.0 bn EUR
- Total assets
- 8.0 bn EUR
- Debt / equity
- 0.84x
- Current ratio
- 1.22x
- ROE
- 18.3%
- ROA
- 4.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 7.8 bn | 6.9 bn | 7.8 bn | esef· 07 Apr 2026verified |
| Research & development | 89.0 m | 53.0 m | 54.0 m | esef· 07 Apr 2026verified |
| Operating income | 374.0 m | 340.0 m | 378.0 m | esef· 07 Apr 2026verified |
| Pre-tax income | 292.0 m | 235.0 m | 316.0 m | esef· 07 Apr 2026verified |
| Income tax | 68.0 m | 68.0 m | 97.0 m | esef· 07 Apr 2026verified |
| Net income | 221.0 m | 279.0 m | 352.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 4.92 | 6.20 | 7.84 | esef· 07 Apr 2026verified |
| Dividend per share | 2.14 | 2.30 | 2.60 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.1 bn | 1.3 bn | 1.6 bn | esef· 07 Apr 2026verified |
| Receivables | 856.0 m | 1.2 bn | — | esef· 15 Apr 2025verified |
| Inventories | 1.3 bn | 1.3 bn | 1.4 bn | esef· 07 Apr 2026verified |
| Current assets | 3.8 bn | 4.3 bn | 4.7 bn | esef· 07 Apr 2026verified |
| Goodwill | 293.0 m | 470.0 m | 680.0 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 210.0 m | 320.0 m | 286.0 m | esef· 07 Apr 2026verified |
| Total assets | 6.5 bn | 7.7 bn | 8.0 bn | esef· 07 Apr 2026verified |
| Accounts payable | 1.6 bn | 1.6 bn | — | esef· 15 Apr 2025verified |
| Long-term debt | 747.0 m | 1.7 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Current liabilities | 3.6 bn | 3.6 bn | 3.8 bn | esef· 07 Apr 2026verified |
| Equity | 1.7 bn | 1.8 bn | 2.0 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 43.5 m | 43.7 m | 43.6 m | esef· 07 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.2 bn EUR
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 35.36 – 233.64 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E86.96 – 233.64 (Mid 134.30)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)35.36 – 48.22 (Mid 40.80)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.0% | 67 (vs peers) | 28% |
| Net margin · Quality | 4.5% | 77 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 35 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 15.1x | 61 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.3% | 32 (on a fixed band) | 17% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial35/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns· partial32/100 · 1/2 factors with a value
- Valuation· partial61/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NEXANS (NEX.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.8 bn EUR in 2025; YoY growth 12.9%; net margin 4.5%; ROE 18.5%.
The estimated value range is 61.16–140.93 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 87.55 EUR, the price of 118.30 EUR leaves a potential of -26.0% (value / price − 1) and a margin of safety of -35.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 4.5%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| NEX.PANexans | 5.2 bn | 15.1 | 18.5% | 4.5% | +12.9% | −5% / +64% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for NEX.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 78.16 Total return -32% · Per year -32% | 137.66 Total return 19% · Per year 19% | 206.65 Total return 78% · Per year 78% |
| 3 years | 89.22 Total return -18% · Per year -7% | 175.50 Total return 57% · Per year 16% | 287.30 Total return 154% · Per year 36% |
| 5 years | 101.84 Total return -3% · Per year -1% | 223.74 Total return 106% · Per year 16% | 399.43 Total return 260% · Per year 29% |
- Exit P/E± 43.88
- Net margin± 30.71
- Annual revenue growth± 23.33
- Annual dilution± 2.58
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Nexans is a French maker of cables and electrification systems, operating in over forty countries. The group is investing heavily in high-voltage submarine cables and new plants, which makes these investments a key topic as the energy transition accelerates 1.
SWOT
Strengths
- Solid technological position in high-voltage submarine cables and a industrial network spread across several countries.
- Owned fleet of cable-laying vessels, an advantage that competitors cannot easily replicate quickly.
- Structured industrial program, with digitalization of several plants and clear decarbonization goals.
Weaknesses
- Dependence on copper and aluminium prices, even with hedging, can affect margins.
- Large investments in new capacity put pressure on cash flow during execution phases.
- Large projects are sensitive to schedule delays and unforeseen costs.
Opportunities
- Demand for new grids and interconnections could grow if government programs accelerate.
- The African medium-voltage market, served from the new Morocco plant, could become a growth driver.
- Recycled copper and low-footprint products could differentiate the offer in public tenders.
Threats
- Strong competition from some Asian and European producers could pressure prices.
- Volatility in metal and energy prices could reduce predictability of results.
- Delays in permitting infrastructure projects could postpone deliveries and collections.
Risks
- Large project executionhigh
Delays or cost overruns on submarine cable projects could weigh on results and reputation if technical or logistical problems arise.
- Copper pricemedium
Metal price swings can change margins, even though hedging mechanisms reduce direct exposure.
- Heavy investmentmedium
The high capex program could limit free cash flow if demand slows.
- Litigation and investigationsmedium
The group cites proceedings and investigations that could have financial effects, though provisions and insurance mitigate them.
- Pricing competitionlow
Competitive pressure in tenders could reduce margins on standard contracts.
Investment thesis
What would need to be true (bull case)
- Investment in submarine cables and owned vessels can consolidate the position in a segment with high technical barriers.
- Demand for grids and offshore wind could support long-term growth if projects proceed.
- Geographic diversification and new plants in Morocco and Europe could reduce dependence on a single market.
What would break the thesis
- Execution of complex projects can generate delays and extra costs that erode margins.
- Metal volatility and pricing competition could limit the ability to keep current margins.
- Intense investment could keep cash flow under pressure if demand does not rise as expected.
What to watch
- Delivery of the cable-laying vessel Nexans Electra and its effect on PWR-Transmission capacity2026
- Proposed dividend of 2.90 euros per share, subject to the General Meeting approval21 May 2026
- Progress toward 25 percent recycled copper in cables, planned through the new Lens plant2028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Nexans is a French société anonyme headquartered in Courbevoie, engaged in making and selling cables and components for energy and communications 1. The group runs plants in 41 countries 1. The holding company Nexans S.A. earns revenue by billing services to subsidiaries, reaching 69 million euros in 2025 1.
The group is organized into electrification-related segments PWR-Transmission, PWR-Grid and PWR-Connect, plus other activities 1. Management aims for Nexans to become a pure player in electrification, an objective announced in 2021 1.
Tangible and intangible investments reached 383 million euros in 2025, up from 378 million in 2024, directed to new capacity and decarbonization 1.
Segments
PWR-Transmission
The largest segment for investment, completing the expansion of the high-voltage submarine cable plant at Halden and adding capacity at Charleston and Charleroi, along with the cable-laying vessel Nexans Electra, scheduled for delivery in 2026 1.
PWR-Grid
This segment focuses on raising capacity of medium-voltage cable plants, including a new plant in Morocco for the African medium-voltage market, equipped with desalination and solar panels 1.
PWR-Connect
This segment expands production of fire-resistant building cables across several plants in Europe, the Middle East, Africa and South America 1.
Market context
The energy cable market is tied to power grids, offshore wind and building electrification. Performance indicators such as standard revenue at constant copper and aluminium prices are reported separately to isolate the metals effect 1.
Copper prices directly affect costs and revenue, and the group uses hedging to limit exposure. Strong grid demand could support the order book, but it remains dependent on project timing 1.
Trends
- Grid electrificationtailwind
The need to modernize and extend transmission and distribution grids supports demand for high and medium voltage cables, if projects proceed on schedule 1.
- Offshore windtailwind
Development of offshore wind farms requires specialized submarine cables, an area where the group is investing in plants and dedicated vessels 1.
- Metal pricesmixed
Volatility in copper and aluminium can change raw material costs, and hedging and pass-through mechanisms partly cushion the impact on margins 1.
- Decarbonizationmixed
Targets for recycled copper and lower emissions, aligned with the SBTi trajectory, may attract customers seeking low-footprint products but raise investment costs 1.
Competitive position
The energy cable market is concentrated, with a few large global producers competing for transmission and offshore wind projects. Advantage depends on specialized manufacturing capacity and owned cable-laying vessels 1.
Differentiation comes from technology, industrial capacity and secure long-term delivery. Investments at Halden, Charleston and new vessels aim to strengthen the position in high-voltage segments 1.
- Prysmian
Major Italian producer of energy and telecom cables, a direct competitor on transmission and offshore wind projects.
- NKT
Danish high-voltage cable maker, active especially in submarine cables for renewable energy.
- Hellenic Cables
Greek producer of energy and telecom cables, present in European and Middle Eastern markets.
- LS Cable
South Korean energy cable producer with large capacity for submarine and underground projects.
News & filings
In the press
- Cable capacity emerges as bottleneck for AI data centres, Nexans saysCNA (Channel NewsAsia) · 22 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Nexans · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.