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In 3Q 2024, telco network infrastructure vendor revenues reached $49.6B, with Huawei, Ericsson, and Nokia leading the market, accounting for 37.5% of total revenues. Despite a slight quarterly increase, the annualized market saw a 5.6% decline, primarily due to reduced capex forecasts. Tejas Networks and Broadcom reported significant year-over-year growth, driven by strategic developments in India and acquisitions.
UBS Global Research has initiated coverage on the European cables sector, forecasting a 14% compound annual growth rate in high-voltage (HV) cable demand from 2022 to 2028, driven by infrastructure projects and renewable energy investments. Nexans is highlighted as well-positioned for growth, while NKT faces challenges, receiving a "sell" rating due to margin pressures. Prysmian holds a "neutral" rating amid concerns over its ability to achieve €3 billion in EBITDA by 2028, with risks stemming from competitive pressures and the cancellation of a US HV production facility.
Nexans is pivotal in advancing a sustainable energy future, providing advanced cable technologies for power and data transmission for over 120 years. The company operates in three main sectors: Building & Territories, High Voltage & Projects, and Industry & Solutions, employing around 28,500 people across 41 countries. In 2023, Nexans reported net sales of 7.8 billion euros.
UBS Group AG operates through four main business segments: wealth management (50.9% of revenues), investment banking (20.8%), retail and corporate banking (20.2%), and asset management (6.3%). By the end of 2023, the Group is set to manage USD 792 billion in deposits and USD 639.8 billion in loans.
UBS has initiated coverage of Nexans with a 'buy' recommendation and a price target of 145 euros, citing an expected recovery in high-voltage margins by 2027 and a significant valuation discount compared to peers. In contrast, the firm rates Italian competitor Prysmian as 'neutral' with a price target of 70 euros, awaiting further insights during the March 26 investor day.
UBS has initiated coverage on Nexans SA with a Buy rating and a price target of €145, highlighting strong growth potential in the high voltage (HV) sector, with an expected 25% CAGR in EBITDA from 2024 to 2027. The firm anticipates that strategic divestments planned for 2025 could boost EBITDA margins from 11% to 13.5%. Analyst Christopher Leonard notes that the current market valuation underestimates the HV Transmission business, presenting an attractive opportunity for investors.
UBS has initiated coverage of Nexans, issuing a buy recommendation with a target price set at €145. This move reflects confidence in the company's potential for growth and performance in the market.
Nexans
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ubs highlights strong growth potential in european cables sector
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