Oddo BHF maintains its 'neutral' rating on Nexans shares, with a price target reduced from 90 to 88 euros.

The research firm reports that management remains confident but more cautious for the second half of the year.

"The new EBITDA guidance (610/650 ME vs. 570/630 ME) reflects this caution", says Oddo BHF, which estimates that, based on the upper end of the range, H2 EBITDA would be 296 ME, i.e. stable vs. H2 2022. The lower end of the range would translate into a decline of almost 12% vs. H2 2022.

Against this backdrop, we have adjusted our 2023 EBITDA estimate by +3% to 630 ME (+5% YoY, mid-range guidance, css 595 ME), i.e. a 9.5% margin (+60bp), of which 10.7% in H1 and 8.3% in H2', says the analyst.

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