Feedback from the Electra event: Company Update

研报英文原文证据摘录

Feedback from the Electra event: Company Update

Deutsche Bank

Research

Rating Company Date

Buy Nexans 19 June 2026

Company Update

Europe

France

Reuters Bloomberg Exchange Ticker Price at 18 Jun 2026 (EUR) 154.40

NEXS.PA NEX FP PAR NEXS

Price Target (EUR) 179.00

Capital Goods

ADR ISIN 52-week range (EUR) 167.90 - 95.50

Electrical Equipment

NEXNY US65338U1097

Feedback from the Electra event

Valuation & Risks

Nabil Najeeb

We attended Nexans' inauguration of its third cable-laying vessel, Electra, in Oslo

Research Analyst

yesterday, which was followed by a Q&A with management. Electra is a best-in- +44-20-754-17410

class cable laying vessel with lower emissions that should help Nexans win more

tenders and improve margins as it relies less on 3rd parties. Nexans should also Gael de-Bray, CFA

know the result of an MI project tender to replace GSI in the short term, by early

+33-1-4495-6562

Q3. Outside of transmission, management sounded very positive on the demand

outlook within data centers, both in Europe (where large project momentum is

Price/price relative

accelerating) and in the US, with Republic Wire providing a springboard for its MV

cable offering. The valuation remains compelling with the shares trading at a

deep c.40% discount to Prysmian, with a growing exposure to data centers and

the US market.

2024 2025 2026

Electra: state of the art cable laying

After Skagerrak (1977) and Aurora (2021), just 5 years later Electra becomes the Nexans – (Rebased)

third of Nexans' fleet of cable-laying vessels. At 150m long and 31m wide, the Performance (%) 1m 3m 12m

vessel matches Nexans Aurora in size but offers greater installation capacity, with

Absolute -3.4 28.3 54.9

three turntables totalling 13,500 tonnes, allowing it to carry around 30% more cable