Nexans S.A. (NEX.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-10.8%

€105.55

vs €118.30 price

Levered DCF

€260.46

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.45

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.57×	16.31×	15.6×	15×	22.89×	32.92×	-16.11×	76.03×
P/B	2.79×	2.51×	2.03×	2.23×	2.59×	2.11×	1.56×	0.8×
P/S	0.71×	0.53×	0.44×	0.44×	0.51×	0.43×	0.28×	0.16×
EV / EBITDA	9.45×	8.31×	7.22×	6.94×	9.09×	7.01×	17.87×	5.67×
Gross margin	11.6%	13.7%	12.8%	11.9%	10.6%	11.0%	11.7%	11.7%
Operating margin	5.4%	6.6%	5.3%	4.7%	4.6%	4.1%	3.3%	2.6%
Net margin	4.5%	3.3%	2.8%	2.9%	2.2%	1.3%	-1.7%	0.2%
Current ratio	1.22×	1.2×	1.06×	1.07×	1.22×	1.2×	1.31×	1.39×
Debt / equity	0.95×	1.07×	0.79×	0.8×	0.72×	1.09×	0.92×	0.93×
Interest coverage	8.02×	10.29×	7.02×	10.68×	14.08×	5.47×	5.12×	3.31×
Dividend yield	2.1%	2.2%	2.7%	1.4%	0.8%	0.2%	0.7%	3.1%
Payout ratio	33.0%	36.6%	41.6%	21.6%	18.9%	5.1%	-11.1%	235.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.6%	15.4%	13.0%	14.8%	11.3%	6.4%	-9.7%	1.1%
Return on invested capital	6.7%	9.4%	8.9%	8.4%	7.8%	3.3%	7.4%	1.1%
Return on assets	4.4%	3.6%	3.4%	3.8%	2.9%	1.5%	-2.3%	0.3%
Free cash flow yield	8.3%	10.0%	9.4%	6.7%	5.2%	9.0%	3.3%	5.3%
Earnings yield	6.3%	6.1%	6.4%	6.7%	4.4%	3.0%	-6.2%	1.3%
Enterprise value	€5.8B	€5.2B	€3.7B	€3.9B	€3.8B	€2.7B	€2.4B	€1.4B
Net debt / EBITDA	0.43×	1.08×	0.42×	0.33×	0.18×	0.46×	3.57×	1.35×
Cash conversion cycle (days)	37	50	43	44	40	48	46	51