(CercleFinance.com) – Oddo BHF raises its opinion on Nexity from ‘underperformance’ to ‘neutral’ with an unchanged price target of 17.1 euros, ‘based on a stabilization of reserves in 2024 and a significant reduction in the debt of the real estate group.
He sees in Nexity’s entry into exclusive negotiations with a view to selling its personal services activities to Bridgepoint a ‘good opportunity to reduce the group’s debt with a transfer price which seems to correctly value the activities’.
If ‘profit growth in 2023 and 2024 will be strongly affected by the economic situation’, the analyst highlights the relative resistance of Nexity’s reservations compared to the sector, and judges its valuation multiples ‘now relatively modest’.
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