This morning, the property developer presented the objectives of its new “Imagine 2026” plan. Many reassuring elements, except that of the debt, points out the analyst firm Oddo BHF.
Nexity plunges on the stock market, for an analyst, the debt will remain too high | Photo credits: Istock
Biggest drop in SRD on the Paris Stock Exchange, Nexity plunged 20%, below 18 euros, the lowest levels for more than 10 years. The action has lost more than half of its value since the beginning of the year and nearly 65% over five years.
The real estate developer presented this Wednesday its new strategic plan called “Imagine 2026”, from which it appears first of all that the company confirms its prospects for the current financial year, namely a turnover of more than 4.6 billion euros. euros and a current operating margin of around 8%. This year, Nexity is also aiming for a 14% share of residential real estate in an expected market of 130,000 units.
By 2030, the group is aiming for a market share of more than 20% in this segment, a ambition [qui] is based on an assumption of stability of the new housing market, in line with the history of the last ten years “. As for 2026, the management is counting on billings of more than 6 billion euros and on a current operating profit of more than 500 million.
A minimum dividend of 2.50 euros per year
As for the dividend, it is planned to pay a coupon greater than or equal to 2.50 euros per share for each financial year of the period from 2022 to 2026, which represents a yield of more than 11% based on the closing price. Tuesday evening, and… 14% now.
The problem is elsewhere. According to information from the Bloomberg agency, ” while the objectives are reassuring, Oddo BHF (at “underperformance”) points out that the company’s debt level will still be relatively high. The net financial debt before rental obligations will be less than 2.5 times the gross operating surplus (Ebitda) after rents during the period 2022-2026, indicated this morning Nexity.