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Nexans is positioned as a leading supplier in power transmission, distribution, and building electrification, benefiting from secular grid investment trends. NXPRF's integrated manufacturing and installation capabilities, €7.7B backlog, and operational leverage support mid-term earnings visibility and margin expansion. I see valuation at 9x EV/EBITDA as discounting only current-year earnings, with peer multiples…

Nexans has transformed into a focused electrification business, prioritizing profitability and exposure to structural growth markets. I rate NXPRF a Buy, as management's margin expansion strategy and targeted acquisitions are not yet fully reflected in the valuation. 2028 guidance targets €1.15 billion adjusted EBITDA (60% growth) and improved free cash flow, driven by higher-margin projects and operational…