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Nexans

Nexans is a French company and is the second largest global cable producer to Prysmian. Currently, 100% of the company is publicly traded on NYSE Euronext Paris. The company had four reportable segments: Transmission, Distribution & Operators, Industry, Distributors & Installers, and Other. However, Nexans will now report using five segments: High Voltage & Projects (HV land/submarine cables and umbilical cables), Telecom & Data (cables for public telecom operators and (LAN) Local Area Networks), Industry & Solutions (specialty cables for a variety of industries including the aerospace, automotive, oil & gas and renewables sectors), Building & Territories (cables for residential/non-residential construction and utilities) and the Other segment (electrical wires business, centralized activities and unallocated expenses). Nexans generated 31% of 2017 sales in Europe, 12% in North America, 6% in South America, 6% in the MERA (Middle East-Russia-Africa) and 12% in Asia Pacific (APAC). 23% of sales were related to the high voltage business and 10% to automotive harnesses (mostly in Europe). (20 Jun 2018)

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Focused

Nexans: 3Q18 Sales and Strategy Update

HY Note: 13 Nov 2018, 8:34 PM ET - Nexans 3Q18 revenues were overshadowed by the strategy update, which has a focus on profitability and cash flow generation at the heart of its plan. Execution risk is high at the credit and we maintain our U/P recommendation on NEXFP.

Prysmian 1H18: Time to Integrate GC - Move to M/P

Earnings Note: 20 Sep 2018, 9:40 PM ET - Prysmian reported good underlying 1H18 results and over the period, it completed the transformational General Cable acquisition of General Cable. We move to a Market perform recommendation on PRYIM's bonds.
Focused

Nexans New Issue: Avoid Fraying Cables?

HY Note: 31 Jul 2018, 9:58 PM ET - Nexans is in the market after starting a portfolio review, the results of which will be presented in 4Q18. We prefer to pass on the new issue and instead wait to receive more clarity on the review, event risk and strategy going forwards.
Focused

Nexans: New CEO, New Nexans?

HY Note: 04 Jul 2018, 9:26 PM ET - Nexans announced a new CEO who begins in the role effective immediately and it appears that the current focus is on acquisitions, divestments and portfolio shuffling. We maintain our U/P recommendation in the meantime.
Focused

Nexans: Weakness in High Voltage Activities

Worth Watching: 18 Jun 2018, 9:41 PM ET - Nexans (NR/BB) issued a profit warning on the back of an "abrupt deterioration" forecasted for high voltage project activities (~20% of FY17 sales and  ~30% of operating profit) in 2018, with the impact for such activities expected to amount to ..

Schneider Electric: Finally Gets Around to L&T

IG Note: 02 May 2018, 12:11 PM ET - Schneider Electric announced that it has reached an agreement to acquire the Electrical and Automation business from Larsen & Toubro (L&T), with limited impact on credit metrics. Bearing this in mind, we move to a M/P on SUFP's bonds.

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

CNHI 4Q17: Supportive Positive Trends

Earnings Note: 31 Jan 2018, 9:11 AM ET - CNHI reported results highlighting positive trends in end-market demand which contributed to better operating performance. Credit metrics continue to strengthen at the Capital Goods bellwether and we maintain our O/P on CNHI bonds.

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.

2017 Euro Conference: IG Autos & Cap Goods

Transcript: 19 Dec 2017, 11:25 PM ET - In this presentation we discuss four trends in the Auto and Capital Goods sectors – Automation, Electrification, Autonomous driving and Renewable Energy – and the steps being taken to adapt corporate strategies and evolve with the times.

Prysmian: Buying General Cable

HY Note: 05 Dec 2017, 8:56 AM ET - Prysmian will acquire General Cable, which will deteriorate leverage metrics. We maintain a U/P recommendation on Prysmian bonds and recommend that investors wait for likely new issuance of the back of the transaction.

CNH Industrial: Issuing New 10Y US$ Bonds

Worth Watching: 09 Nov 2017, 1:23 PM ET - CNH Industrial is issuing new 10-year US dollar bonds out of the CNH Industrial N.V. (parent) entity. CNH Industrial has one other US$ bond outstanding at the parent level, the 4.5% 8/2023 bond (Ba2/BBB -/BBB-), which trades at a spread of G+12 ..
Focused

Prysmian and Nexans: 3Q17 Performance

Earnings Note: 08 Nov 2017, 8:36 PM ET - Prysmian reported earnings and Nexans provided a sales update for 3Q17, and Nexans outperformed its Italian peer in terms of LFL revenue growth. Both credits kept tight lipped on rumoured M&A and we remain U/P on both PRY and NEX.
Focused

Prysmian/Nexans: Offers for General Cable?

HY Note: 18 Oct 2017, 10:25 PM ET - Prysmian amd Nexans are reported to be bidding for General Cable. The proposed transaction is a significant credit negative for both names and we move to an Underperform on Prysmian and remain Underperform on Nexans.

Rental Cases: URI M&A Stays Hot, H&E Misses

Sector Analysis: 17 Aug 2017, 12:01 PM ET - Rentals activity stays hot as favorable secular trends, consolidation of a fragmented industry, and a waiting game for tax reform and infrastructure details remains the order of the day. URI stays true to its history of M&A focus.

Prysmian 1Q17: Mixed Quarter, But Fair Value

Earnings Note: 16 May 2017, 10:20 PM ET - Prysmian posted a mixed set of results with revenues down LFL, but EBITDA margins up slightly. We expect net leverage to increase from current low levels on the back of M&A in the short term. We maintain our Market Perform view on Prysmian.
Focused

Nexans: 1Q17 Trading Update

Worth Watching: 03 May 2017, 9:53 PM ET - Nexans reported first quarter revenues of €1.6 bn, an increase of 9.6% YoY. As expected, changes in metal prices positively impacted Nexans reported revenues compared to last year (+6.6% in 1Q17 vs -4.7% in 1Q16). FX changes were also a tailwind ..

March 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 02 Apr 2017, 4:22 PM ET - Our monthly report provides executive summaries for the seventeen company recommendation changes made on European companies during the month of March.
Focused

Nexans: New €200 mn Bond

HY Note: 28 Mar 2017, 9:02 AM ET - Nexans is in the market with a new seven-year €200 mn bond to pre-finance the €250 mn 4.25% bond due in March 2018. 

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