The Q1 20 figures were positive but it don’t provide us with a clear picture as far as FY 20-21 is concerned. Should something like the conditions in 2008 return, Nexity’s revenue could lose c. 15-20% over 2020-22. However, the recurring portion of its profitability (services) should be a material cushion. But maybe it is time to question the resilience of some intangibles.
