Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NEXITY. We currently have 4 research reports from 1 professional analysts.
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Excellent figures with a record high backlog
22 Feb 17
Another set of excellent results from Nexity following a solid H1. Revenues at €3.07bn are stable yoy, however the guidance on operations has been exceeded with an operating profit at €266m, ahead of the already revised €2.45m. Revenues in Residential real estate at €2.27bn gained 4.9% yoy supported by the buoyant market, while revenues in the commercial segment at €306.9m decreased by 19.1%, hit by higher comps and relatively weaker demand environment. Finally, Services published flat numbers at €494m. Free cash flow stands at €168m, net debt at €317m (due to recent acquisitions and refinancing activities), cost of debt at 2.2%, and the dividend distribution at €2.2 per share as expected. Reservations have reached a record high: 18,890 for Nexity (o/w 15,893 units in France from the 125,000 new homes). This comes ahead of expectations, leading to Nexity’s new market share at 12.7% (from 12%), a growth that was partially supported by the recent M&A activities (o/w Edouard Denis consolidated in H2). Outlook: management maintains confidence for FY17 with operating profit now seen at €300m for 2017 and €335m for 2014 and the dividend at €2.4/share. The group expects to increase its market share by 1% in 2017 (from organic growth and the FY impact of recent acquisitions).
Solid H1 16 figures – Q2 even better than Q1
22 Jul 16
Another positive set of figures for Nexity, following a solid Q1. Revenues at €1.36bn stand stable yoy as Commercial Real Estate decreased by 36% to €128m as expected due to the higher comps in the previous year. The group’s backlog at €3.6bn (or 17 months of revenue) is up 7.9%, reservations are up 38.1% yoy in volume to 8,382 net new homes and up 31.6% in value to €1.4bn. Management maintains a degree of cautiousness, as the particularly strong figures in both Q1 and Q2, supported by the Pinel + PTZ schemes (catch-up effect), are not expected to be sustained throughout the year. The FY16 target is confirmed and management only raised its operating profit expectations: reservation of new homes is expected to be in line with the market at 120,000 — or a ~12% share for Nexity — revenues are expected to be €3bn, operating profit is now seen at €245m (from €235m), and a dividend is seen at €2.20 (up 10%). Edouard Denis’s 55% acquisition stake will be consolidated in the Residential Real Estate division by H2 16.
Solid figures, target raised to €47
18 Feb 16
We have updated our figures following the solid FY publication: * Results are up in 2015 and beat targets with revenues up 16% to €3.06bn; * Home reservations are up 13% in volume to 11,741 and 19% in value €2.3bn; * Order intake from Commercial real estate more than doubled to reach €403m; * And the operating profit gained 20% to €220m, while dividend was announced at €2.20 per share, up from the guided €2.00. For FY16, reservations are expected to stand at 105,000-110,000. Management sees revenues at c. €3bn, an operating profit of at least €235m and the dividend to stand at €2.20 per share. In the medium term, management targets operating profit of as much as €300m (FY18). Additionally, Nexity expects external growth to be driven by the new (55%) partnership with Edouard Denis.
New target of €45 following solid H1 results
24 Jul 15
Nexity published solid H1 figures. Revenues were up 21% yoy to €1.35bn, operating profit up 26% to €92m, group share of net profit up 39% to €49m and net debt at €256m. Management has revised upward its guidance for FY15 with revenues now expected to be €2.9bn from €2.75bn and operating profit of at least €200m (net of the €20m cost of the digital transformation) from €200m previously. The dividend is confirmed at €2. The French new home market is now estimated at 94,000-100,000 units from 90,000-95,000 units previously, with a stable 12% share for Nexity.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.