業種
Power Cables
Power Cables のすべてのレポート — 全 4 件。
46/100
46Buffett
Nexans: A Subsea Margin Story the Price Has Largely Absorbed
Nexans is a French electrification cable maker whose PWR-Transmission arm builds and installs the high-voltage submarine systems behind interconnectors and offshore wind, the scarce franchise carrying the investment case. Adjusted EBITDA rose from EUR 325 million in 2018 to EUR 728 million in 2025 while ROCE more than doubled to 21.3%, and H1 2026 Transmission EBITDA grew 21.2% on organically flat sales, but the raised FY2026 guidance of EUR 770 to 840 million is substantially acquired scope from Republic Wire rather than organic acceleration. Rating Hold: at EUR 140.80 the stock sits inside the EUR 130 to 170 acceptable-hold zone but far above the EUR 85 to 91 ideal buy range, with 15.6% of Transmission backlog tied to the delayed Great Sea Interconnector.
47/100
45Buffett
NKT: A EUR 13bn Transmission Backlog and Rising Margins, but DKK 930 Already Pays for the 2027 Factories That Are Still Being Built
NKT A/S is a Danish power-cable maker centred on high-voltage subsea and land transmission, carrying a EUR 13.0bn Transmission backlog at market prices at end-Q2 2026. H1 2026 revenue at standard metal prices fell 6.4% to EUR 1,267m while operational EBITDA rose 8.1% to EUR 201m and the margin widened from 13.8% to 15.8%, a pattern that points to project phasing rather than weak demand, yet free cash flow was still negative EUR 341m as a roughly EUR 2bn capacity build runs to 2027. Rating Hold: at DKK 930 the shares trade near 14.7x 2026 EV/EBITDA and just above the DKK 902 base-case value, leaving no discount at all to the DKK 691 conservative case.
47/100
56Buffett
Ningbo Orient Wires & Cables: A Real Submarine-Cable Moat Priced for Flawless Backlog Conversion
Ningbo Orient Wires & Cables is China's specialist in submarine and high-voltage transmission cable systems, having grown 2025 revenue to CNY 10.84 billion behind a CNY 18.41 billion project backlog running 1.7 times that base. Submarine and high-voltage cable revenue jumped 65.6% in 2025 to near half of sales, yet receivables and inventory are swelling just as fast and the current CNY 38.93 price already sits above the conservative buy zone. Rating Watch: a genuine niche moat already priced for flawless backlog conversion, leaving little room for timing mistakes.
48/100
Prysmian Group (PRY.MI) Zen Horizon Research Report
Prysmian Group is the global leader in power cables and systems, primarily listed on Euronext Milan and spanning submarine/underground high-voltage transmission, power grids, electrification including industrial and construction, specialty cables, and digital solutions for data centers and fiber. FY2025 revenue reached €19.65B (+15.4% nominal / +5.4% organic), net profit attributable to shareholders was €1.27B (+74%, including roughly €346M of one-off gains from the YOFC stake sale), Adj EBITDA was €2.40B at a 14.2% margin on standard metal prices, Transmission delivered a full-year 18.3% margin ahead of its 2028 target with backlog above €17B, and the 2024 USD 4.2B Encore Wire acquisition strengthened North America. Research rating Watch: a high-quality leader with powerful long-term drivers, but current valuation already prices in much of the good news.