Oddo BHF has raised its opinion on Nexity from 'underperform' to 'neutral', with an unchanged target price of 17.1 euros, 'based on a stabilization of reserves in 2024 and a significant reduction in the real estate group's debt'.

The analyst sees Nexity's entry into exclusive negotiations to sell its retail services business to Bridgepoint as a 'good opportunity to reduce the group's debt, with a sale price that appears to value the business correctly'.

While 'earnings growth in 2023 and 2024 will be strongly affected by the economic climate', the analyst highlights the relative resilience of Nexity's bookings compared with the sector, and considers its valuation multiples 'now relatively modest'.

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