Kepler cuts NKT, sees strong margin outlook as priced in

NKT A/S

20/11/2025 09:09

** Kepler Cheuvreux cuts Danish cable maker NKT NKT.CO to "reduce" from "hold", saying its bullish margin outlook is already priced in the shares

** Kepler notes NKT's 2030 EBITDA target of over 900 million Danish crowns ($138.76 million) implies an EBITDA margin of 25-28% for its Transmission segment, which is providing a positive read-across for its peers Prysmian PRY.MI and Nexans NEXS.PA

** However, it expects transmission system operators (TSO) spending to level off around 2030-2035 and higher industry capacity to ultimately lead to margin normalisation

** It adds the stock is trading at a strong premium and "massively" above peers

** Out of the 12 analysts covering the stock, five rate it "strong buy" or "buy", four "hold" and three "sell" or "strong sell", based on LSEG data

($1 = 6.4858 Danish crowns)

 (Reporting by Vera Dvorakova)

 ((vera.dvorakova@thomsonreuters.com))