Oddo BHF maintains its 'underperform' rating on Nexity shares, with a price target of 21.5 to 17.1 euros.

Last night, the real estate company reported sales of 915 ME, down 8%, in line with Oddo BHH's expectations (917 ME). Over 9 months, sales were virtually unchanged at ME2,958 (vs. an estimated ME2,960 and a consensus ME2,935).

Nexity confirms its guidance for 2023, with expected sales of E4.3 billion and operating income of ME250.

In addition, we note that a 30 ME cost-savings program is underway, and should have a positive impact on 2024 for the most part", stresses the broker, who points out that, despite the undeniable "Value" character of the company, caution is still called for in the short term, given the current context and the low visibility for 2024.

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