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    Miguel Nabeiro Ensinas Serra Borrega

    Research Analyst at BNP Paribas

    Miguel Nabeiro Ensinas Serra Borrega is a Research Analyst at BNP Paribas Exane, specializing in equity research within the European industrials and capital goods sectors. He actively covers companies such as Nexans, Kone Oyj, and Iveco Group N.V., participating in earnings calls and providing analytical insights for investors. Previously, he was an Associate at UBS Investment Bank, bringing several years of experience in financial analysis before joining BNP Paribas Exane, where he has developed a strong reputation for sharp sector commentary. While specific performance metrics and professional credentials such as FINRA registration or formal securities licenses are not publicly detailed, his role involves regular direct interaction with management teams of significant European industrial firms.

    Miguel Nabeiro Ensinas Serra Borrega's questions to NXPRF leadership

    Miguel Nabeiro Ensinas Serra Borrega's questions to NXPRF leadership • Q3 2024

    Question

    Sought clarification on the 'hyper cycle' in medium voltage given recent growth figures, the sequential evolution of the G&T backlog, order intake strategy, and the potential impact of copper shortages on the business.

    Answer

    The moderate growth in medium voltage is a result of a selective strategy to protect accretive EBITDA margins. The G&T backlog evolution reflects revenue recognition, with H2 EBITDA margins expected to be similar to H1 before improving in future years. A major copper shortage is not an immediate concern for Nexans due to its size and privileged access, but if it occurred, the Usages business would be most affected.

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