Koninklijke Boskalis Westminster N.V.

Royal Boskalis Westminster is a service provider operating in the dredging, dry and maritime infrastructure and maritime services sectors. Co. is involved in dredging activities and provides a range of maritime services for the offshore energy sector. In addition, Co. provides towage services as well as emergency response and salvage related services. Co.'s main clients are oil, gas and power companies, port operators, governments, shipping companies, international project developers, insurance companies and mining companies. Co. operates on behalf of its clients in over 75 countries across six continents.
  • TickerBOKA
  • ISINNL0000852580
  • ExchangeEuronext Amsterdam
  • SectorConstruction & Materials
  • CountryNetherlands

Increased risk weighs on KON.BOSKALIS WSTM.NV, penalising its rating down to Neutral

The independent financial analyst theScreener just lowered the general evaluation of KON.BOSKALIS WSTM.NV (NL), active in the Heavy Construction industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date May 15, 2020, the closing price was EUR 14.81 and its target price was estimated at EUR 12.23.

ING
ING Helpdesk

Benelux Morning Notes

Basic-Fit: No opening dates yet; Mid June / early July (under conditions) our best guess. Boskalis: Satisfactory trading update. D'Ieteren: North America peer Boyd reports better Q1, Q2 sales down 40% so far. Euronext: 11% beat on EBITDA in a high volatility quarter. EVS: April order intake down 10%, €6-10m EBITDA synergies from Axon acquisition. KBC: NII & impairment outlook outweigh positive message on costs. KPN: T-Mobile NL 1Q20. SBM Offshore: Yes, we can keep our EBITDA guidance. Sif Group: FY EBITDA guidance roughly 42% below consensus. Tessenderlo: Confirms guidance of...

Bart Cuypers ...
  • Cedric Duinslaeger
  • Guy Sips
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wido Jongman
  • Wim Hoste

Morning Note: AKA FP, ARGX BB, BEKB BB, BOKA NA, CFEB BB, ENX FP, EVS BB, IMMO BB, KDS NA, MONT BB, PIC BB, SBMO NA, SOF BB, TESB BB

AKKA: Forward EPS lowered by 30-50%, new TP of € 45 Argenx: Efgartigimod on track for gMG mid20, cash € 1.3bn Bekaert: Weak 1Q top line but cost control saves bottom line Boskalis: 1Q20 trading update CFE: DEME concludes the sale of its Merkur stake Euronext: Covid-19 trading supports strong CSS beat EVS: OK end April order book but no guidance for FY20 Immobel: Completes sale of 800k treasury shares Kiadis: NK-cell capabilities presented at conferences Montea: Encouraging 1Q20 update Picanol: Confirming guidance for FY20 SBM Offshore: Solid 1Q20 results, EBITDA guidance reiterated Sofina: Hig...

Valérie GASTALDY

Analyse court terme - BOSKALIS WESTMINSTER-CVA : La tendance est incertaine.

La tendance est incertaine. Les cours se sont repris, et ils commencent à montrer une certaine vigueur. Une nouvelle tendance haussière tente de démarrer.

Valérie GASTALDY

Short term view - BOSKALIS WESTMINSTER-CVA : The trend is uncertain.

The trend is uncertain. Prices have recovered and they are starting to display convincing strength. A new bullish trend is attempting to emerge.

Valérie GASTALDY

Analyse moyen terme - BOSKALIS WESTMINSTER-CVA : Le rebond gagne en vigueur.

La tendance de fond est clairement orientée à la baisse. Le rebond gagne en vigueur. Il est trop tôt pour parler de retournement haussier. La tendance de fond serait remise en cause en cas de franchissement de 33,11 €.

Valérie GASTALDY

Medium term view - BOSKALIS WESTMINSTER-CVA : The bounce is gaining strength.

The background trend is clearly bearish. The bounce is gaining strength. It is too early to qualify this market action as a bullish reversal. The background trend would be questioned should prices rise above €33.11.

Louis AZAIS

Short term view - BOSKALIS WESTMINSTER-CVA : The resistance has been passed.

The trend is still neutral but within that interval prices could head towards the top of the range.Arguments :- The resistance has been passed.- The major resistance is close.

ING
ING Helpdesk

Benelux Morning Notes

Basic-Fit: No opening dates yet; Mid June / early July (under conditions) our best guess. Boskalis: Satisfactory trading update. D'Ieteren: North America peer Boyd reports better Q1, Q2 sales down 40% so far. Euronext: 11% beat on EBITDA in a high volatility quarter. EVS: April order intake down 10%, €6-10m EBITDA synergies from Axon acquisition. KBC: NII & impairment outlook outweigh positive message on costs. KPN: T-Mobile NL 1Q20. SBM Offshore: Yes, we can keep our EBITDA guidance. Sif Group: FY EBITDA guidance roughly 42% below consensus. Tessenderlo: Confirms guidance of...

Bart Cuypers ...
  • Cedric Duinslaeger
  • Guy Sips
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wido Jongman
  • Wim Hoste

Morning Note: AKA FP, ARGX BB, BEKB BB, BOKA NA, CFEB BB, ENX FP, EVS BB, IMMO BB, KDS NA, MONT BB, PIC BB, SBMO NA, SOF BB, TESB BB

AKKA: Forward EPS lowered by 30-50%, new TP of € 45 Argenx: Efgartigimod on track for gMG mid20, cash € 1.3bn Bekaert: Weak 1Q top line but cost control saves bottom line Boskalis: 1Q20 trading update CFE: DEME concludes the sale of its Merkur stake Euronext: Covid-19 trading supports strong CSS beat EVS: OK end April order book but no guidance for FY20 Immobel: Completes sale of 800k treasury shares Kiadis: NK-cell capabilities presented at conferences Montea: Encouraging 1Q20 update Picanol: Confirming guidance for FY20 SBM Offshore: Solid 1Q20 results, EBITDA guidance reiterated Sofina: Hig...

ING
ING Helpdesk

Benelux Morning Notes

ABN AMRO: Impairment outlook worse than expected. Ageas: Withdrawing 2020 guidance should not be a surprise. Agfa-Gevaert: AGM and EGM feedback. Bekaert: 1Q20 sales -11%, limited visibility on depth and duration through. Boskalis: Qualitative trading update just after Covid-19 update. Colruyt: Matching lowest prices with home delivery. IBA: Reassuring 1Q20 qualitative update on operations, cash. Kinepolis: 1Q20 visitors down 9% on lockdowns, client caution. Belgium better. PostNL: virtual management roadshow - feedback and highlights. SBM Offshore: MODEC's pain is not SBM's....

Alan Vandenberghe ...
  • Bart Cuypers
  • Guy Sips
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur

Morning Note: ADYEN NA, ARCAD NA, BOKA NA, CFEB BB, ECONB BB, ENX FP, MIKO BB, MITRA BB, SIOE BB

Adyen: Covid-19 is killing cash payments Arcadis: Weathering the storm well so far Boskalis: Oil my glut – adjustment investment case CFE: Oil my glut – adjustment investment case Econocom: 1Q20 trading update Euronext: Expansion into Nordics continues Miko: Huge difference of impact between the two branches Mithra: Capital Commitment secured for € 50m with LDA Sioen: 3.4% revs decline in 1Q20, 35% sales drop in Apr’20 Various: Oil my glut

Alan Vandenberghe ...
  • Bart Cuypers
  • Cedric Duinslaeger
  • Jason Kalamboussis
  • Michiel Declercq
  • Ruben Devos
  • Wim Hoste

Thematic Note : Oil My Glut

The current COVID-19 crisis has paralyzed the world economy and pushed down oil prices to extreme low territories. OPEC+’s responsive production cuts have so far been as much as a drop in a bucket of falling demand. Oil majors have been among the first to announce significant Capex and Opex reductions for 2020, having a rippling effect throughout the eco system. In the following, we have taken a look at the oil situation so far and to what extent we believe the companies under our KBC Securities coverage could have negative, or even positive effects from the current low oil price environment....

Increased risk weighs on KON.BOSKALIS WSTM.NV, penalising its rating down to Neutral

The independent financial analyst theScreener just lowered the general evaluation of KON.BOSKALIS WSTM.NV (NL), active in the Heavy Construction industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date May 15, 2020, the closing price was EUR 14.81 and its target price was estimated at EUR 12.23.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Koninklijke Boskalis Westminster - AGM 08 May 2019

In general, Koninklijke Boskalis Westminster ("Boskalis") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 8d, it is proposed to re-appoint Mr. Jaap van Wiechen as Member of the supervisory board for a term of appointment of 4 years. ECGS notes that the proposed term of appointment is NOT in accordance with provision 2.2.2 of the Dutch Corporate Governance Code. Aforementioned provision stipulates that "a supervisory board member is appointed for a period of four years and may then be re-appointed once for anothe...

Expert Corporate Governance Service (ECGS)

Koninklijke Boskalis Westminster N.V. - Proxy report- 15/08/2018

On 3 July 2018, Royal Boskalis Westminster announced that in light of strengthening the Offshore Energy division, the Supervisory Board has decided to increase the Board of Management from three to four members. Therefore, under agenda item 3, the Supervisory Board makes a binding nomination to appoint Mr. B.H. Heijermans, MSc, as new member of the Board of Management for a period commencing on 1 September 2018 until and including the Annual General Meeting of Shareholders in 2022. We have no concerns over the proposed appointment of Mr. Heijermans and recommend approval.

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