Aalberts - Facing expected headwinds in early 2024
2.6% organic revenue decline in first 4 months of 2024, due to -6.1% in Building Technology and +1.7% growth in Industrial TechnologyAdded value margin remains at good level, taking efficiency measuresCustomers see better demand towards year-endWe expect to trim our 2024 estimate, but reiterate our Buy recommendation and EUR 55 target priceAalberts Industries is a technology company. As of Dec 31 2015, Co. is organized into four businesses: building installations, which produces and sells connection systems and valves to distribute and control water or gas in heating, cooling, drinking water, gas and sprinkler installations in residential, commercial and industrial buildings; climate control, which develops and produces complete hydronic systems-from source to emitter- for heating and cooling systems; industrial controls, which develops and produces regulation and control systems for selected niche markets; and industrial services, which provides a combination of material technology know-how and manufacturing capabilities.
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