Aalberts - New impetus for success formula
2023 confirms resilient performanceThe Aalberts performance in 2023 gives confidence that the company can show resilient results, despite headwind in the buildings segment. Thanks to ongoing growth in industrial markets, organic revenues and margins should be quite stable in 2024 and return to growth in 2025. We expect new CEO Stéphane Simonetta to resume the acquisition strategy, and launch new operational excellence initiatives based on his experience at previous companies. Upgrade from Hold to Buy, target price raised to EUR 55Based on updated DCF, peer group and historical ratios, and taking into account our higher estimates, we raise our 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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