Ackermans & van Haaren - Private banking saving the day
Private banking AuM up 3% QoQ and 8% over the first half to EUR 62.4bn thanks to solid inflows and rising equity marketsAvH continued to increase its stakes in Nextensa and SipefOutlook of a stable result for 2023 confirmedWe estimate today's NAV to be EUR 155.8 p/s, implying a discount of 14%. This remains quite elevated. Applying our target discount of 3%, we arrive at our TP of EUR 194. This provides 21% upside. We reiterate our Buy rating.Ackermans & Van Haaren is an investment company. Co. operates in five sectors: Marine Engineering & Infrastructure, which includes DEME NV, a dredging and marine company; Private Banking, which includes BDM NV - Continentale Verzekeringen NV (ASCO NV), which focuses on marine and industrial insurance via brokers; Real Estate, Leisure & Senior Care, which includes Extensa Group NV, a real estate developer; Energy & Resources, which includes Telemond Group, a supplier to the crane and automotive industry; and Development Capital, which is engaged in ICT and engineering, retail and distribution, real estate development, and media and printing.
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