Ackermans & van Haaren - Q3 trading update
Private banking AuM flat at EUR 62.2bn despite weakened financial markets and thanks to continued net inflowsAvH continues to reinforce its stakes in Sipef & Nextensa, two stocks that the management has deemed undervalued for some timeWe estimate today's NAV to be EUR 176.1 implying a discount of 17%. We reiterate our EUR 194 TP as well as 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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