Ackermans & van Haaren - Strong private banking inflows in Q1
Private Banking AuM up 5.8% to EUR 69bn thanks to both rising equity markets and continued ‘very strong' net inflowsWe estimate today's NAV to be EUR 215 p/s, implying a discount of 20.7%. In our view, a potential way to awaken the investment case is by doing a significant investment that moves the needle in the portfolio instead of small tickets. We reiterate our BUY rating but put our TP under review as we will revise our estimates for the private banking segment upward.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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