CFE - Challenging market will highlight diversification benefits
Market conditions becoming more challengingRising input costs and higher interest rates are creating pressure on new real estate and construction projects. We expect that this will make conditions more challenging for CFE in the next couple of years. The company's diversification, including more resilient segments such as high-end apartments in Belgium and activities in Poland, help to dampen the impact. Nevertheless, we expect that it will take until 2025 before the market has fully adjusted to the new conditions. Until then, CFE's profit growth is likely to be very limited. Hold with EUR 12 target priceAttractive diversified profile. We believe thatCFE is engaged in civil engineering, buildings and industrial construction, dredging works and electrical installations. Co. is also engaged in property development, environmental protection and building management. Co.'s works carried on by Co.'s civil engineering group includes the following: hydraulic engineering, harbor works, bridges, and other engineering works, tunnels, road construction, dams, storage tanks, piping and drainage and caissons sunken soft soil. Co.'s buildings and industrial construction sector is active in the following fields: administrative buildings, industrial construction, public utility buildings, redevelopment, and residential buildings.
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