Aalberts Better early than sorry – upgrade following portfolio reset
Aalberts reported FY25 results showing continued pricing discipline and improved working capital management. While Building is bottoming out, Semicon will lead the earnings recovery. In the meantime, ambitious (German) infrastructure and defence spending plans should prepare the rebound in Industry from 2027 onwards. Strengthened confidence in our forecasts and an attractive valuation underpin our upgrade to Accumulate (from Hold) with a new €39 TP (from €33).Aalberts 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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