Aalberts Model update: 1H25 Results Disappoint; Outlook Cut, Lowered TP
Last Thursday, Aalberts reported 1H25 results that fell short of expectations. Management no longer anticipates a recovery in growth during 2H25 and now guides for a full-year EBITA margin of 13–14% (previously >15%). The 2026 margin target of 16–18% was not reaffirmed. As a result, the stock sharply declined, erasing all gains since the announcement of its intention to acquire the listed Singaporean mechatronics company GVT. Despite the disappointing update, we maintain our Accumulate rating on valuation grounds, supported by ongoing cost optimisation, recent strategic M&A activity, and expected divestments. Following a revision to our model, we lower our TP to €36 (from €40).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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