Aalberts Tariff Storm Amply Priced In
In this update, we revisit our scenario incorporating Aalberts' 1Q25 trading update and the acquisition of Paulo Products. During 1Q, organic revenue declined by 3.3%, in line with prior guidance calling for a mid-single-digit contraction. Adjusted EBITA came in at €106m, representing a margin of 13.6%, down from 14.2% in 1Q24. The company refrained from reaffirming its full-year 2025 guidance, initially issued in late February, citing increased uncertainty stemming from tariffs and trade policy developments. We maintain our Accumulate on valuation grounds.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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