Report
Kristof Samoy

Aalberts Unwavering focus on optimisation

Aalberts has leading positions in 4 technology clusters where structural profit growth is enabled by a deeply rooted company culture focussed on 4 levers of optimisation: product innovation, pricing power & discipline, operational excellence and active portfolio management. Its track record is proof of this success formula which will be put at work in the years ahead under the new CEO. The technology clusters enjoy structural tailwinds in building energy efficiency, demand for the ubiquitous semiconductor chip, supply chain reshoring & sustainable transportation. Unsupportive end markets make 2024 a transition year. The predominantly European building segment is characterised by low visibility, late-cycle dynamics and low distributor inventory levels. Predicting the exact timing of the earnings recovery is tricky but more than compensated by current trading multiples.
Underlying
Aalberts N.V.

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.

Provider
KBC Securities
KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

 

Analysts
Kristof Samoy

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