Ackermans & van Haaren 1H FY24: Marine & Private Banking Post Strong Performance

During 1H FY24, net result before capital gains/losses rose by 38% to €224.2 thanks to the strong performances of both the marine & private banking, which together make up 92% (€206.6). Compared to 1H FY23, the private banking division posted impressive results across the board with op. income rising 27% YoY to €420m, net result rising by 22.5% YoY to €147m, ROE at 14.2%, AuM reaching a record level of ~€71b while managing to further lower cost-income ratio to 48%. High activity levels and strong op. performance led to DEME posting a 1H record net result of €141.1m and raising its revenue growth guidance to 20% for FY24 (vs. 10% previously) with an EBITDA margin comparable to FY23. The value of the investment in Medikabazaar was lowered by –€24.8m following the discovery of financial discrepancies and together with a negative price evolution of Biotalys, dragged down consol. net result to ~€200m. In light of the strong performance of core participations, available dry powder and upcoming rate cuts, we reiterate our BUY rating but raise our TP from €200 to €215.