Ackermans & van Haaren 1Q24: Strong Start To Year; Reaffirmed Guidance For Higher Net Result  

AvH has had a solid start to the year with private banking AuM rising to a record level of €69.0b while both private banks achieved strong cumulative gross inflows of €1.7b. During March'24, Delen announced the 100.0% acquisition of Box Consultants which is the 5th NL acquisition since entry in 2016 and once completed, will double NL AuM. DEME's 1Q turnover came in at €900.0m, up 33.9% YoY and has reaffirmed guidance for FY24 turnover growth to be at least 10.0% with an EBITDA margin comparable to FY23 (18.2%). DEME's orderbook current stands at a high level of €7.5b. CFE's turnover declined by -4.4% although the order book of the Multitechnics segment increased by 22.0%. Nextensa booked a slightly lower top line due to much slower residential sales. We are not entirely surprised by the strong results of core businesses and expect the momentum to continue throughout FY24. We reiterate our BUY rating and €200.0 TP.