Ackermans & van Haaren 1Q25: Solid Start of the year, raising target price to €272

AvH delivered a strong 1Q25, driven by robust performance in Marine Engineering & Contracting and Private Banking. DEME's turnover rose 10% YoY to €992.8m. Offshore Energy revenues were up 36% to €531.8m, supported by high fleet utilization. The orderbook remained solid at €7.6b, and the strategic acquisition of Havfram (valued at €900m) is expected to further enhance installation capabilities. Total Private Banking client assets at reached €76.5b, up 11% YoY but down 1.6% MoM due to  market turmoil. Despite this, very solid €2.3b in gross inflows and 91% discretionary mandates. AvH invested €21.8m in listed holdings Nextensa, SIPEF, and Camlin Fine Sciences with further investments in VICO Therapeutics and GreenStor. Following a robust 1Q25 update, we've accounted for stronger AuM growth and a higher premium for the Private Banking segment's niche market, alongside our positive outlook for DEME. We've also increased our growth assumptions for Growth Capital, driven by a gradually recovering VC market. Based on our updated Target Equity Value (TEV), we reaffirm our BUY rating and raise our TP to €272 from €236, a 16% premium to NAV.