KBC Securities - Ackermans van Haaren NV (ACKB) Ackermans van Haaren 1Q25: Solid Start of the year, raising target price to €272

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KBC Securities

Livio Luyten

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.

22/05/2025 1 EN

Underlying

Ackermans & van Haaren NV

Ackermans & Van Haaren is an investment company. Co. operates in five sectors: Marine Engineering & Infrastructure, which includes DEME NV, a dredging and marine company; Private Banking, which includes BDM NV - Continentale Verzekeringen NV (ASCO NV), which focuses on marine and industrial insurance via brokers; Real Estate, Leisure & Senior Care, which includes Extensa Group NV, a real estate developer; Energy & Resources, which includes Telemond Group, a supplier to the crane and automotive industry; and Development Capital, which is engaged in ICT and engineering, retail and distribution, real estate development, and media and printing.

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BE0003764785 Euronext Brussels Belgium

Provider

KBC Securities

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

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Analysts

Livio Luyten

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Morning Notes : BARb BB, CRBN NA, EXMb BB, QFG BB, ONWD BB

: BARb BB, CRBN NA, EXMb BB, QFG BB, ONWD BB

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

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

Holdings Report May 2025 KBCS Holdings Universe Returns 2.2% During May 2025

Benelux Local Champions Feedback document

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Colruyt FY24/25 results in line, reaches agreement for most of its French stores

Barco Beam Me Up, Barco – But Not Too Fast

Morning Notes : BARb BB, CRBN NA, EXMb BB, QFG BB, ONWD BB

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