Ackermans & van Haaren 3Q FY24: Major Participations Continue To Post Robust Results

The private banking division continued to post robust results with AuM rising 12.1% to a record high of €73.1b while gross inflows stood at €5.1b. These figures do not include AuM upticks from the acquisitions of Box Consultants and Dierickx Leys – these will show up in 4Q FY24 and 1H FY25 respectively. Yesterday, AvH published its updated shareholder arrangement with the Delen family that implied a transfer price of 15x PE + 50.0% of excess equity, implying a value of €4.0b+ (vs. ~€3.0b KBCSe). DEME's sales came in at €1.1b, up 34.8% YoY, driven by strong demand across all contracting segments and subsequently raised top-line guidance to 20%+ (vs. 20% prev.). Orderbook remained healthy at €7.1b. Management, once again, reiterated that AvH is on track to book a €400.0m+ net profit during FY24. We believe that major portfolio companies have a moat within their sector and will continue to post robust results. We reiterate our BUY rating and raise our TP from €215.0 to €236.0, implying an attractive upside of 25.0%+.