Ackermans & van Haaren Private Banking and DEME Book Post Results; Dividend Up 12% YoY

Net result clocked in at €459.9m, up 15.2% YoY and was mainly driven by the robust performance of the ‘Marine Engineering & Contracting' and ‘Private Banking' divisions. In particular, net result of the private banking division rose by 24.2% YoY to €328.0m, while AuM and gross inflows hit an all-time high of €77.7b (up 19.1%) and €7.6b (up 62.8%). Also, DEME booked strong results. Turnover rose 25% YoY to €4.1b and net profit came in at €288.2m. DEME's orderbook currently stands at a record level of €8.2b and is evaluating opportunities to add to its fleet to support long-term growth. AvH Growth booked FV write-downs of –€35.6m, most of which should be linked Medikabaazar. However, during 2H, Medikabaazar revamped its internal organisation and governance (new CEO, COO and CFO) and, during FY24, achieved revenues of €170m. We continue to believe that AvH's core segments have a moat within their respective sectors and will continue to post strong results during FY25. We reiterate our BUY rating and €236.0 TP.