ACKERMANS: Despite the banks, banking on CFE
AvH has a collection of very enviable eclectic assets, be it in the CFE (Buy) stake or its exposure to non-quoted profitable niche Financial assets, like Bank Delen and Bank Van Breda. We review them and find CFE to offer a +50% upside, while we lower our valuation on the financials due to the low for longer ECB outlook. The latter leads us to lower our TP from € 150 to € 140 ps. Accumulate maintained.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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