Ackermans: Quality Over Quantity
As investors are digesting the fastest stock decline of all time, so have we digested its impact on AvH. After taking a closer look at the private stakes, with a key focus on banks, we belief AvH is fairly priced. Despite the strong positioning of Delen & Breda, we see the lack of upcoming triggers and significant exposure of AvH’s underlying stakes as good reasons to remain our hold rating. Although our new TP of € 131 implies a 6.5% upside potential, we think there are currently better opportunities in the market based on a risk/reward perspective. We remain our hold rating but lower our TP from € 144 to € 131 ps.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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