Ackermans & van Haaren An Expanding Empire Built Around Dredging and Private Banking

Ahead of AvH's results on 31st August 2023, we performed a full review of our investment case and we made an attempt to put a value on each and every investment in AvH's portfolio. After having completed this exercise, we are ever more confident about the attractiveness of AvH's portfolio and its ability to outperform relevant equity indices over the long-term. We believe that AvH will expand its portfolio over the long-term through dividends received from portfolio companies and from capital gains booked on any exits – note that during FY22, AvH booked a cumulative capital gain of approximately €334.1m on the sale of its stakes in Anima and Manuchar. Added to this, for FY23, AvH's major portfolio companies have reiterated that they would have performance just slightly below FY22 levels. Finally, we believe that DEME and the private banking division have a moat in their respective sectors and operational geographies and as a result, will keep steadily increasing their already dominant market shares. Currently, we estimate NAVps and TEVps to be €191.4 and €201.7 thus implying a discount of 20.2% and 24.3% respectively compared to the last close price. We reiterate our BUY rating but raise our TP from €188.0 to €200.0.