KBC Securities - Ackermans van Haaren NV (ACKB) Ackermans van Haaren FY23: New Records Set By Private Banking Division; Dividend Up 9.7%

Report

KBC Securities

Sharad Kumar S.P

Ackermans & van Haaren FY23: New Records Set By Private Banking Division; Dividend Up 9.7%

During FY23, AvH recorded a healthy net profit of €399.2m (€12.1ps) on the back of strong performance of its core participations – which contribute €377.4m to net income, up 7.0% YoY. DEME's FY result came in much higher than guidance thanks to strong execution during 2H23 and a strong orderbook that stood at €7.6b. The private banking division set new records as net result rose to €208.7m (up 15.9% YoY), AuM reached €65.3b (+13.1% YoY) and gross inflows were €4.67b (vs €4.56b during FY22) – the strong performance can be attributed to the broad market rally during 2H23 but also to the private banking division's highly focused and unique sales/marketing initiatives that have been highly efficacious a while now. Also, gross fee/commission rose to 1.03% while cost-income ratio fell to 51.0% (vs 53.0% during FY22) and ROE came in at 14.3%. With an available net cash position of €517.5m (€120.7m treasury shares), we believe that AvH can add a couple of quality participations to its portfolio during FY24. We reiterate our BUY rating and €200.0 TP.

29/02/2024 1 EN

Underlying

Ackermans & van Haaren NV

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.

See profile

BE0003764785 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

See profile

Analysts

Sharad Kumar S.P

Other Reports on these Companies

KBC Securities

Dynamic Top Pick List Update May 2024 : Adding Fugro, Removing Arcadis

In this May edition of our Dynamic Top Pick List we replace Arcadis by Fugro. Arcadis continues to deliver consistently on its promises and is working hard to realise its 2026 margin targets via cross selling, leveraging its global engineering platform and numerous self-help measures. In spite of this we remove Arcadis from our Dynamic Top Pick List as the recent & strong share price performance leaves little room for further short term triggers As a service provider to the energy industry, Fugro is in pole-position to capture the continued capex waves that are emerging in both the (offshore...

19h / 14m 19h / 14m 1 EN

KBC Securities

Dynamic Top Pick List Update April 2024: Adding TINC

We continue our KBC Securities Dynamic Top Pick List with a 50/50 cyclical/defensive selection, but with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even a mild recession typically hits growth stocks proportionally harder. We notice that some stocks have been hit hard by minor set-backs. These could be more relatively more resilient over FY24 as investors look for left behind ...

April 4, 2024 April 4, 2024 1 EN

ING Financial Markets

Benelux Morning Notes

Ackermans & van Haaren: Delen acquires Box Consultants, doubles AuM in Netherlands. IBA: 2H23 preview. IMCD: Another step in Latin America. Staffing: Dutch period 2 - Feb 24 volume, revenue trends weaker on tougher comps

March 20, 2024 March 20, 2024 1 EN

mdxhealth 1Q24 update reveal strong rev growth and refinanced debt facility

mdxhealth's 1Q24 results feature a continued strong uptake in revenues to $ 19.8m (+35% y/y), supported by 16% growth in prostate test volume. The company expects the new germline test to start contributing revenue as of Q2, and on the back of strong growth prospects across the menu raises its FY24 rev guidance to $ 83-85m (prev. $ 79-81m). mdxhealth also refinanced its existing debt through a new $ 100m facility with OrbiMed, replacing the existing Innovatus loan and bringing in $ 20m new cash. We maintain our $ 6 TP and re-iterate our Buy rating.

15h / 50m 15h / 50m 1 EN

Guy Sips ... (+8)

Guy Sips
Hilde Van Boxstael
Jacob Mekhael
Lynn Hautekeete
Michiel Declercq
Thomas Couvreur
Wim Hoste
Wim Lewi

Morning Notes : AED BB, DSFIR NA, HYL BB, IBAB BB, INGA NA, TESB BB, BTLS BB

: AED BB, DSFIR NA, HYL BB, IBAB BB, INGA NA, TESB BB, BTLS BB

17h / 54m 17h / 54m 1 EN

Lynn Hautekeete

Lynn Hautekeete

Aedifica EPRA result slightly ahead of guidance

Aedifica reports 1Q24 results and beats our EPRA earnings estimates on the back of slightly lower financial charges and mainly lower taxes. The FY24 guidance remains unchanged so the lower taxes are likely due to timing differences. Over FY24-26 we forecast flat earnings growth based on the current communicated pipeline. In 1Q24 Aedifica continued its wait and see modus at a debt ratio close to 40%. Over the past 1.5 month the share price recovered by approximately 17%, beating the ERPRA index. If the recovery continues, it could start growing EPS via new deals above its implied yield. We repe...

18h / 8m 18h / 8m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Ackermans & van Haaren FY23: New Records Set By Private Banking Division; Dividend Up 9.7%

We are a financial services provider for several types of professional clients, each with distinct needs.

Dynamic Top Pick List Update May 2024 : Adding Fugro, Removing Arcadis

Dynamic Top Pick List Update April 2024: Adding TINC

Benelux Morning Notes

mdxhealth 1Q24 update reveal strong rev growth and refinanced debt facility

Morning Notes : AED BB, DSFIR NA, HYL BB, IBAB BB, INGA NA, TESB BB, BTLS BB

Aedifica EPRA result slightly ahead of guidance

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe