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.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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