Arcadis Adding some caution to our estimates
We revamped our Arcadis model following two sizeable acquisitions and changing economic environment. Despite the bold move of increasing leverage in these uncertain times, we remain positive on the name. The strong secular growth trends, fundamentals for further margin expansion over medium term and a conservative valuation urges us to upgrade our rating to BUY (from Accumulate). The re-leverage in combination with increased rates & a more cautious stance on ST margin development, we adjust our TP down from €46 to €41.Arcadis NV is a global asset design and consultancy company. The Company is engaged in providing consultancy, design, engineering and management services in the area of infrastructure, water, environment and buildings. The Company's segments include Americas; Europe and Middle East; Asia Pacific, and CallisonRTKL. Its business lines include infrastructure, water, environment and buildings. Infrastructure business line focuses on sustainable infrastructure solutions for transportation by road, rail, air and over water, and creating reliable energy supply systems. The Company is an environmental solutions provider to private industry, and delivers projects that protect the earth's resources. It offers water supply, treatment, management and conveyance solutions. The Company also offers contract solutions, master planning and sustainable urban development, commercially led program management, business advisory, data analysis and architecture and design solutions.
We are a financial services provider for several types of professional clients, each with distinct needs.
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