Arcadis ESG darling going steady
We have revisited our case on Arcadis since the convincing CMD hosted last November. Results over the past quarters showed Arcadis is fixing its M&A track record and strengthening its global engineering platform. The GBA's Resilience & Mobility are posting healthy organic growth figures whilst GBA Places is undergoing a repositioning which should start to pay off in 2H24. Following the sharp rally since November and in absence of substantial short term triggers we downgrade to Accumulate (from Buy) with a target price upped to €66 (from €61).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.
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