CFE - Jumping the ship to weigh anchor on synergies CFEB BB
Yesterday, the ‘new’ CFE and DEME hosted a Capital Marktes Day in order to inform investors on their upcoming strategy post demerger on June 30th. DEME showcased once more how it is preparing to profit from the energy transition: offshore wind, green hydrogen & deep-sea mining. The management of the ‘new’ CFE viciously defended their case, underlining how CFE is more than only a ‘contractor’ and emphasizing the high profitability (ROE) of the group. We valued both companies as stand-alone entities. We see DEME’s FV at €118/share, while the ‘new’ CFE should trade at €16.5/share after demerger. BUY & €134.5 TPCFE is engaged in civil engineering, buildings and industrial construction, dredging works and electrical installations. Co. is also engaged in property development, environmental protection and building management. Co.'s works carried on by Co.'s civil engineering group includes the following: hydraulic engineering, harbor works, bridges, and other engineering works, tunnels, road construction, dams, storage tanks, piping and drainage and caissons sunken soft soil. Co.'s buildings and industrial construction sector is active in the following fields: administrative buildings, industrial construction, public utility buildings, redevelopment, and residential buildings.
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