CFE - Unlocking the true potential – finally... CFEB BB
CFE Group wants to demerge DEME (89% of EBITDA) from its other business lines. The split has the goal to unlock the value that comes with the listing of the two entities separately. According to our new valuation, the transaction could lead to an extra value for the shareholders of €280m. We increase our target price to €121 per share (from €109) and rate the stock ‘Buy’. CFE is part of our DTPL.CFE 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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