Report
DEME FIRST LOOK - Orderbook expanding to € 7.7 bn
Despite having several large-scale projects in the Offshore Energy segment in start-up phase, DEME's 1H23 was characterized by solid growth of the orderbook, turnover, and EBITDA.We maintain our Accumulate rating and € 138 Target Price as we find it really strong that end 1H23 orderbook grew y/y 36% to nearly € 7.7bn (KBCSe € 7.3bn) compared to € 7.1bn end 1Q23.
We welcome that Offshore Energy is gradually converting its growing orderbook to turnover while continuing the operational execution of projects in the US and Taiwan as it expands geographically. Dredging & Infra delivered on a mix of projects globally including maintenance and capital dredging works and continued work on major infrastructural projects. Environmental continued its long-term projects in Belgium, France and the Netherlands. Net financial debt/EBITDA remained healthy at 1.4.
DEME reiterated its FY23 outlook of FY23 turnover to be higher than FY22 and the EBITDA margin to be comparable to 2022. CapEx for the year is now anticipated to be around € 425m (was € 500m).
Underlying
DEME GROUP NV
Provider
KBC Securities
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Guy Sips
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