Report
DEME FIRST LOOK: Reasserting the power of consistency (like Prada or Armani)
DEME indicated that high activity level and effective project execution lead to a strong start of the year. DEME's 1Q24 turnover was € 900m (€ 672m in 1Q23) and DEME's management reaffirms the guidance for FY24 turnover growth of at least 10% y/y with an EBITDA margin comparable to FY23 (18.2%). We are banking on FY24E € 3.65bn sales (+11.1% y/y) and 18.4% FY24E EBITDA-margin. The orderbook maintained at a high level of € 7.5bn (€ 7.58bn end FY23). During 1Q24, Offshore Energy secured the large cable installation contracts for Ijmuiden Ver and Nederwiek in the Netherlands, complemented by several smaller projects across all DEME's contracting segments. Accumulate rating and € 170 TP maintained.
Underlying
DEME GROUP NV
Provider
KBC Securities
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Guy Sips
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