Report
DEME FIRST LOOK - very nice set of FY24 results with impressive FCF generation
We maintain our positive stance (Buy, € 175 TP) after a very good set of results. We welcome DEME's end FY24 orderbook reached a new record (€ 8bn), even with the high conversion of backlog into revenue. The 8% y/y growth was mainly driven by continued increases in Offshore Energy orders (+13% y/y to € 4.3bn). While Dredging&Infra (€ 3.6bn) experienced a more moderate but still healthy rise, Environmental (€ 352m) maintained a stable orderbook. With effective project execution on several offshore projects along the US East Coast and minor new additions in FY24, the orderbook for the Americas region declined from 18% of the total a year ago to 12% end FY24. The current orderbook run-off includes a volume for FY25 in line with FY24 and volumes exceeding €4.5bn for FY26 and beyond.We especially welcome the very nice FY24 FCF generation of € 729m resulting in end'24 net cash of € 91m.
Underlying
DEME GROUP NV
Provider
KBC Securities
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Guy Sips
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