DEME Model updated after acquiring of Havfram for € 900m

We updated our numbers after DEME announced that it has signed an agreement to acquire Havfram (employing around 50 people), an international offshore wind contractor based in Norway. The agreement represents an aggregated transaction value of +/- 900m including the remaining Capex needed to complete 2 vessels.
This strategic acquisition aligns with DEME's ambition to expand its footprint in the offshore wind energy market and enhances its competitive positioning in turbine and foundation installations.
We also focus in this note on the news that in an effort to accelerate deep-sea mining, President Trump signed an executive order to speed up the issuance of permits for mining projects both within US waters and internationally. This initiative aims to establish the US as a leader in extracting critical minerals essential for various technological products and national security. The decision was made in response to China's restriction on the export of rare earth metals, which are vital for products like smartphones and electric vehicles.
We have DEME's deep-sea mineral harvesting activities as a free option in our valuation (€ 175 Target Price) and reiterate our Buy rating.