KBC Securities - DEME GROUP NV (DEME) DEME Raising its guidance and now expects y/y turnover growth 20%

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KBC Securities

Guy Sips

DEME Raising its guidance and now expects y/y turnover growth >20%

We maintain our Buy rating and € 175 Target Price as DEME continues to see strong tender activity and a robust pipeline fuelled by solid demand across all contracting segments. 3Q24 sales came in at € 1.07bn (+34.8% y/y) and 9M24 revenues grew 32% y/y nearly € 3 bn with very solid double-digit growth in both the Offshore Energy and Dredging & Infra segments, boosted by continued high activity levels and effective project execution in 3Q24.
Given this very nice 9M24 performance and taking into account a strong fourth quarter in 2023, DEME raised its guidance and now expects y/y turnover growth to exceed 20% (was around 20% before), with an EBITDA margin comparable to 2023 (unchanged).

14/11/2024 1 EN

Underlying

DEME GROUP NV

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BE0974413453 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Guy Sips

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