Report
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).
Underlying
DEME GROUP NV

Provider
KBC Securities
KBC Securities

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Analysts
Guy Sips

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