Report
Fugro Good sailing weather
Late October, amidst all the negative news flow on the development of offshore wind farms Fugro published excellent 3Q23 results. On a comparable basis the marine division grew turnover close to 50% resulting in group EBIT margins of 16% whilst the order backlog showed 14.5% growth. In this note we explain why the impact of the (North-American) OWF dynamics on Fugro's performance should not be exaggerated and why full year EBIT margins slightly north of 10% are well within the cards going forward. Based on the attractive valuation and ahead of the CMD on November 14th we stick to our Buy and up our target price to €22.
Underlying
FUGRO NV
Provider
KBC Securities
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Kristof Samoy
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