KBC Securities - FUGRO NV (FUR) Fugro Mining geodata, the new gold for key (energy) infrastructure design

Report

KBC Securities

Kristof Samoy

Fugro Mining geodata, the new gold for key (energy) infrastructure design

Over 2023 Fugro realised impressive comparable growth of 27.5% and 11.5% margins (up 540bps!). Results over the last two quarters showed that self-help measures combined with the favourable outlook will contribute to continued margin growth prompting a model update. We appreciate Fugro for its leading market positions, market agnostic fleet, strong balance sheet, growth profile and undemanding valuation.

30/04/2024 1 EN

Underlying

FUGRO NV

See profile

NL00150003E1 Euronext Amsterdam Netherlands

Provider

KBC Securities

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

See profile

Analysts

Kristof Samoy

Other Reports on these Companies

KBC Securities

Wind Energy : A deep-dive into the wind sector The wind is changing, is your portfolio keeping pace?

In a new note focusing on Wind Energy, we aim to provide a broad insight into the value chain, the risks associated with it and the positioning of the companies in the sector. The current market environment presents both opportunities and challenges for wind energy companies. The sector has faced multiple headwinds in the past, such as inflation, rising interest rates and supply chain issues, which resulted in a substantial decline in the stock prices of wind companies. However, there's a lot of upside potential driven by the growth in the sector. This is mainly caused by the Net Zero Energy...

May 20, 2024 May 20, 2024 1 EN

KBC Securities

Dynamic Top Pick List Update May 2024 : Adding Fugro, Removing Arcadis

In this May edition of our Dynamic Top Pick List we replace Arcadis by Fugro. Arcadis continues to deliver consistently on its promises and is working hard to realise its 2026 margin targets via cross selling, leveraging its global engineering platform and numerous self-help measures. In spite of this we remove Arcadis from our Dynamic Top Pick List as the recent & strong share price performance leaves little room for further short term triggers As a service provider to the energy industry, Fugro is in pole-position to capture the continued capex waves that are emerging in both the (offshore...

May 2, 2024 May 2, 2024 1 EN

KBC Securities

Morning Notes : ARCAD NA, DIE BB, FUR NA, TESB BB, TINC BB, UCB BB

: ARCAD NA, DIE BB, FUR NA, TESB BB, TINC BB, UCB BB

April 30, 2024 April 30, 2024 1 EN

Wind Energy : A deep-dive into the wind sector The wind is changing, is your portfolio keeping pace?

May 20, 2024 May 20, 2024 1 EN

Guy Sips

Guy Sips

Jensen-Group FIRST LOOK : A good start to 2024

Jensen-Group 1Q24 revenues were up y/y 11.6% to € 109.1m. The 1Q24 order intake increased y/y 34.4% to €114.9m. As a result Jensen-Group called this “a good start to 2024”. 1Q24 EBIT came in at € 11.2m (€ 11.4m in 1Q23) resulting in 10.3% 1Q24 EBIT-margin (11.7% in 1Q23). 1Q24 net result amounted to € 11.1m (€ 1.15 EPS). We maintain for the moment our Accumulate rating and € 40 Target Price as these numbers are ahead of our FY24 forecasts of 8.8% FY24E sales growth and 9.5% FY24E EBIT-margin. We will update our model after visiting this week a Jensen-Group client.

May 20, 2024 May 20, 2024 1 EN

Jacob Mekhael

Jacob Mekhael

Autolus 1Q24 update reiterates pipeline timelines, obe-cel data at ASCO

Autolus reported uneventful 1Q24 results, with a cash position of $758.5m (FY23: $ 239.6m), sufficient to fund the company into the first pivotal data from obe-cel (CD19 CAR-T) in autoimmune disease (we expect this to come in 2027/2028). The company reiterated pipeline timelines, with the next key event being additional analysis and longer follow up from the phase 2 (FELIX) trial of obe-cel in r/r adult ALL, expected at ASCO in June 2024, which will provide more insight into long term durability. We reiterate our $ 11 TP and BUY rating. Autolus is one of our life sciences top picks.

May 17, 2024 May 17, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Fugro Mining geodata, the new gold for key (energy) infrastructure design

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

Wind Energy : A deep-dive into the wind sector The wind is changing, is your portfolio keeping pace?

Dynamic Top Pick List Update May 2024 : Adding Fugro, Removing Arcadis

Morning Notes : ARCAD NA, DIE BB, FUR NA, TESB BB, TINC BB, UCB BB

Wind Energy : A deep-dive into the wind sector The wind is changing, is your portfolio keeping pace?

Jensen-Group FIRST LOOK : A good start to 2024

Autolus 1Q24 update reiterates pipeline timelines, obe-cel data at ASCO

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe