Report
Fugro Trouble comes in threes
Past Monday, Fugro surprised the market with another profit warning. While the long-term outlook remains fundamentally positive, this new warning further undermines investor confidence, especially as the updated FY25 guidance was issued only seven weeks ago. In our view, the lack of visibility and the potential for further disappointments are balanced by attractive long-term demand dynamics, a solid balance sheet, and ongoing cost and capex reductions. As a result, we rate the stock Hold. Our new target price of €11.5 (from under review) implies an EV/EBITDA25E of 5x.
Underlying
FUGRO NV
Provider
KBC Securities
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Kristof Samoy
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