Aalberts : CMD Feedback: Ambitious targets but no full satisfaction
>Summary - A confident CEO and CFO, issued new targets at yesterday’s CMD that were more ambitious than we had anticipated. The company is clearly confident that it can gain market share, which explains the material uptick in capex and innovation spend. That is indeed positive as the company's execution track record is solid although it impacts near term FCF. Yet, the new reporting structure is not an improvement at all, we think, and the EBITA margin target, given th...Aalberts Industries is a technology company. As of Dec 31 2015, Co. is organized into four businesses: building installations, which produces and sells connection systems and valves to distribute and control water or gas in heating, cooling, drinking water, gas and sprinkler installations in residential, commercial and industrial buildings; climate control, which develops and produces complete hydronic systems-from source to emitter- for heating and cooling systems; industrial controls, which develops and produces regulation and control systems for selected niche markets; and industrial services, which provides a combination of material technology know-how and manufacturing capabilities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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