Aalberts : EBITA margins to improve despite exceptionally high inflation
>Lowering 2022 but upping 2023-2024 estimates; investment case intact - We are lowering our 2022 EBITA and adj net profit estimates by 2% and 3%, respectively, to reflect the exceptionally high cost inflation (raw mats, energy, wages) that are partially offsetting the effects of price increases and portfolio management/M&A. We are now more or less in line with consensus on 2022 sales and EBITA. Although perhaps wishful thinking, we assume a modest catch-up in 2023 and...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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