AALBERTS : Positive possible catalysts outweigh (priced in) negatives
>Outperform retained, price target modestly lowered - We retain our Outperform rating on Aalberts as the negatives have been priced in (2024 EBITA margins slightly lower than in 2023 due to continued weak markets for Building and Surface Tech). We lower estimates and our price target modestly but see the upcoming CMD as a key catalyst for the shares while there is still a chance (not modelled in) that volumes could turn positive in H2 2024 or early 2025 in Building Te...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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