AALBERTS : Recovery pushed out but EBITA margins and FCF remains solid and CMD could be saving grace
>Lowering 2024-2026 estimates, FCF remains strong, TP to €44.5 (DCF based) - We are lowering our sales and EBITA estimates for 2024-2026 by between 2% and 7% due to the 1/ slower than expected recovery in European construction markets with delayed tailwind from the renovation segment, which impacts Building Technology 2/ a slower recovery in semiconductor equipment markets, which impacts Semicon (see ASML) and 3/ the expectation of a more prolonged downturn in automot...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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