AALBERTS : The night is darkest just before dawn. Outperform reiterated
>Adjusting 20204-2026 estimates very modestly - We have adjusted our Aalberts estimates modestly, lowering sales and EBITA estimates by between 1% and 3% for 2024 to 2026, mainly on the back of the worse than expected organic growth development of BT (Building Technology, -6.1% vs -4% to +1% expected) in the Jan-April period. We are still expecting an inflection in organic growth for BT in the latter part of 2024 while we assume only a modest EBITA margin contraction ...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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