Arcadis : High organic growth + EBITA margin expansion still in the cards
>Upping organic growth estimates but with ever so slightly lower EBITA margins - Although we were underwhelmed by the EBITA margin in Q4 22 (10.0% vs 10.7%), the organic growth (11.2% vs 6.7%) and especially the organic backlog growth was much higher than anticipated, as was the FCF generation (€146m vs €78m). We up our 2023-2025 organic growth forecast by 60 to 110bps but with slightly lower EBITA margins. However, we still think an operating EBITA margin of 11% is a...Arcadis NV is a global asset design and consultancy company. The Company is engaged in providing consultancy, design, engineering and management services in the area of infrastructure, water, environment and buildings. The Company's segments include Americas; Europe and Middle East; Asia Pacific, and CallisonRTKL. Its business lines include infrastructure, water, environment and buildings. Infrastructure business line focuses on sustainable infrastructure solutions for transportation by road, rail, air and over water, and creating reliable energy supply systems. The Company is an environmental solutions provider to private industry, and delivers projects that protect the earth's resources. It offers water supply, treatment, management and conveyance solutions. The Company also offers contract solutions, master planning and sustainable urban development, commercially led program management, business advisory, data analysis and architecture and design solutions.
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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