Report
DEME Group : Playing chess on multiple tables, it’s all about the next move
Benefitting from an almost perfect project delivery in offshore wind, especially in the US, DEME in our view should be able to improve its 2025 EBITDA to a new record level of € 881m (= 21% margin). Although its orderbook for 2026 in H1 still was screening weaker than a year ago, the early delivery and contracting of the high margin Havfram vessels (€ 900m acquisition) makes us confident that DEME also in 2026 should be able to exceed the € 800m EBITDA level. As such, we today upgrading to Outperform, and set our TP at € 160, c. 4.5x 2026e EV/EBITDA.
Underlying
DEME GROUP NV
Provider
Oddo BHF
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.
Thijs Berkelder
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