Report
Fugro : Further revaluation just a matter of time
Today we publish a new Action Note on Fugro, to reconfirm our Outperform recommendation and to lift our TP to € 35 from € 32, offering 50+% upside. With Renewables growth >30% y-o-y and now representing 40% of revenues, with its EBIT margin back up to 13% and its ROCE to > 18%, Fugro in our view is fully back as a FCF powerhouse but still not valued like it should. Foreseeing an even stronger H2 than H1, and cash collection expected to be great again in Q4, a further revaluation ...
Underlying
FUGRO 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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