Royal BAM Group : 2022 margins hit by cost inflation, nitrogen and delays
>Lowering estimates, 2023 targets at risk, Neutral reiterated - We are lowering our FY22-24 adj. EBITDA estimates by 20-28% and our 2022-2024 net profit estimates by 30-44% and reiterate our Neutral rating. They key reasons are that there is a high likelihood of cost inflation related to wages and energy that cannot be passed on completely to customers. In addition, it is likely that there will be instances where the same cost inflation is likely to result in delayed ...Koninklijke Bam is a construction group based in the Netherlands. Co. is active in the sectors construction, property, civil engineering, public private partnerships, mechanical and electrical contracting, consultancy and engineering, and facilities management. Co. maintais market positions in the Netherlands, Belgium, the United Kingdom, Ireland and Germany. Co. undertakes specialist construction and civil engineering projects in niche markets worldwide. Co.'s consultancy and engineering company provides services to global clients with their international operations.
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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