Royal BAM Group : A solid start of the year
>Estimates and valuation: upping EBITDA but valuation unchanged - We up our 2022 and 2023 EBITDA estimates materially (acknowledging that our downgrades of March were too negative) and now forecast an underlying (one offs excluded) 2022 EBITDA margin of 4.0% and 4.5% for 2023 with the core countries generating an EBITDA margin of 4.1%, still below the target of at least 5%. Given the risk of disappointments (legacy projects, liability for projects of divested units a...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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