Royal BAM Group : A weaker than expected quarter
>Weaker than expected sales, adj. EBITDA margin and net cash - Although there seem to be no material hiccups (delays, bankruptcies), the Q3 results of BAM are weaker than we had anticipated. Sales missed our estimate by 9% (4% miss using BB css with just 2 estimates). Adj. EBITDA came in at €76.2m but included a €9m revaluation of the Invensis JV and excluding that component, adj. EBITDA missed our estimate by 17% and css by close to 3%. The underlying EBITDA margin (...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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