Royal BAM Group : Better Upped adj. EBITDA margins 2023-2025, modest dip in 2024, PT to €2.50
>Neutral maintained, price target to €2.50, was €2.30 - We up our estimates for 2023-2025 for the adj. EBITDA margin by on average 20 bps, although we do forecast a dip in 2024 (10 bps decline) due to the head wind in residential and commercial market segments. The upped adj. EBITDA margins in the explicit forecast and in our terminal value EBITDA margin in our DCF (now at 4.5% was 4.0%) also explain why we increase our price target from €2.30 to €2.50. Due to the ris...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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