Royal BAM Group : Issue Guidance versus claims issue could be repeated
>3Q21 trading update itself okay - In 3Q21 BAM reported sales of € 1.73bn, up YoY and only slightly below the 2019 level. Although EBITDA came in at € 66.2m, down from € 92m in 3Q20, the EBITDA margin of 3.8% was in line with our assumptions (3-4%). Division wise there was a mixed picture with Germany turning negative (after a modest EBITDA profit in 1H21) with Belgium remaining in positive territory. Disappointing was the fact that Civil Engineering NL was still unde...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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