Royal BAM Group : Lowering estimates and our TP due to adverse market conditions
>Lowering estimates, price target to €2.30, Neutral rating maintained - Due to the disappointing 3Q22 results and the worsening market conditions, we are lowering our 2022-2024 sales by 2%, 3% and 2% respectively and our underlying EBITDA estimate by 16%, 4% and 1% respectively. We forecast a reported 2022 EBITDA of €360m (margin of 5.5%) with an underlying EBITDA of €271m or a margin of 4.1%. So we assume that BAM will achieve its 2022 EBITDA margin target, even if w...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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