Report
Martijn Den Drijver

Royal BAM Group : Preview 1H21: A robust recovery in margins

>A robust 1H2021 in terms of EBITDA, excluding BAM Int. - BAM will publish 1H21 results in August 20. We forecast a solid recovery in sales in 2Q 2021 as Ireland, Belgium and the UK were heavily impacted by Covid-19 lockdowns in 2Q 2020. This is expected to result in 1H 2021 sales of €3.28bn or growth of 14%, which includes a decline in to be wound down BAM International (c. €40m impact). Due to a (1) recovery in profitability as Covid-19 impacts recede, (2) the effec...
Underlying
Koninklijke BAM Groep NV

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Martijn Den Drijver

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