Report
Martijn Den Drijver

Royal BAM Group : Preview Q2 and H1 2023: Continued pressure

>EBITDA margin in Q2 expected to be lower than in Q1 2023 - BAM will report Q2 2023 results on August 15. We assume that, despite higher housing sales in Q2 2023 versus Q1 2023 (just 180), EBITDA margins for BAM as a whole have not improved. We assume normal seasonality which explains why we forecast sales of €1.54bn versus €1.45bn in Q1 2023 (consensus at €1.57bn). Given the continued wage inflation (collective labour agreements and incidental developments) as well a...
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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