A director at Aalberts NV sold 5,000 shares at 45.220EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a subst...
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la...
With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a subst...
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la...
2023 confirms resilient performanceThe Aalberts performance in 2023 gives confidence that the company can show resilient results, despite headwind in the buildings segment. Thanks to ongoing growth in industrial markets, organic revenues and margins should be quite stable in 2024 and return to growth in 2025. We expect new CEO Stéphane Simonetta to resume the acquisition strategy, and launch new operational excellence initiatives based on his experience at previous companies. Upgrade from Hold t...
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly ca...
>Solid EBITA margins and FCF with the latter helped by higher than expected divestment proceeds - Aalberts reported a solid set of results in H2 2023. Organic growth was lower than anticipated (3.3% vs 3.7% css), which was driven by Building Technology whereas Industrial Technology outperformed. Despite that lower than expected organic growth and negative volumes in Building Tech, the value add remained at 62.4%, a solid performance. EBITA beat consensus by 5% with th...
Aalberts: Solid FY23 print. Ackermans & van Haaren: Nextensa FY23 results much lower (c.5% of NAV). AMG: Strong 4Q23 beat, c.US$130m 2024F guidance now includes lower lithium prices. Arcadis: Momentum continues. BE Semiconductor Industries: 4Q23 Results, solid hybrid bonding orders. Kinepolis: 2H23 REBITDA 7% beat despite 1% fewer visitors, net debt a bit better. Proximus: 4Q23 preview. Van Lanschot Kempen: FY23 – DPS up, C/I beat, 4Q net outflows to reverse in 1Q24
Aalberts N.V.: Aalberts delivers record EBITA and free cash flow Utrecht, 22 February 2024 highlights revenue EUR 3,324 million; organic revenue growth 4.5%EBITA EUR 521 million; EBITA margin 15.7%earnings per share before amortisation EUR 3.38free cash flow EUR 423 millioninnovation rate increased to 20%; SDG rate to 70% CEO statement “In 2023, we delivered another strong and resilient performance. We managed the headwinds in eco-friendly buildings well and our growth agenda continued for semicon efficiency, sustainable transportation, and industrial...
Aalberts: Preview; facing realistic expectations. BAM: Hard hats off! dsm-firmenich AG: Animal Farm(ed out). Econocom: Sales and net profit in line, REBITA margin better, net debt above. Fagron: 2H23 REBITDA beats 2%, driven by US Compounding, marred by sharp EMEA margin drop. Results Calendar
>A solid H2 2023 expected albeit modestly weaker than H1 - Aalberts will publish 2023 results on February 22 at 07.30h CET. We forecast H2 2023 sales of €1.63bn or organic growth of 4.4% (H1 2023 5.6%) versus company compiled consensus of €1.62bn and organic growth of 3.7%. We expect a H2 2023 EBITA of €248m or a margin of 15.2% whereas consensus is at €245m or a margin of 15.1%. This compares to a margin of 15.5% achieved in H2 2022 and 15.4% in H1 2023 so a sequenti...
We are adding CaixaBank and Deutsche Börse to the ODDO BHF European Large Caps List. At the same time, we are removing Accor (market scepticism on the hotel sector, valuation drivers behind us) and Ryanair (same market scepticism on travel, very good Q3 results having already helped the stock rally). We are also downgrading the Travel & Leisure sector from Overweight to Market Weight. Since its creation, the ODDO BHF European Large Caps List has recorded a total return of +8.5% compar...
Nous faisons entrer CaixaBank et Deutsche Börse dans notre liste de Valeurs recommandées Large Caps. Inversement, nous faisons sortir Accor (scepticisme du marché sur le secteur de l’hôtellerie, catalyseurs derrière nous) et Ryanair (même scepticisme du marché sur les voyages, les très bons résultats T3 ont permis le rebond du titre). Nous dégradons également le secteur du Travel & Leisure de Surpondérer à Neutre. Depuis sa création, notre liste enregistre un total return de +8,5% vs ...
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