Financials Ackermans & van Haaren NV

Equities

Market Closed - Euronext Bruxelles Other stock markets 09:05:20 26/04/2024 pm IST			5-day change	1st Jan Change
160.5 ^EUR	+1.65%		+1.45%	+1.07%

29/02	ACKERMANS & VAN HAAREN : Ackermans signs off a fast year
29/02	ACKERMANS & VAN HAAREN : AvH released solid 2023 figures

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,628	4,074	5,595	5,305	5,245	5,249	-	-
Enterprise Value (EV) ¹	11,997	12,275	6,625	5,305	5,245	6,074	5,987	5,249
P/E ratio	11.7 x	17.7 x	13.8 x	7.53 x	13.1 x	11.6 x	10 x	-
Yield	1.79%	1.91%	1.63%	1.94%	-	2.29%	2.5%	2.68%
Capitalization / Revenue	1.08 x	1.04 x	1.3 x	1.21 x	1 x	0.99 x	0.92 x	-
EV / Revenue	2.81 x	3.14 x	1.54 x	1.21 x	1 x	1.14 x	1.05 x	-
EV / EBITDA	15.3 x	21.4 x	9.36 x	8.14 x	6.5 x	8.29 x	8.02 x	-
EV / FCF	117 x	33 x	13.3 x	-	-	27.9 x	22.6 x	-
FCF Yield	0.86%	3.03%	7.51%	-	-	3.58%	4.42%	-
Price to Book	1.34 x	1.14 x	1.41 x	1.14 x	-	1.01 x	0.94 x	-
Nbr of stocks (in thousands)	33,125	33,119	33,168	33,115	33,032	32,706	-	-
Reference price ²	139.7	123.0	168.7	160.2	158.8	160.5	160.5	160.5
Announcement Date	28/02/20	26/02/21	28/02/22	28/02/23	29/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,270	3,910	4,312	4,401	5,222	5,317	5,717	-
EBITDA ¹	784	574.8	707.7	651.9	807	732.4	746.5	-
EBIT ¹	441.1	224.1	357.1	292.3	421.7	339	335	-
Operating Margin	10.33%	5.73%	8.28%	6.64%	8.08%	6.38%	5.86%	-
Earnings before Tax (EBT)	575.6	324.4	-	-	-	-	-	-
Net income ¹	394.9	230	406.8	708.7	399.2	440.5	480.5	456
Net margin	9.25%	5.88%	9.43%	16.1%	7.65%	8.28%	8.4%	-
EPS ²	11.89	6.930	12.26	21.28	12.12	13.82	16.02	-
Free Cash Flow ¹	102.7	371.6	497.4	-	-	217.5	264.8	-
FCF margin	2.4%	9.5%	11.53%	-	-	4.09%	4.63%	-
FCF Conversion (EBITDA)	13.09%	64.64%	70.29%	-	-	29.7%	35.47%	-
FCF Conversion (Net income)	25.99%	161.55%	122.27%	-	-	49.38%	55.11%	-
Dividend per Share ²	2.500	2.350	2.750	3.100	-	3.673	4.010	4.300
Announcement Date	28/02/20	26/02/21	28/02/22	28/02/23	29/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,370	8,201	1,030	-	-	825	738	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.4 x	14.27 x	1.455 x	-	-	1.126 x	0.9886 x	-
Free Cash Flow ¹	103	372	497	-	-	218	265	-
ROE (net income / shareholders' equity)	9.8%	6.55%	11.9%	10%	-	9.1%	9.5%	-
ROA (Net income/ Total Assets)	-	1.46%	-	-	-	-	-	-
Assets ¹	-	15,779	-	-	-	-	-	-
Book Value Per Share ²	104.0	107.0	119.0	140.0	-	158.0	170.0	-
Cash Flow per Share	-	17.70	-	-	-	-	-	-
Capex ¹	489	216	284	-	-	487	502	-
Capex / Sales	11.44%	5.51%	6.59%	-	-	9.15%	8.77%	-
Announcement Date	28/02/20	26/02/21	28/02/22	28/02/23	29/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

160.5 EUR

Average target price

180.8 EUR

Spread / Average Target

+12.65%

	1st Jan change	Capi.
ACKERMANS & VAN HAAREN NV	+1.07%	5.6B
VINCI	-2.29%	67.67B
LARSEN & TOUBRO LIMITED	+2.13%	59.37B
QUANTA SERVICES, INC.	+21.25%	38.3B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+11.23%	30.73B
FERROVIAL SE	+2.06%	26.35B
CHINA RAILWAY GROUP LIMITED	+22.89%	22.01B
WSP GLOBAL INC.	+15.06%	19.47B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+22.99%	17.6B
EMCOR GROUP, INC.	+64.33%	16.64B