Aalberts' half-year report 'feels like a beat', shares rise

Aalberts

21/07/2022 08:39

** Shares in Aalberts  AALB.AS  jump 4.5% after the French
industrial engineering company reported growth in its revenues,
core and net profits in H1  urn:newsml:reuters.com:*:nFWN2Z17FP
    ** "Although the numbers are pretty much in line with
expectations, we expect the share price to go up on relief," ING
analyst Tijs Hollestelle says in a note
    ** Aalberts posted H1 revenues up 7% (9.8% organic) to EUR
1.62 bln ($1.66 bln), EBITA up 11% to EUR 250 mln and net profit
before amortisation up 11% to EUR 186 mln
    ** "It feels like a beat," Hollestelle writes, pointing to
H1 revenues about 1.2% below the brokerage's forecast but in
line with company-compiled consensus
    ** "More important, organic growth was as much as 9.8% over
the first six months of 2022, beating our 6.8% estimate and
consensus' 7.5% estimate," he adds
    ** The analyst also notes that Aalberts' EBITA came in
"slightly ahead" of its estimates and consensus expectations,
reflecting "a healthy 15.5% margin"
    ** The stock is down about 33% year-to-date

($1 = 0.9785 euros)

 (Reporting by Juliette Portala)
 ((juliette.portala@tr.com))