Aalberts jumps on EBITA beat, better cash generation

Aalberts

22/02/2024 08:56

** Shares in Aalberts  AALB.AS  soar 10%, hitting their
highest in over 22 years, after the company posted EBITA above
expectations and better cash generation
    ** The Dutch industrial engineering reported EBITA for FY at
521 million euros ($566.69 million), 2% ahead of consensus (EUR
509 mln) according to Jefferies and Degroof Petercam
    ** Jefferies says record FY23 EBITA is driven by organic
revenue growth of 4.5%, and implies a resilient 20bps higher
EBITA margin at 15.7% over the year
    ** It notes the lack of guidance (as usual), and adds that
FY24E consensus is low versus strategic objectives, likely
driving to mid-single digit FY24E consensus EBITA upgrades 
    ** "Strong profitability despite challenging market," says
Degroof Petercam in a note
    ** It flags a better-than-expected cash generation, with
company's net debt declining EUR 211 mln yoy to EUR 583 mln,
below consensus of EUR 622 mln
    ** Stock is among the top performers of STOXX 600  .STOXX 
index and is set for best day since June


($1 = 0.9194 euros)

 (Reporting Clement Martinot)
 ((Clement.martinot@tr.com))