Ackermans & Van Haaren shares slip, analysts point to 'irregularities' at Medikabazaar
23/05/2024 10:12
** Shares in Ackermans & Van Haaren ACKB.BR fall 4.4%
after the Belgium-listed holding flags "financial
irregularities" at medical equipment business Medikabazaar,
where the group holds a 8.9% stake
** The board of Medikabazaar has recently been made aware
that financial irregularities have taken place at the entity,
Ackermans says in its Q1 trading update, adding that audits are
already underway
** Thijs Berkelder from ABN AMRO–ODDO BHF equity research
says the irregularities imply worries on Medikabazaar's
investments in their main market India
** Andre Mulder from Kepler Cheuvreux says Ackermans & Van
Haaren's share price move is possibly linked to Medikabazaar,
but flags that the business represents less than 1% of the
group's portfolio
** Degroof Petercam says the irregularities could "be a case
of inflated revenue figures which may result in a partial
adjustment in valuation," but adds a full impairment looks
"unlikely"
** Ackermans & Van Haaren shares are on track for their
worst one-day performance since late August last year
(Reporting by Olivier Sorgho)
((Olivier.Sorgho@thomsonreuters.com))