Berenberg starts Ackermans & van Haaren with 'buy' on high returns
18/09/2024 07:00
** Berenberg initiates Ackermans & van Haaren NV ACKB.BR
with "buy," saying the Belgian holding company offers attractive
returns, driven by its private banking arm and exposure to
marine engineering company DEME DEME.BR
** "AvH's equity from privately held assets have a fair
value much higher than what is recorded in the company's balance
sheet," says Berenberg
** It notes the firm offers one of the highest returns both
in absolute terms -- 12% annual total return -- and from a
risk-adjusted perspective vs other holding companies
** It adds that the company's banking subsidiaries, Bank Van
Breda and Delen Private Bank, provide a solid stream of dividend
and equity growth; expects banking unit to achieve double-digit
net income growth from 2023-2026
** "DEME is positioned to capture environment-related
megatrends," and offers strong long-term growth prospects,
Berenberg says, estimating its net income to grow at a 24% CAGR
over 2023-2026
** It sets a PT of EUR 236 per share
(Reporting by Anna Peverieri)
((Anna.Peverieri@thomsonreuters.com))