AvH rises after results, analysts point to core businesses strength
23/11/2022 09:46
(Adds ING comments, recasts share move)
** Shares in Ackermans & Van Haaren ACKB.BR rise 2.8%
after the Belgian holding company posted an increase in cash at
end-September and confirmed FY outlook
** The company's net cash position rose to EUR 511.8 mln
($529.1 mln) as of Sept. 30, which ING says is "historically
high" and "comfortable"
** AvH still expects a record FY profit and a core segments
contribution in line with 2021, confirming ING's positive stance
on "the present state of affairs"
** Part of AvH, industrial construction group CFE CFEB.BR
reported slightly higher revenues of EUR 842.1 mln at end-Sept
and reiterated its FY outlook
** "We are pleased CFE keeps its outlook in place, (...) but
the stock market is cautious concerning stocks that are
vulnerable to rising interest rates," ING adds
** KBC Securities says AvH's strong results despite
worsening global economic situation is evidence that the group's
core segments are "well cemented"
** "We continue to believe that AvH's core businesses
possess a 'moat' in the industries that they operate in," the
brokerage adds
** At 0938 GMT, shares in CFE are down 1.6% as KBC flags "no
major change in the business", and those of AvH's dredging firm
DEME DEME.BR rise 1.1%
($1 = 0.9673 euros)
(Reporting by Juliette Portala)
((juliette.portala@tr.com))