CFE inches up on good Q3 momentum, outlook hike
23/11/2021 09:16
** Shares in Ackermans & Van Haaren-owned ACKB.BR
construction firm CFE CFEB.BR rise as much as 4.5% after
full-year outlook hike and solid performance to end-September
urn:newsml:reuters.com:*:nFWN2SD1JW
** CFE shares were up 1.6% and AvH 1.5% at 0910 GMT
** CFE posted a record-high order book of EUR 6.36 billion
($7.17 billion) at end-September, up 5% since the end of last
year, and said it expected FY revenue and net result to return
to pre-pandemic levels
** AvH reported a net cash position of EUR 74.5 million at
the end of September and said it was on track for "record
results" this year urn:newsml:reuters.com:*:nFWN2SD1JW
** KBC says the momentum for AvH's core divisions, which has
continued in Q3 and beyond, is not fully reflected in the share
price as it upgrades its rating to "buy" from "accumulate"
** The broker adds CFE's trading update was good but
"without surprise", since the significant upturn in H2 activity
eyed by the group was already in KBC's forecasts
** It nonetheless keeps its "buy" rating given the firm's
well-filled order book, its leading position and assets in the
"competitive yet booming" offshore wind market
($1 = 0.8875 euros)
(Reporting by Federica Mileo)
((Federica.mileo@thomsonreuters.com))