DEME jumps on strong annual results, outlook above estimates

DEME NV

28/02/2024 08:52

** Shares in DEME Group  DEME.BR  jump 3.5% to 124.40 euros
as the Belgian dredger guides for higher-than-expected turnover
growth after strong demand bolstered 2023 performance
    ** "We and CSS will have to increase our forecasts as for
FY24, DEME expects a turnover growth of at least 10% y/y (KBCSe
6%, CSS 8.8%) with an EBITDA margin comparable to FY23 (18.2%),"
KBC Securities says
    ** The company reports a 22% increase in its order book in
2023, reaching 7.58 billion euros ($8.20 billion) driven by the
Offshore Energy and Dredging & Infra segments
    ** The segments represent "further global expansion", KBC
says
    ** The broker raises its TP by 24.8% to 150 euros and
maintains its "accumulate" rating based on DEME's confident
outlook

($1 = 0.9247 euros)

 (Reporting by Stéphanie Hamel)
 ((stephanie.hamel@thomsonreuters.com))