DEME tracks best day ever after solid Q3, guidance hike

DEME NV

14/11/2024 08:10

** Shares in DEME  DEME.BR  jump about 10% after the 
Belgian dredging company raised its FY guidance
    ** Co now sees turnover growth above 20%, EBITDA margin
comparable to 2023, while the nine-month turnover rose 32% to
2.99 billion euros
    ** Jefferies ("hold") says update shows continued strong
momentum, driven by revenue growth beat in Offshore Energy
division
    ** The broker anticipates mid-single digit consensus EBITDA
upgrades for 2024
    ** KBC maintains "buy" rating on stock as "DEME continues to
see strong tender activity and a robust pipeline fuelled by
solid demand across all contracting segments"
    ** Shares are on track for their best day ever if gains hold

 (Reporting by Olivier Cherfan)
 ((olivier.cherfan@thomsonreuters.com))