Strong FY results, record order book boost confidence in DEME shares

DEME NV

26/02/2025 08:38

** Shares in DEME DEME.BR rise nearly 6.5% after the Belgian dredging company on Wednesday posted FY24 results ahead of expectations

** It reported 2024 turnover rising 25% to 4.1 billion euros, EBITDA up 28% to 764 million euros

** Jefferies repeats its "buy" rating on the stock, saying the results are "strong," while the record-high 8.2 billion euro order book provides mid-term revenue visibility

** KBC also maintains its "buy" rating, citing impressive free cash flow generation of 729 million euros, far exceeding consensus estimates of 386.5 million euros

** The company ends 2024 with a net cash position of 91 million euros, compared to prior estimates of net debt, reinforcing financial stability

** Analysts see continued strength in offshore wind projects driving growth, while higher backlog conversion underpins confidence in 2025 outlook

 (Reporting by Johan Bodinier in Gdansk)

 ((Johangeorgesroger.bodinier@thomsonreuters.com))