Fugro rises on 'ambitious and possible' 2027 guidance

Fugro NV

14/11/2023 09:30

** Shares in Fugro  FUGR.AS  rise 1.9%, pares gains after
rising as much as 3.2%, after the Dutch deep-sea energy
prospector announced new 2027 targets that ING deems "ambitious
and possible"
    ** The group sees an EBIT margin of 11-15% by 2027 and 
revenue growth from annual level of 2.1 billion euros today to
3.0-3.5 billion euros in 2027 
    ** ING likes the company's strategy, says those targets are
possible if markets continue to develop as expected
    ** "Hiccoughs are not excluded but we believe that Fugro’s
current healthy position with good market shares in the offshore
wind farm market and in oil and gas enable the company to grow,"
brokerage adds
    ** Fugro also sees free cash flow of 6% to 9% by 2027, which
ING calls "the most challenging of its targets"
    ** Shares are on track for their best day in about three
weeks

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