BAM drops as investors adopt 'better safe than sorry' post-Q1 sentiment
02/05/2024 09:25
** Shares in BAM Groep BAMN.AS fall around 14% on "better
safe than sorry" investor sentiment after the Dutch construction
group posted weak Q1 core profit
** "As BAM does not provide much background on what is
actually going on, the stock market's reaction today is better
safe than sorry and investors are dumping the shares", ING
analyst Tijs Hollestelle says
** The company also flags a weak contribution from the
British and Irish divisions, impacted by project delays, fueling
fears that the significant loss the company reported in H2 2023
in the UK construction & property unit would continue to be an
issue in 2024, Hollestelle adds
** Q1 adjusted EBITDA is down around 24% to 44 million euros
($47.11 million)
** If losses hold, shares are on track for worst day since
mid-March 2020
($1 = 0.9341 euros)
(Reporting by Gaëlle Sheehan)
((gaelle.sheehan@thomsonreuters.com; +48 58 7785110;))