BAM Groep soars on EBITDA beat, raised FY outlook

Koninklijke BAM Groep NV

02/11/2023 09:11

** Shares in BAM Groep  BAMN.AS  jump 5.7%, after rising as
much as 7.2%, as the Dutch construction firm reported 9-month
adjusted EBITDA above analysts' expectations and raised its FY
guidance
    ** The Amsterdam-listed firm's 9-month adj. EBITDA amounted
to 199 million euros ($210.74 million), about 10% above ING's
estimate of 181 million euros
    ** The company now sees FY EBITDA margin of around 4.5% by
the end of the year, compared to a previous forecast of "higher
than 4%"
    ** "We believe the risk profile beneath the surface has
changed materially versus the past, leading to more stable
operating margins and cash flow generation," ING analysts say,
pointing to a strong performance in Q3
    ** BAM is set to become a "reliable dividend payer" as its
financial position has also "improved markedly", the broker adds
    ** The stock is on track for its best day since mid-February
    
($1 = 0.9443 euros)

 (Reporting by Lina Golovnya)
 ((lina.golovnya@thomsonreuters.com))