BAM tracks best day in over 3 years after solid FY, raised guidance
15/02/2024 09:03
** Shares in BAM Groep BAMN.AS sore 15% after the Dutch
construction group raised its mid-term objectives and announced
a share buyback and a higher-than-expected dividend on the back
of very solid full-year figures
** BAM's adjusted core profit (EBITDA) of 304 million euros
came 18% ahead of ING's ("buy") estimate and beat
company-compiled consensus by around 14%, the brokerage says in
a note to clients
** "Hard hats off!," ING comments the results
** BAM raised its adjusted EBITDA margin target to 4-6% from
around 5% previously, over 2024-2026 period
** It also proposed a higher-than-expected 0.20 euro
dividend and a 30 million euros share buyback
** "(This) underscores the healthy financial position of the
company and management's faith in the current order portfolio,
all this despite cyclical headwinds in the Dutch and UK
construction markets," ING analyst says
** The stock tracks its best day in more than 3 years when
it closed 22.2% higher
(Reporting by Dagmarah Mackos)
((dagmarah.mackos@tr.com))