Dutch construction firm BAM climbs to 18-year high after double-upgrade

Koninklijke BAM Groep NV

29/05/2026 09:07

** Shares in BAM Groep BAMN.AS rise around 17% to their 18-year high, after Oddo BHF double-upgraded the Amsterdam-listed construction firm, arguing that healthy EBITDA margin and good market conditions prove that the bear case "no longer applies"
** The brokerage upgraded the stock to "outperform" from "underperform", while raising its PT to 13.5 euros ($15.7) from 8.10     
** Oddo analyst Martijn den Drijver says in a note that between 2026 and 2028 the group will benefit from "benign conditions", including strong demand and favourable prices in almost all its key markets
** "(This) explains why we assume a close to 7% EBITDA margin in 2028, where consensus is still 6.1%", den Drijver says
** The analyst adds that two legacy projects, including a hospital and tunnel "are not likely" to cause material loss provisions beyond the already accrued
** Up to the previous session's close, shares were up 2.7%​ YTD
** Out of five analysts that cover BAM, five rate the stock "strong buy" or "buy" - LSEG data

($1 = 0.8590 euros)

 (Reporting by Mateusz Rabiega)
 ((Mateusz.rabiega@thomsonreuters.com))