BAM Group (BAMNB NA) Netherlands
Industrials
FY23 results were well ahead of market consensus following an impressive final quarter. Ahead of BAM's CMD, the company unveiled its main financial targets for 2024 to 2026. Besides an adjusted EBITDA margin of between 4-6%, it targets revenue of €6bn+, capital ratio of c.25% and a return to shareholders consisting of a dividend amounting to 30-50% of net income from operations (8% dividend yield) and additional cash returns via share buybacks. the IDEA! argues BAM’s mid-term financial targets are not overly ambitious and reiterates their view that the stock is significantly undervalued.
Edition: 180
- 23 February, 2024