AvH rises as strong results underscore 'well cemented' core businesses
23/11/2022 08:29
** Shares in Ackermans & Van Haaren ACKB.BR rise 2.9%
after the Belgian holding company posted an increase in cash at
end-September and confirmed FY outlook
** The company's net cash position rose to EUR 511.8 mln
($529.1 mln) as of Sept. 30, against EUR 212.7 mln at end-June
and EUR 77.7 mln at end-2021
** It still expects a record FY profit and a contribution of
the core segments "in line with that of the previous record year
2021"
** Part of AvH, industrial construction group CFE CFEB.BR
reported slightly higher revenues and an order book of EUR 1.73
bln, up 6.4% from end-2021
** CFE reiterated its FY outlook for a hike in revenues, a
net income approaching that of 2021, and ROE above its long-term
target of 15%
** "We continue to believe that AvH's core businesses
possess a 'moat' in the industries that they operate in," KBC
Securities says in a note
** The brokerage adds the strong results despite worsening
global economic situation is evidence that the group's core
segments are "well cemented"
** At 0826 GMT, shares in CFE are down 1% and those of AvH's
dredging firm DEME DEME.BR rise 0.6%
** The stock of AvH, down nearly 10% YTD, is on track for
its best day since end-August
($1 = 0.9673 euros)
(Reporting by Juliette Portala)
((juliette.portala@tr.com))