Buy Or Sell Opportunity • May 19
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €277. The fair value is estimated to be €349, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 4.7%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 4.7% per annum over the same time period. Announcement • Apr 24
Ackermans & Van Haaren NV, Annual General Meeting, May 26, 2026 Ackermans & Van Haaren NV, Annual General Meeting, May 26, 2026, at 14:00 Romance Standard Time. Reported Earnings • Apr 01
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €18.14 (up from €14.07 in FY 2024). Revenue: €5.96b (down 1.4% from FY 2024). Net income: €592.5m (up 29% from FY 2024). Profit margin: 9.9% (up from 7.6% in FY 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.8%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • Mar 02
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €18.14 (up from €14.07 in FY 2024). Revenue: €5.96b (down 1.4% from FY 2024). Net income: €592.5m (up 29% from FY 2024). Profit margin: 9.9% (up from 7.6% in FY 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.8%. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 02
Now 20% undervalued Over the last 90 days, the stock has risen 33% to €291. The fair value is estimated to be €365, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 4.7%. Revenue is forecast to grow by 6.8% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Price Target Changed • Oct 01
Price target increased by 7.8% to €253 Up from €235, the current price target is an average from 6 analysts. New target price is 12% above last closing price of €225. Stock is up 20% over the past year. The company is forecast to post earnings per share of €17.15 for next year compared to €14.07 last year. Reported Earnings • Sep 01
First half 2025 earnings released: EPS: €8.36 (vs €6.13 in 1H 2024) First half 2025 results: EPS: €8.36 (up from €6.13 in 1H 2024). Revenue: €3.03b (up 5.1% from 1H 2024). Net income: €273.2m (up 36% from 1H 2024). Profit margin: 9.0% (up from 6.9% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.8% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Aug 29
Ackermans & Van Haaren NV Provides Earnings Guidance for the Year 2025 Ackermans & Van Haaren NV provided earnings guidance for the year 2025. For the year, the company expects net profit to increase by at least 15%. Buy Or Sell Opportunity • Jun 13
Now 20% undervalued Over the last 90 days, the stock has risen 13% to €222. The fair value is estimated to be €279, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 5.9%. For the next 3 years, revenue is forecast to grow by 0.6% per annum. Earnings are also forecast to grow by 7.7% per annum over the same time period. Declared Dividend • May 28
Dividend of €2.66 announced Shareholders will receive a dividend of €2.66. Ex-date: 29th May 2025 Payment date: 2nd June 2025 Dividend yield will be 1.2%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 27
Ackermans & Van Haaren NV announces Annual dividend, payable on June 02, 2025 Ackermans & Van Haaren NV announced Annual dividend of EUR 2.6600 per share payable on June 02, 2025, ex-date on May 29, 2025 and record date on May 30, 2025. Buy Or Sell Opportunity • May 22
Now 20% undervalued Over the last 90 days, the stock has risen 18% to €232. The fair value is estimated to be €290, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 5.9%. For the next 3 years, revenue is forecast to grow by 0.6% per annum. Earnings are also forecast to grow by 7.4% per annum over the same time period. Reported Earnings • Apr 01
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: €14.07 (up from €12.13 in FY 2023). Revenue: €6.04b (up 16% from FY 2023). Net income: €459.9m (up 15% from FY 2023). Profit margin: 7.6% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.9%. Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Mar 03
Ackermans & Van Haaren NV, Annual General Meeting, May 26, 2025 Ackermans & Van Haaren NV, Annual General Meeting, May 26, 2025. Buy Or Sell Opportunity • Jan 17
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 1.2% to €193. The fair value is estimated to be €159, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 4.9%. Revenue is forecast to grow by 10% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. Announcement • Nov 28
Ackermans & Van Haaren NV to Report Fiscal Year 2024 Final Results on Mar 31, 2025 Ackermans & Van Haaren NV announced that they will report fiscal year 2024 final results at 12:00 PM, Central European Standard Time on Mar 31, 2025 Announcement • Sep 20
STAR Capital Partnership LLP, Ackermans & Van Haaren NV (ENXTBR:ACKB) and others Investors completed the acquisition of Vouvray Acquisition Limited from Advent International, L.P. STAR Capital Partnership LLP, Ackermans & Van Haaren NV (ENXTBR:ACKB) and others Investors entered into an agreement to acquire Vouvray Acquisition Limited from Advent International, L.P. on June 17, 2024. As part of the acquisition, AvH will hold 33.3% of V.Group for an equity investment of $150 million. STAR will lead a consortium of investors including Ackermans & van Haaren (Euronext: ACKB) and others to partner with V.Group’s management team. The transaction is subject to regulatory approvals and is expected to close in in early autumn 2024. Dan Clarke, Vincent Bergin, Adrian Maguire, Leon Daoud, Christopher Shield, Mavnick Nerwal, Alasdair Balfour of Kirkland & Ellis International LLP acted as sell-side legal advisor to Advent International, L.P. Ben Mercer of Stephenson Harwood LLP acted as legal advisor to Advent International and Vouvray Acquisition Limited in the transaction. Jefferies LLC served as financial advisor to Vouvray Acquisition. Stuart Brinkworth, Tim Nosworthy, Christian Higham, Kitty Swanson, Daniel Vowden, Jessica Kolhorn, David Prince, Chris Fisher, Ruth Neligan, Stephen Moi, ason Hungerford, Daniel Vowden, Mark Hills, Chris Chapman, Musonda Kapotwe, Iain Roberts, Tim Baines, Mark Prinsley, Tamar Ruiz and Tarun Patel of Mayer Brown International LLP acted as legal advisor to STAR Capital Partnership LLP.
STAR Capital Partnership LLP, Ackermans & Van Haaren NV (ENXTBR:ACKB) and others Investors completed the acquisition of Vouvray Acquisition Limited from Advent International, L.P. on September 18, 2024. The deal was completed upon the successful completion of all regulatory consents. Reported Earnings • Sep 02
First half 2024 earnings released: EPS: €6.13 (vs €5.16 in 1H 2023) First half 2024 results: EPS: €6.13 (up from €5.16 in 1H 2023). Revenue: €2.89b (up 19% from 1H 2023). Net income: €200.4m (up 17% from 1H 2023). Profit margin: 6.9% (down from 7.0% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 6% per year. Price Target Changed • Aug 30
Price target increased by 11% to €198 Up from €178, the current price target is an average from 5 analysts. New target price is 15% above last closing price of €173. Stock is up 20% over the past year. The company is forecast to post earnings per share of €13.77 for next year compared to €12.13 last year. Announcement • Jun 18
STAR Capital Partnership LLP, Ackermans & Van Haaren NV (ENXTBR:ACKB) and and others Investors entered into an agreement to acquire Vouvray Acquisition Limited from Advent International, L.P. STAR Capital Partnership LLP, Ackermans & Van Haaren NV (ENXTBR:ACKB) and others Investors entered into an agreement to acquire Vouvray Acquisition Limited from Advent International, L.P. on June 17, 2024. As part of the acquisition, AvH will hold 33.3% of V.Group for an equity investment of $150 million. STAR will lead a consortium of investors including Ackermans & van Haaren (Euronext: ACKB) and others to partner with V.Group’s management team. The transaction is subject to regulatory approvals and is expected to close in in early autumn 2024. Announcement • May 29
Ackermans & Van Haaren NV Approves Gross Dividend Ackermans & Van Haaren NV at its General Shareholder Meeting of May 27, 2024 approved a gross dividend of 3.40 euros per share. Announcement • May 26
Ackermans & Van Haaren Nv Provides Earnings Guidance for Year 2024 Ackermans & Van Haaren NV provided earnings guidance for year 2024. For the period company expects net profit to be higher than last year. Upcoming Dividend • May 23
Upcoming dividend of €2.38 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 03 June 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Belgian dividend payers (6.7%). Lower than average of industry peers (3.9%). Declared Dividend • Apr 19
Dividend of €2.38 announced Shareholders will receive a dividend of €2.38. Ex-date: 30th May 2024 Payment date: 3rd June 2024 Dividend yield will be 1.5%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (28% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 30% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Board Change • Apr 08
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent non-executive director Frank Van Lierde was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 03
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: €12.13 (down from €21.30 in FY 2022). Revenue: €5.22b (up 19% from FY 2022). Net income: €399.2m (down 43% from FY 2022). Profit margin: 7.6% (down from 16% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.6%. Earnings per share (EPS) also surpassed analyst estimates by 5.3%. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 03
First half 2023 earnings released: EPS: €5.16 (vs €8.31 in 1H 2022) First half 2023 results: EPS: €5.16 (down from €8.31 in 1H 2022). Revenue: €2.43b (up 14% from 1H 2022). Net income: €170.7m (down 38% from 1H 2022). Profit margin: 7.0% (down from 13% in 1H 2022). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jun 09
Consensus revenue estimates increase by 152% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €1.91b to €4.81b. EPS estimate unchanged from €11.51 at last update. Construction industry in Belgium expected to see average net income growth of 10% next year. Consensus price target of €170 unchanged from last update. Share price was steady at €154 over the past week. Upcoming Dividend • May 22
Upcoming dividend of €2.17 per share at 1.9% yield Eligible shareholders must have bought the stock before 29 May 2023. Payment date: 31 May 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Belgian dividend payers (6.9%). Lower than average of industry peers (3.6%). Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Non-Executive Director Bart Deckers was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Sep 24
Ackermans & Van Haaren NV to Report Fiscal Year 2022 Final Results on Mar 31, 2023 Ackermans & Van Haaren NV announced that they will report fiscal year 2022 final results on Mar 31, 2023