Buy Or Sell Opportunity • May 20
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at €276. The fair value is estimated to be €352, 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. 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%. 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. Announcement • Mar 03
Ackermans & Van Haaren NV, Annual General Meeting, May 26, 2025 Ackermans & Van Haaren NV, Annual General Meeting, May 26, 2025. 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 4% per 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. 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 German dividend payers (4.6%). 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 released: EPS: €12.13 (vs €21.30 in FY 2022) 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 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. Buy Or Sell Opportunity • Jan 24
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to €155. The fair value is estimated to be €129, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to decline by 24% in the next 2 years. 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 8.9% growth forecast for the Construction industry in Germany. 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. 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 German dividend payers (4.7%). 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 07
Ackermans & Van Haaren NV to Report Fiscal Year 2022 Results on Feb 28, 2023 Ackermans & Van Haaren NV announced that they will report fiscal year 2022 results on Feb 28, 2023 Reported Earnings • Sep 01
First half 2022 earnings released: EPS: €8.31 (vs €5.00 in 1H 2021) First half 2022 results: EPS: €8.31 (up from €5.00 in 1H 2021). Revenue: €2.15b (up 12% from 1H 2021). Net income: €275.3m (up 66% from 1H 2021). Profit margin: 13% (up from 8.6% in 1H 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 56% compared to a 2.8% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 23
Upcoming dividend of €1.93 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 01 June 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (3.6%). Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. 3 independent directors (7 non-independent directors). Independent Non-Executive Director Victoria Vandeputte was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 02
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €12.28 (up from €6.93 in FY 2020). Revenue: €4.31b (up 11% from FY 2020). Net income: €407.0m (up 77% from FY 2020). Profit margin: 9.4% (up from 5.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.1%. Over the next year, revenue is forecast to stay flat compared to a 5.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Sep 03
First half 2021 earnings released: EPS €5.00 (vs €1.70 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €1.94b (up 8.6% from 1H 2020). Net income: €165.7m (up 195% from 1H 2020). Profit margin: 8.5% (up from 3.2% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • May 20
Upcoming dividend of €1.65 per share Eligible shareholders must have bought the stock before 27 May 2021. Payment date: 31 May 2021. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (2.2%). Reported Earnings • Apr 05
Full year 2020 earnings released: EPS €6.93 (vs €11.92 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €3.89b (down 8.9% from FY 2019). Net income: €229.8m (down 42% from FY 2019). Profit margin: 5.9% (down from 9.2% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year. Is New 90 Day High Low • Mar 02
New 90-day high: €134 The company is up 10.0% from its price of €122 on 02 December 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Diversified Financial industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €199 per share. Is New 90 Day High Low • Jan 06
New 90-day high: €127 The company is up 11% from its price of €114 on 08 October 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €175 per share. Is New 90 Day High Low • Oct 30
New 90-day low: €105 The company is down 3.0% from its price of €109 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is down 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €158 per share. 
