Ackermans & Van Haaren NV (ACKB.BR) | Investment Case

1. Company Snapshot

1.a. Company Description

Ackermans & Van Haaren NV engages in the marine engineering and contracting, private banking, real estate and senior care, and energy and resources businesses worldwide.The company operates through five segments: Marine Engineering & Contracting, Private Banking, Real Estate & Senior Care, Energy & Resources, and AvH & Growth Capital.It engages in the marine construction activities, including dredging and civil works on water, as well as offshore activities in the areas of renewable energy, oil and gas, soil and sludge remediation, and aggregate and mineral extraction; real estate development activities; and development of port projects and related industrial zones, as well as offshore wind farms.

The company also offers asset management services for various private clients; advisory banking services for entrepreneurs and liberal professionals; and car finance and leasing services through car dealers.In addition, it develops residential and mixed projects; invests in retail and office properties; provides accommodation and care for the elderly; and operates retirement homes.Further, the company produces crude palm oil, rubber, banana, and tea products; manufactures cement; and offers advice, automation, and maintenance services for life science, tank terminal, food and beverage, infrastructure, and chemistry markets.

Additionally, it engages in the production and sale of compact biogas installations.Ackermans & Van Haaren NV was founded in 1876 and is headquartered in Antwerp, Belgium.

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1.b. Last Insights on ACKB

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1.c. Company Highlights

Last Price	228.8
Change Percentage	0.79%
Open	227.4
Previous Close	227
Market Cap ( Millions)	7477
Volume	39887
Year High	236.2
Year Low	170
M A 50	218.92
M A 200	216.42

FCF Yield	12.73%
Dividend Yield	1.66%
ROE	10.01%
Debt / Equity	42.56%
Net Debt / EBIDTA	82.30%
Price To Book	1.4
Price Earnings Ratio	14.07
Price To FCF	7.86
Price To sales	1.21
EV / EBITDA	6.92

2. Transcript Summary

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3. NewsRoom

PUBLICATION OF ATRANSPARENCY NOTIFICATION - ACKERMANS & VAN HAAREN

Nov -03

Source:

Ackermans & Van Haaren (ENXTBR:ACKB): Exploring Valuation After Recent Share Price Momentum

Sep -20

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.92%)

6. Segments

Marine Engineering & Contracting

Expected Growth: 6%

Strong demand for dredging and marine construction services, driven by increasing investments in port expansion and offshore wind farms. Growing focus on sustainable infrastructure development and government initiatives to enhance coastal protection also contribute to the 6% growth. Additionally, the company's diversified portfolio and strategic partnerships support its expansion in the marine engineering and contracting segment.

Private Banking

Expected Growth: 5%

Strong brand reputation, increasing HNWI population, and growing demand for wealth management services drive Ackermans & Van Haaren NV's Private Banking segment growth. Strategic acquisitions, expansion into new markets, and digitalization of services also contribute to the 5% growth rate.

Real Estate & Senior Care

Expected Growth: 4%

Ackermans & Van Haaren NV's Real Estate & Senior Care segment growth is driven by increasing demand for senior living facilities, government incentives for elderly care, and strategic acquisitions. Additionally, the company's focus on sustainable and energy-efficient projects, as well as its diversified portfolio, contribute to its 4% growth rate.

AvH & Growth Capital

Expected Growth: 8%

AvH's 8% growth is driven by its diversified portfolio, strong market position, and strategic investments. Ackermans & Van Haaren's growth capital investments in real estate, private equity, and energy sectors contribute to the growth. Additionally, the company's focus on sustainable investments and ESG considerations attract investors, further fueling growth.

Eliminations between Segments

Expected Growth: 0%

Ackermans & Van Haaren NV's eliminations between segments with 0% growth are driven by stagnant intra-group transactions, lack of diversification, and inefficient resource allocation. This is further exacerbated by the absence of synergies between segments, leading to a neutral net effect on the company's overall performance.

Energy & Resources

Expected Growth: 9%

Ackermans & Van Haaren NV's 9% growth in Energy & Resources is driven by increasing demand for renewable energy, strategic acquisitions, and expansion into emerging markets. Additionally, rising energy prices, government incentives for sustainable projects, and growing investments in energy storage and grid infrastructure also contribute to this growth.

7. Detailed Products

Dredging

Ackermans & Van Haaren NV provides dredging services for the construction and maintenance of ports, waterways, and coastal defenses.

Marine Construction

The company offers marine construction services for the development of offshore wind farms, oil and gas platforms, and other marine infrastructure.

Environmental Remediation

Ackermans & Van Haaren NV provides environmental remediation services to clean up contaminated soil and groundwater.

Geo-Engineering

The company offers geo-engineering services for the design and construction of tunnels, foundations, and other underground infrastructure.

Offshore Energy

Ackermans & Van Haaren NV provides services for the development of offshore energy infrastructure, including wind farms and oil and gas platforms.

Tunnel Boring

The company offers tunnel boring services for the construction of tunnels and underground infrastructure.

8. Ackermans & Van Haaren NV's Porter Forces

Forces Ranking

Threat Of Substitutes

Ackermans & Van Haaren NV operates in a diversified conglomerate with a presence in various sectors, which reduces the threat of substitutes. However, the company's dependence on a few key sectors makes it vulnerable to changes in those markets.

Bargaining Power Of Customers

Ackermans & Van Haaren NV's diversified business portfolio and lack of concentration in a single market reduce the bargaining power of customers. Additionally, the company's strong brand presence and long-term relationships with customers also mitigate this risk.

Bargaining Power Of Suppliers

Ackermans & Van Haaren NV's diversified business portfolio and lack of concentration in a single market reduce the bargaining power of suppliers. However, the company's dependence on a few key suppliers in certain sectors increases this risk.

Threat Of New Entrants

Ackermans & Van Haaren NV's diversified business portfolio and established market presence make it difficult for new entrants to disrupt the market. Additionally, the company's strong brand presence and long-term relationships with customers also reduce this risk.

Intensity Of Rivalry

Ackermans & Van Haaren NV operates in highly competitive markets, and the intensity of rivalry is high. The company faces competition from established players and new entrants, which increases the risk of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	65.99%
Debt Cost	3.95%
Equity Weight	34.01%
Equity Cost	6.93%
WACC	4.96%
Leverage	194.02%

11. Quality Control: Ackermans & Van Haaren NV passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Acciona

A-Score: 6.4/10

Value: 5.4

Growth: 7.6

Quality: 3.9

Yield: 5.6

Momentum: 9.0

Volatility: 7.0

1-Year Total Return ->

Ackermans & Van Haaren

A-Score: 6.3/10

Value: 7.0

Growth: 6.0

Quality: 5.3

Yield: 3.1

Momentum: 7.0

Volatility: 9.7

1-Year Total Return ->

Sacyr

A-Score: 6.2/10

Value: 5.6

Growth: 5.7

Quality: 3.4

Yield: 7.5

Momentum: 6.0

Volatility: 9.0

1-Year Total Return ->

Skanska

A-Score: 5.8/10

Value: 6.2

Growth: 4.1

Quality: 5.4

Yield: 5.0

Momentum: 6.0

Volatility: 8.0

1-Year Total Return ->

SPIE

A-Score: 5.7/10

Value: 4.4

Growth: 6.1

Quality: 3.4

Yield: 4.4

Momentum: 8.0

Volatility: 7.7

1-Year Total Return ->

DEME

A-Score: 5.1/10

Value: 7.9

Growth: 5.8

Quality: 5.5

Yield: 1.9

Momentum: 3.0

Volatility: 6.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-8.37%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

4.96%

Ackermans & Van Haaren NV - BE0003764785

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on ACKB

Have nothing to say about that one ...

1.c. Company Highlights

Less Volatile

Lower Quality

Average Growth

Stable Momentum

Average Yield

Strong Momentum

Fairly Valued

Average Quality

Earnings Miss

Earnings Beats

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.92%)

6. Segments

Marine Engineering & Contracting

Expected Growth: 6%

Private Banking

Expected Growth: 5%

Real Estate & Senior Care

Expected Growth: 4%

AvH & Growth Capital

Expected Growth: 8%

Eliminations between Segments

Expected Growth: 0%

Energy & Resources

Expected Growth: 9%

7. Detailed Products

Dredging

Marine Construction

Environmental Remediation

Geo-Engineering

Offshore Energy

Tunnel Boring

8. Ackermans & Van Haaren NV's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Ackermans & Van Haaren NV passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

228.8$

Current Price

228.8$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA