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1. Company Snapshot

1.a. Company Description

DEME Group NV, together with its subsidiaries, operates as a dredging, marine engineering, and environmental remediation company.The company operates through four segments: Dredging & Infra, Offshore Energy, Environmental, and Concessions.It offers dredging solutions, including maintenance and capital dredging, coastal protection, port construction, beach nourishment, breakwaters and dams, and land reclamation; and offshore solutions for complex projects, such as foundations, power cables and umbilicals, wind turbine generators, geosciences, landfall construction, rock placement, and floating offshore wind, as well as platform installation, decommissioning, and heavy lifting services.


The company is also involved in the soil remediation and brownfield development; environmental dredging and sediment treatment; and water treatment activities.In addition, it provides design and construction of hydraulic works, such as jetties, port terminals, locks, and weirs; infrastructural works, including bored, immersed, cut, and cover tunnels; foundations and marine works for bridges and other constructions; and civil works for harbor construction, dams and sea defenses, canal construction, revetment work, and quay wall construction and shore protection.The company was formerly known as Dredging Environmental and Marine Engineering NV.


The company was founded in 1930 and is headquartered in Zwijndrecht, Belgium.DEME Group NV is a subsidiary of Compagnie d'Entreprises CFE SA.

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1.b. Last Insights on DEME

DEME Group NV faces challenges despite strong financial performance, with record profitability and 10% turnover growth. However, the company contends with order book and cash flow challenges. The acquisition of Havfram, a Norwegian offshore wind contractor, aims to expand its offshore wind energy presence. Rising capital costs in the offshore wind construction vessel market may impact growth, driven by increased global investment in renewable energy projects. DEME's EBITDA guidance was raised, but cash flow concerns persist.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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A Fresh Look at DEME Group (ENXTBR:DEME) Valuation After Strong Half-Year Earnings Boost

Sep -08

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Deme Group NV (XBRU:DEME) (Q2 2025) Earnings Call Highlights: Record Profitability and ...

Aug -29

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Half-year results 2025: strong first half delivers record profitability; full-year EBITDA guidance raised

Aug -26

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Offshore Wind Construction Vessel Market Forecast Report 2025, with Profiles of Seajacks, Van Oord Dredging and Marine Contractors, DEME Group, Jan De Nul, Cadeler, Swire Blue Ocean, ZPMC, and Eneti

Aug -18

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Full year results: Outstanding 2024 - strong increases in turnover and profit, positive net cash, unmatched orderbook

Feb -26

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Half Year Results 2024: strong performance in all segments underpins record year outlook

Aug -29

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20 Most Valuable Belgian Companies in 2024

Feb -21

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.69%)

6. Segments

Dredging & Infra

Expected Growth: 5%

DEME Group NV's Dredging & Infra segment growth is driven by increasing global demand for coastal protection, port expansion, and offshore wind farm installation. Rising government investments in infrastructure development, urbanization, and climate change mitigation efforts also contribute to growth. Additionally, the company's expertise in complex projects and strategic partnerships further support its growth momentum.

Offshore Energy

Expected Growth: 7%

DEME Group NV's Offshore Energy segment growth is driven by increasing global demand for renewable energy, government incentives for offshore wind farms, and rising investment in energy infrastructure. Additionally, the company's expertise in complex offshore projects, strategic partnerships, and expanding presence in emerging markets contribute to its 7% growth.

Environmental

Expected Growth: 4%

DEME Group NV's Environmental segment growth is driven by increasing demand for sustainable solutions, government regulations and investments in renewable energy, rising concerns over climate change, and growing popularity of eco-friendly practices. Additionally, the company's expertise in offshore wind, dredging, and environmental remediation contributes to its growth.

Reconciliation

Expected Growth: 3%

DEME Group NV's 3% growth is driven by increasing demand for offshore wind farm installation, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on innovation, cost reduction, and operational efficiency has improved profitability. Furthermore, the growing need for sustainable energy solutions and government incentives for renewable energy projects have contributed to the company's growth.

Concessions

Expected Growth: 5%

DEME Group NV's concessions segment growth is driven by increasing demand for sustainable infrastructure, government investments in renewable energy, and expansion into new markets. Additionally, the company's expertise in dredging and land reclamation, as well as its strategic partnerships, contribute to its growth momentum.

7. Detailed Products

Dredging

DEME Group NV provides dredging services for the construction and maintenance of ports, waterways, and coastal areas.

Land Reclamation

DEME Group NV offers land reclamation services to create new land from the sea or lakes for urban development, infrastructure, and industrial projects.

Offshore Energy

DEME Group NV provides services for the installation and maintenance of offshore wind farms, oil and gas platforms, and other energy infrastructure.

Environmental Remediation

DEME Group NV offers environmental remediation services to clean up contaminated soil, water, and air.

Geotechnical Services

DEME Group NV provides geotechnical services for the investigation, design, and construction of foundations, tunnels, and other underground infrastructure.

Marine Construction

DEME Group NV offers marine construction services for the construction of ports, harbors, and other coastal infrastructure.

8. DEME Group NV's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for DEME Group NV is moderate, as there are alternative dredging and marine construction companies that can provide similar services.

Bargaining Power Of Customers

The bargaining power of customers for DEME Group NV is low, as the company has a strong reputation and provides specialized services that are difficult to replicate.

Bargaining Power Of Suppliers

The bargaining power of suppliers for DEME Group NV is moderate, as the company relies on a few key suppliers for equipment and materials, but has some flexibility to negotiate prices.

Threat Of New Entrants

The threat of new entrants for DEME Group NV is low, as the company has significant barriers to entry, including high capital costs and specialized expertise.

Intensity Of Rivalry

The intensity of rivalry for DEME Group NV is high, as the company operates in a competitive industry with several established players, and must continually innovate and improve to maintain market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 32.05%
Debt Cost 3.95%
Equity Weight 67.95%
Equity Cost 8.66%
WACC 7.15%
Leverage 47.18%

11. Quality Control: DEME Group 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

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

146.6$

Current Price

146.6$

Potential

-0.00%

Expected Cash-Flows