BAM, contrary to 9m 17, did not disclose the breakdown of adjusted results before tax by division. In our opinion, this is a yellow flag. There was a cash outflow on the IJmuiden sea lock of €80m in 9m 18. Constructive discussions are being carried out with the banking syndicate but it is unclear when these will finish. We expect to keep our bottom-line forecast mostly unchanged and we don’t expect a change in recommendation.
12 Nov 2018
9m 18: less disclosure than the previous year is a yellow flag
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9m 18: less disclosure than the previous year is a yellow flag
Koninklijke BAM Groep NV (BGPA:FRA) | 0 0 1.2% | Mkt Cap: 1,065m
- Published:
12 Nov 2018 -
Author:
Felix Brunotte -
Pages:
3
BAM, contrary to 9m 17, did not disclose the breakdown of adjusted results before tax by division. In our opinion, this is a yellow flag. There was a cash outflow on the IJmuiden sea lock of €80m in 9m 18. Constructive discussions are being carried out with the banking syndicate but it is unclear when these will finish. We expect to keep our bottom-line forecast mostly unchanged and we don’t expect a change in recommendation.