Home 171020 BAM Groep | becoming more sustainable and profitable
171020 BAM Groep | becoming more sustainable and profitable

171020 BAM Groep | becoming more sustainable and profitable

No. pages 30
Description

Roughly a year and a half ago BAM Groep presented its updated strategy for 2016-2020 'Building the present, creating the future'. In this report we will briefly summarize the targets it presented in its updated strategy, discuss where it stands today and judge if the company is capable of achieving its goals.

When possible we will compare BAM's performance with VolkerWessels', a construction company that has become stock-listed on Euronext Amsterdam as of May of this year.

On basis of our earnings and cash flow we have executed a fair value assessment for the company. This assessment will be performed by a DCF model and a Sum-of-the-Parts analysis.

Besides valuation tables based upon the current share price as well as the outcome of our DCF model we will compare BAM's multiples with its peers as well.

Lastly we will present our conclusions and investment opinion.

Contents

       executive summary
1     introduction
2     BAM at a glance
3     financial targets for 2020
4     property portfolio
5     trade working capital efficiency
6     adjusted pre-tax margin
7     Return on Capital Employed
8     capital ratio
9     earnings estimates until 2020
10    valuation
10.1 DCF model
10.2 Sum-of-the-Parts
11    summary and conclusions
12    appendix

Created Date: Friday October 20, 2017 14:13:49
Last Updated Date: Friday October 20, 2017 14:13:49
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