DEME (AO) | Buy | No surprises to Q1 2026 trading update

研报英文原文证据摘录

DEME (AO) | Buy | No surprises to Q1 2026 trading update

DEME Buy | Target Price: EUR240.00

Company description Management

DEME is a Belgian marine engineering leader active in Dredging & Infra, Offshore Luc Vandenbulcke, CEO

Energy, Environmental and Concessions. It builds ports, reclaims land, protects Stijn Gaytant, CFO

coasts and delivers EPCI solutions for offshore wind - foundations, cables and

Key shareholders

heavy-lift installation. DEME focuses on complex, fixed-price projects, innovation Free float 25.77%

and lower-carbon operations, including dual-fuel vessels and circular Ackermans & van Haaren 62.12%

remediation. It serves governments and energy clients worldwide. Vinci 12.11%

Investment case Valuation methodology

DEME’s earnings base has become more balanced as offshore Se use a blended average of three different valuation

wind has become a major pillar alongside dredging. This in turn methodologies (DCF and multiple valuations).

has led to a more diversified revenue base and lower cyclicality. For the DCF valuation we use a WACC of 8.8%, which is based on

As the offshore wind sector is working through near-term a cost of equity of 10.0% and a cost of debt of 4.0%.

softness, our medium- to long-term view remains constructive: On our FY 2027 estimates DEME trades at an EV/EBITDA multiple

turbine sizes are rising, installation demand is set to multiply, of 5.5x, which is significantly below the through-the-cycle

and supply of high-spec vessels remains tight, which should be multiple of 7.0x for a typical dredging company.

supportive for utilisation and day rates. Risks to our rating

Dredging remains stable with good. The market remains very Offshore wind downturn taking longer than expected,

concentrated keeping pricing disciplined and margins resilient. .