Aalberts N.V.: Underappreciated shift to structural growth - re-rating ahead; Initiate at OW, €43 PT

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Aalberts N.V.: Underappreciated shift to structural growth - re-rating ahead; Initiate at OW, €43 PT

Equity Research

European Capital Goods

19 May 2026

Aalberts N.V.

Underappreciated shift to

structural growth - re-rating Initiating Coverage

AALB.AS/AALB NA OVERWEIGHTahead; Initiate at OW, €43 PT

from Not Rated

We believe there is a lot more to Aalberts than just an HVAC European Capital Goods NEUTRAL

components manufacturer, as we expect exposure to fast- Unchanged

growing segments to increase from 25% currently to almost Price Target EURfrom43.00N/A

half of the group. While MT targets are forgotten, a cyclical Price (18-May-26) EUR 36.16

recovery in Europe could bring them into play. Initiate at OW. Potential Upside/Downside +18.9% Source: Bloomberg, Barclays Research

Where are we different? While our estimates are slightly ahead of consensus at a group level, Market Cap (EUR mn) 3906

we expect the Semicon division to grow much faster. More importantly, we believe that the Shares Outstanding (mn) 108.04

group's end-market mix is underappreciated by the market. Exposure to fast-growing markets Free Float (%) 87.75

likely to grow from about a quarter of the group last year to just under half by 2030. 52 Wk Avg Daily Volume (mn) 0.3

Dividend Yield (%) 3.18

What is our investment thesis? We think Aalberts is viewed and treated by the market as a

Return on Equity TTM (%) 6.00

residential / commercial HVAC components supplier but we believe there is a lot more to the

Current BVPS (EUR) 22.45

story. The company has well-diversified exposure, with a quarter of the group's revenues Source: Bloomberg

exposed to segments growing at double-digit pace ('26e-28e). Furthermore, management's

portfolio optimisation could mean that the fast-growing segments could end up comprising