bartvde schreef op 11 februari 2015 12:04:
Investment case: Best stock to play the Dutch housing market recovery
We upgrade Heijmans from Hold to Buy, raise our target price from EUR 8 to EUR 15 and add it to our conviction list. As the Dutch housing market recovers, we see significant upside for Heijmans, due to its sizeable land bank and high housing market exposure. On top, we expect the Non-residential division, which has been loss-making in the last two years, to finally move into positive earnings territory by FY14, which will further push earnings momentum.
Heijmans best positioned to benefit from the housing market recovery
Within the Dutch construction universe Heijmans has the largest exposure to the Dutch housing market, with 20% of FY13e sales coming from the residential market (BAM: c. 12%, Ballast Nedam: c. 13%). Furthermore, Heijmans has relatively the largest land bank (see our sector note), which makes Heijmans in our view the best play on a housing market recovery.
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