SAHR-0310 schreef op 27 augustus 2020 08:03:
Koersdoel bij ING van 4,00 naar 4,30
Fugro/Strong performance in challenging environment/HOLD
We refresh our FY20-22 numbers after Fugro reported better-than-expected results in 1H20. Cost savings were realized much faster than expected. We believe a covenant breach on net debt/EBITDA is with these numbers not likely. Based on our new estimates we raise our TP to €4.30 from €4.00 previously. However, we keep our HOLD rating as the company announced it aims to refinance its balance sheet in 3-6 months, which creates uncertainty in what form that will take place.