Imtech announced that it has received contracts worth circa € 35m to further improve sustainability of various Dutch government buildings. These contracts relate to new builds and maintenance.
The intake YTD as communicated via press releases amounts to € 802m (adjusted for multi-year contracts). This compares to € 547m in Jun-10 and € 507m in Jun-09. Obviously, this growth should not be extrapolated, because large orders represent only an estimated 20% of sales.
As always, new orders have no major impact on our estimates or the investment case as they represent only an estimated 20% of the business. Today’s news again confirms Imtech’s strength in energy-related solutions. As such, it is supportive to our 2011 estimates and to our investment case. We reiterate our Buy rating with a € 32 target price.
[ CURRENT PRICE € 25.09; RECOMMENDATION: BUY (unchanged); TARGET PRICE € 32.00 ]