Aalberts will release 1H13 results on 15 August before opening of the market, followed by an analyst meeting at 2pm CET.
We estimate sales to grow 4% (3% organic + 1% M&A) to € 325m and EBITA to grow 2% to € 43.9m (margin 13.5%, -30bp y/y). CSS estimates are respectively € 312m, € 42.2m and a margin of 13.5%.
We estimate sales to grow 4% (3% organic + 1% M&A) to € 746m and EBITA to grow 6.5% to € 74.6m (margin 10.0%, +20bp y/y). CSS estimates are respectively € 729m, € 71.9m and a margin of 9.9%.
We estimate sales to grow 4% (3% organic + 1% M&A) to € 1,072m and EBITA to grow 4.8% to € 118.5m (margin 11.1%, +10bp y/y). We estimate net profit before amortization to have grown 6.5% to € 83.2m. CSS estimates are respectively € 1,050m, € 114.5m, and a margin of 10.9%.
We expect guidance to be repeated:
Guidancefor FY13 is growth in sales, profits, and investments. We expect this to be repeated, although we can imagine the tone of voice to remain cautious in view of consistent softness in European construction markets.