creating true shareholder value
The Aalberts way of value creation is to achieve unique worldwide leading market positions with niche technologies in selective end markets. Relentlessly running the Aalberts playbook results in long-term shareholder value. Our track record of more than 40 years of sustainable profitable growth proves the sustainability of our business model.
01
reasons to invest
01
reasons to invest
Our playbook? Achieving compelling competitive advantage, driving margin expansion through operational leverage and excellence, converting strong operational execution into free cash flow and continuously optimising our portfolio through disciplined capital allocation, achieving compounding returns.
accelerating unique positions with mission-critical technologies, high entry barriers and pricing power
creating sustainable profitable growth with high added-value margins, EBITA margins and innovation rates
driving operational excellence and portfolio optimisation converting into free cash flow, achieving world-class operations
allocating capital in a disciplined way strengthening our unique positions
realising sustainable entrepreneurship with clear impact and commitment
ensuring an open, pragmatic culture and lean structure, using the Aalberts strengths
financial objectives 2022-2026
4-6
%
organic revenue growth
16-18
%
EBITA margin
18-20
%
ROCE
>
20
%
innovation rate
>
70
%
SDG rate
<
2.5
leverage ratio
press release 1H2021 results
presentation 1H2021 results
trading update 11 May 2021
annual report 2020
press release FY2020 results
trading update 26 October 2020
press release 1H2020 results
trading update 23 June 2020
COVID-19 update
presentation FY2020 results
presentation 1H2020 results
annual report 2019
press release FY2019 results
press release 1H2019 results
Capital Markets Day (December 2019)
presentation FY2019 results
presentation 1H2019 results
annual report 2018
press release FY2018 results
press release 1H2018 results
presentation FY2018 results
presentation 1H2018 results
annual report 2017
press release FY2017 results
press release 1H2017 results
Capital Markets Day (December 2017)
presentation FY2017 results
presentation 1H2017 results
annual report 2016
press release FY2016 results
press release 1H2016 results
presentation FY2016 results
presentation 1H2016 results
| company | recommendation | target price |
| ABN AMRO Oddo BHF Martijn den Drijver |
Outperform 23 July 2021 |
EUR 54.70 |
| Degroof Petercam Luuk van Beek |
Hold 5 July 2021 |
EUR 49.00 |
| ING Tijs Hollestelle |
Buy 23 July 2021 |
EUR 54.25 |
| Kempen Henk Veerman |
Neutral 9 April 2021 |
EUR 42.00 |
| Kepler Cheuvreux Peter Olofsen |
Hold 21 May 2021 |
EUR 46.00 |
| Morgan Stanley Aurelio Calderon Tejedor |
Overweight 23 July 2021 |
EUR 53.00 |
disclaimer
Aalberts is followed by the analysts at these brokerage firms. The list may not be complete and is subject to change. Please note that any opinions, estimates or forecasts regarding Aalberts' performance made by the analysts at these brokerage firms are theirs alone and do not represent opinions, forecasts or predictions of Aalberts N.V. or its management. Aalberts N.V. does not by its reference above or distribution imply, and expressly disclaims, any endorsement of or concurrence with any information, estimates, forecasts, opinions, conclusions or recommendations provided by these analysts.
Aalberts is followed by the analysts at these brokerage firms. The list may not be complete and is subject to change. Please note that any opinions, estimates or forecasts regarding Aalberts' performance made by the analysts at these brokerage firms are theirs alone and do not represent opinions, forecasts or predictions of Aalberts N.V. or its management. Aalberts N.V. does not by its reference above or distribution imply, and expressly disclaims, any endorsement of or concurrence with any information, estimates, forecasts, opinions, conclusions or recommendations provided by these analysts.
dividend
At the General Meeting of Aalberts N.V., held on 27 May 2021, the dividend for the financial year 2020 is fixed at EUR 0.60 per share with a nominal value of EUR 0.25 each.
Holders of ordinary shares will receive the dividend through their bank or broker in whose custody the shares are held at the close of business (record date). The dividend will be made payable to them through ABN AMRO Bank N.V. In consultation with Aalberts, ABN AMRO Bank N.V. is offering a dividend reinvestment plan (DRIP) to holders of ordinary shares with a nominal value of EUR 0.25 each, who are holding their shares through Euroclear Nederland, whereby those shareholders have the opportunity to reinvest their net dividend in ordinary shares Aalberts N.V.
For further information about this subject you can contact your bank or broker or ABN AMRO Corporate Broking at +31 (0)20 344 2000
dividend policy
In the General Meeting of 2014, shareholders agreed to a dividend payment of 30% of net profit before amortisation, only to be paid in cash.
Holders of ordinary shares will receive the dividend through their bank or broker in whose custody the shares are held at the close of business (record date). The dividend will be made payable to them through ABN AMRO Bank N.V. In consultation with Aalberts, ABN AMRO Bank N.V. is offering a dividend reinvestment plan (DRIP) to holders of ordinary shares with a nominal value of EUR 0.25 each, who are holding their shares through Euroclear Nederland, whereby those shareholders have the opportunity to reinvest their net dividend in ordinary shares Aalberts N.V.
For further information about this subject you can contact your bank or broker or ABN AMRO Corporate Broking at +31 (0)20 344 2000
dividend policy
In the General Meeting of 2014, shareholders agreed to a dividend payment of 30% of net profit before amortisation, only to be paid in cash.
dividend history
in EUR per ordinary share
Good corporate governance, including focus on long-term value creation and culture, is a key component of 'the Aalberts way' of doing business and is embedded in our core values. Aalberts endorses the principles of the Dutch Corporate Governance Code (the “Code”). The Code is available at www.mccg.nl. Our corporate governance structure has been updated in accordance with the Code in the past years.
Aalberts virtually applies all best practice provisions of the Code. To a limited extent, these have been adjusted to specific circumstances of Aalberts. As a result, the Management Board believes it meets the principles of ‘comply or explain’. The deviations from the Code relate to the following subjects.
best practice provision 2.2.1 – Term of appointment Management Board
The term of the current appointment of the CEO is unlimited. The CFO has been appointed for a period of four years and Aalberts will also apply this four-year period for the appointment of new members of the Management Board. On dismissal of the CEO, the existing employment conditions and regulations are considered; this does not apply to the CFO nor new appointments.
best practice provision 4.3.3 – Binding nomination
The Articles of Association provide that the General Meeting can deprive a nomination for appointment of a Management Board member or a Supervisory Board member of its binding nature, with a resolution passed with a maximum majority permitted by law. Currently, this majority amounts to two-thirds of the votes cast. The deviation relates to the well-balanced allocation of the control and influence of the company’s individual bodies. The authority to make a binding nomination to the General Meeting concerning the appointment of members of the Management Board and Supervisory Board could be an essential instrument in the well-balanced decision-making process. Therefore, the deprivation of the binding character of the nomination is aligned with Dutch law instead of the Code.
best practice provision 2.3.10 - Company secretary
Aalberts does not have a formal company secretary. This position is adequately fulfilled by the legal and governance function at head office level, in line with the lean and effective organisational structure.
Aalberts virtually applies all best practice provisions of the Code. To a limited extent, these have been adjusted to specific circumstances of Aalberts. As a result, the Management Board believes it meets the principles of ‘comply or explain’. The deviations from the Code relate to the following subjects.
best practice provision 2.2.1 – Term of appointment Management Board
The term of the current appointment of the CEO is unlimited. The CFO has been appointed for a period of four years and Aalberts will also apply this four-year period for the appointment of new members of the Management Board. On dismissal of the CEO, the existing employment conditions and regulations are considered; this does not apply to the CFO nor new appointments.
best practice provision 4.3.3 – Binding nomination
The Articles of Association provide that the General Meeting can deprive a nomination for appointment of a Management Board member or a Supervisory Board member of its binding nature, with a resolution passed with a maximum majority permitted by law. Currently, this majority amounts to two-thirds of the votes cast. The deviation relates to the well-balanced allocation of the control and influence of the company’s individual bodies. The authority to make a binding nomination to the General Meeting concerning the appointment of members of the Management Board and Supervisory Board could be an essential instrument in the well-balanced decision-making process. Therefore, the deprivation of the binding character of the nomination is aligned with Dutch law instead of the Code.
best practice provision 2.3.10 - Company secretary
Aalberts does not have a formal company secretary. This position is adequately fulfilled by the legal and governance function at head office level, in line with the lean and effective organisational structure.
committees
There are two committees of the Supervisory Board: the Audit Committee and the Remuneration, Selection and Appointment Committee.
Audit Committee
The Audit Committee aids and advises the Supervisory Board in its responsibility to supervise the integrity and quality of the Aalberts’ financial reporting and the effectiveness of Aalberts’ internal risk management and control systems.
Remuneration, Selection and Appointment Committee
The Remuneration, Selection and Appointment Committee (“RemCo”) aids and advises the Supervisory Board on matters relating to the selection and appointment of the members of the Management Board and Supervisory Board. The RemCo further monitors and evaluates the remuneration policy for the Management Board. The RemCo consists of Jan van der Zouw (chairman) and Martin van Pernis.
rotation schedule supervisory board
In line with the Code, Supervisory Board members can be appointed for a maximum of two 4-year terms and subsequently two 2-year terms.
The rotation schedule of the Supervisory Board is as follows:
| name | year of retirement |
| M. C. J. van Pernis (chairman) | 2022 |
| P.A.M. van Bommel | 2025 |
| L.C.A. Declercq | 2025 |
| A.H. Rinck | 2024 |
| P. Veenema | 2024 |
| J. van der Zouw | 2023 |
