Less Heijmans staff at Zuidasdok makes sense


The fact that construction company Heijmans has removed staff from the Zuidasdok project is nothing unpredictable, write analysts at ING. The government does not yet know what the final design should be, so work cannot continue. Delays of this kind do occur more often with large projects, note market researchers, who therefore do not expect a material impact on Heijmans’ business operations.
ING analysts also spoke with Heijmans about a dispute with TenneT. That case goes to arbitration and ING expects a ruling in the second half of the year. Heijmans has set aside 10 million euros for the case.

Looking ahead to the half-year figures that Heijmans will announce on August 21, market experts have expressed the expectation that the construction company will keep turnover stable, but that the underlying profit can increase somewhat. The Dutch construction market performs very well, but suffers from a shortage of materials and personnel. Too few building permits are issued.

ING has a buy recommendation with a price target of 14.45 euros. The Heijmans share was 0.7 percent higher at 8.78 euros around 9.45 am.

By: Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at nicholas.dekramer@economicinform.com

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