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 45 years of sustainable profitable growth proves the sustainability of our business model.
accelerating leadership positions in three attractive end markets with a balanced portfolio
realising sustainable profitable growth with enhanced offerings, differentiated technology and innovation
driving customer-centric supply chain converting into margin and free cash flow improvement
allocating capital in a disciplined way supporting our profitable growth and high shareholder returns
realising sustainable commitments towards net zero carbon, using sustainability as a growth driver
enhancing the Aalberts way with our values, lean and effective structure and functional excellence
| company | recommendation | target price |
| ABN AMRO Oddo BHF Martijn den Drijver |
outperform 8 November 2024 |
EUR 45.50 |
| AlphaValue Loco Douza |
buy 3 April 2024 |
EUR 51.60 |
| Bank of America Alexander Virgo |
buy 29 November 2024 |
EUR 41.00 |
| Berenberg Christoph Greulich |
buy 13 December 2024 |
EUR 51.00 |
| BNP Paribas George Speak |
outperform 12 March 2024 |
EUR 60.00 |
| Degroof Petercam Luuk van Beek |
buy 07 November 2024 |
EUR 50.00 |
| ING Tijs Hollestelle |
buy 24 October 2024 |
EUR 45.00 |
| Jefferies David Kerstens |
buy 27 July 2024 |
EUR 50.00 |
| KBC Securities Kristof Samoy |
accumulate 9 July 2024 |
EUR 45.00 |
| Kepler Cheuvreux Ruben Devos |
hold 31 July 2024 |
EUR 37.00 |
| Van Lanschot Kempen Chase Coughlan |
neutral 16 September 2024 |
EUR 40.00 |
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 23 May 2024, the dividend for the financial year 2023 is fixed at EUR 1.13 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)20 628 6070
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.
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 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 as referred to in the paragraph ‘decision-making and priority shares’.
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.
best practice provision 3.4.1 – pay ratio
In the calculation of the pay ratio for 2023, we applied the same calculation method as previous years, meaning we deviate from the explanation on the calculation of the pay ratio as included in the Code. We take the remuneration of both Management Board members into account, instead of only the CEO, and the share-based part of the remuneration relating to the LTI was not included for the Management Board members, nor the employees. The reason is that there was a CEO change in September 2023 and the new CEO has not been granted conditional share awards in 2023. For a fair comparison we applied the method of previous years and envisage to apply the calculation method as prescribed in the explanatory note to provision 3.4.1 sub iv of the Code as from 2024.
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. The Audit Committee consists of Piet Veenema (chairman), Lieve Declercq and Thessa Menssen.
Nomination, Selection and Remuneration Committee
Nomination, Selection and Remuneration Committee (“NSR”) 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 NSR further monitors and evaluates the remuneration policy for the Management Board. The NSR consists of Jan van der Zouw (chairman), Peter van Bommel and Frank Melzer.
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.
| name | year of retirement |
| Peter van Bommel (Chairman) | 2025 |
| Lieve Declercq | 2025 |
| Frank Melzer | 2027 |
| Thessa Menssen | 2027 |
| Piet Veenema | 2026 |
| Jan van der Zouw | 2025 |
