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.
| company | recommendation | target price |
| ABN AMRO Oddo BHF Martijn den Drijver |
outperform 13 November 2023 |
EUR 46.00 |
| AlphaValue Loco Douza |
buy 23 February 2023 |
EUR 59.10 |
| Bank of America Alex Virgo |
neutral 13 October 2023 |
EUR 35.00 |
| Berenberg Marta Bruska |
buy 27 September 2023 |
EUR 65.00 |
| Degroof Petercam Luuk van Beek |
hold 9 November 2023 |
EUR 43.00 |
| ING Tijs Hollestelle |
hold 26 September 2023 |
EUR 40.00 |
| Jefferies David Kerstens |
buy 3 July 2023 |
EUR 58.00 |
| Kepler Cheuvreux Ruben Devos |
hold 27 October 2023 |
EUR 32.00 |
| Morgan Stanley Aurelio Calderon Tejedor |
equal-weight 4 October 2023 |
EUR 42.00 |
| Van Lanschot Kempen Chase Coughlan |
buy 1 December 2022 |
EUR 53.00 |
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 25 May 2023, the dividend for the financial year 2022 is fixed at EUR 1.11 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.
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. 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 | 2024 |
| Jan van der Zouw | 2025 |
