olivLaw · European equity research
Koninklijke BAM Groep N.V. BAMNB.AS
Netherlands · Euronext Amsterdam · ISIN NL0000337319 · Vertical: Listed companies from Netherlands
Koninklijke BAM Groep is one of the largest construction and infrastructure groups in the Netherlands and the United Kingdom, active in construction, property development and civil engineering. It reported revenue of 6.5 billion euro in 2024, and its order book grew to 13 billion euro amid energy transition demand and housing needs.
At the close of 04 Nov 2026, Koninklijke BAM Groep N.V. (BAMNB.AS) stock was 12.75 EUR (+0.31% on the day), with market capitalisation 3.4 bn EUR, P/E 42.5 on diluted EPS of 0.30 EUR over the last 12 months, dividend yield 0.77%, beta 1.10, 52-week range 7.39–12.89 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 65.7
- strong (55–70)
- Bollinger (20, 2)
- 10.95 – 12.81
- in the upper half of the band · %B 0.97 · band width 15.7%
- SMA 50 / 200
- 11.84 / 10.65
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.21 / 0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.1% | −1.5% | +6.6 pp | — |
| 3 months | +8.0% | −5.3% | +13.2 pp | — |
| 6 months | +29.7% | +4.7% | +25.0 pp | — |
| Year to date | +37.1% | +6.0% | +31.1 pp | — |
| 1 year | +64.2% | +8.2% | +56.0 pp | +0.5% |
| 3 years | +478.0% | +47.2% | +430.8 pp | −0.1% |
| 5 years | +376.8% | +41.8% | +335.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 3.3, median 3.8, max 14.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 6.6 bn | 6.3 bn | 6.5 bn |
| Revenue YoY | unavailable | −5.3% | +2.9% |
| Net income | 179.6 m | 175.0 m | 82.2 m |
| Net income YoY | unavailable | −2.6% | −53.0% |
| Diluted EPS | 0.65 | 0.64 | 0.30 |
| Diluted EPS YoY | unavailable | −1.5% | −53.1% |
| net % | 2.7% | 2.8% | 1.3% |
| Free cash flow | -288.8 m | 25.7 m | 183.7 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 763.4 m EUR
- Financial debt
- 59.8 m EUR
- Net debt
- -703.6 m EUR
- Equity
- 895.5 m EUR
- Total assets
- 3.9 bn EUR
- Debt / equity
- 0.07x
- Current ratio
- 0.98x
- ROE
- 9.1%
- ROA
- 2.1%
- FCF margin
- 2.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.6 bn | 6.3 bn | 6.5 bn | esef· 04 Mar 2025verified |
| Operating income | 213.4 m | 170.7 m | 58.8 m | esef· 04 Mar 2025verified |
| Depreciation & amortisation | 116.6 m | 121.3 m | 127.8 m | esef· 04 Mar 2025verified |
| EBITDA | 330.0 m ≈ | 292.0 m ≈ | 186.6 m ≈ | esef· 04 Mar 2025derived |
| Pre-tax income | 215.7 m | 183.6 m | 67.3 m | esef· 04 Mar 2025verified |
| Income tax | 37.9 m | 8.6 m | 5.2 m | esef· 04 Mar 2025verified |
| Net income | 179.6 m | 175.0 m | 82.2 m | esef· 04 Mar 2025verified |
| Diluted EPS | 0.65 | 0.64 | 0.30 | esef· 04 Mar 2025verified |
| Dividend per share | 0.00 | 0.15 | 0.10 | esef· 04 Mar 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 841.2 m | 757.3 m | 763.4 m | esef· 04 Mar 2025verified |
| Receivables | 1.2 bn | 1.3 bn | 1.3 bn | esef· 04 Mar 2025verified |
| Inventories | 482.0 m | 463.1 m | 464.6 m | esef· 04 Mar 2025verified |
| Current assets | 2.6 bn | 2.6 bn | 2.6 bn | esef· 04 Mar 2025verified |
| Property, plant & equipment, net | 199.5 m | 236.4 m | 244.5 m | esef· 04 Mar 2025verified |
| Total assets | 3.8 bn | 3.9 bn | 3.9 bn | esef· 04 Mar 2025verified |
| Long-term debt | 40.7 m | 54.5 m | 59.8 m | esef· 04 Mar 2025verified |
| Current liabilities | 2.7 bn | 2.7 bn | 2.7 bn | esef· 04 Mar 2025verified |
| Equity | 808.5 m | 920.8 m | 895.5 m | esef· 04 Mar 2025verified |
| Shares outstanding at year end | 272.2 m | 269.2 m | 265.3 m | esef· 04 Mar 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -195.9 m | 105.7 m | 256.7 m | esef· 04 Mar 2025verified |
| Capex | 92.9 m | 80.0 m | 73.0 m | esef· 04 Mar 2025verified |
| Free cash flow | -288.8 m ≈ | 25.7 m ≈ | 183.7 m ≈ | esef· 04 Mar 2025derived |
| Investing cash flow | -163.0 m | -91.4 m | -107.6 m | esef· 04 Mar 2025verified |
| Financing cash flow | -93.2 m | -108.5 m | -172.4 m | esef· 04 Mar 2025verified |
| Dividends paid | 0 | 22.0 m | 26.1 m | esef· 04 Mar 2025verified |
| Share repurchases | 14.3 m | 19.8 m | 65.5 m | esef· 04 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 59 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.4 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Balance sheet76
- Valuation31
- Returns63
- Quality83
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.34 – 10.13 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA7.77 – 10.13 (Mid 9.23)5 companies used · median multiple 9.4x · quartiles 7.3x – 10.6xARCAD.AS, BNJ.AS, BRNL.AS, CMCOM.AS, HAVAS.AS
- Peers: P/E3.02 – 5.60 (Mid 4.11)15 companies used · median multiple 13.7x · quartiles 10.1x – 18.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)1.34 – 1.83 (Mid 1.55)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Neutral profile · Score 59/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 26.5% | 96 (vs peers) | 14% |
| Net margin · Quality | 1.3% | 44 (vs peers) | 8% |
| FCF conversion · Quality | 223.3% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -3.8x | 100 (vs peers) | 14% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 15 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 42.5x | 33 (vs peers) | 14% |
| EV/EBITDA · Valuation | 14.4x | 0 (vs peers) | 14% |
| FCF yield · Valuation | 5.4% | 68 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 2.7% | 39 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 14.2% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality83/100 · 3/3 factors with a value
- Returns63/100 · 2/2 factors with a value
- Valuation31/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Koninklijke BAM Groep N.V. (BAMNB.AS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 6.5 bn EUR in 2024; YoY growth 2.9%; net margin 1.3%; ROE 9.1%; net debt/EBITDA -3.8x.
The estimated value range is 3.02–5.60 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 4.11 EUR, the price of 12.75 EUR leaves a potential of -67.7% (value / price − 1) and a margin of safety of -209.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 59/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 26.5%
- FCF conversion: 223.3%
- Net debt / EBITDA: -3.8x
- Payout ratio (FCF): 14.2%
What contradicts it
- Current ratio: 1.0x
- EV/EBITDA: 14.4x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage.
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for BAMNB.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.67 Total return -39% · Per year -39% | 13.56 Total return 7% · Per year 7% | 20.44 Total return 61% · Per year 61% |
| 3 years | 7.21 Total return -42% · Per year -16% | 14.37 Total return 15% · Per year 5% | 23.82 Total return 90% · Per year 24% |
| 5 years | 6.78 Total return -44% · Per year -11% | 15.23 Total return 24% · Per year 4% | 27.75 Total return 123% · Per year 17% |
- Exit P/E± 3.59
- Net margin± 2.52
- Annual revenue growth± 2.10
- Annual dilution± 0.21
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Koninklijke BAM Groep is one of the largest construction and infrastructure groups in the Netherlands and the United Kingdom, active in construction, property development and civil engineering. It reported revenue of 6.5 billion euro in 2024, and its order book grew to 13 billion euro amid energy transition demand and housing needs.
SWOT
Strengths
- Leading market position in the Netherlands and the United Kingdom, with a diversified portfolio across construction, development and civil engineering.
- Strongly growing order book, which provides visibility on future activity.
- Experience in sustainable projects and innovation, supported by a clear transformation strategy.
Weaknesses
- Relatively modest operating margins, particularly in the United Kingdom division, where project delays had an impact.
- High dependence on suppliers and subcontractors, which exposes the company to price and quality volatility.
- A non-cash impairment linked to Invesis weighed on the net result for the year.
Opportunities
- Sustained demand for energy, transport and affordable housing infrastructure in both markets.
- Possible acquisitions in mobile networks and divestments of non-core activities could redirect capital.
- Publicly funded critical infrastructure projects, if the UK government's planned programmes materialise.
Threats
- Intense competitive pressure that could reduce margins on new projects.
- Uncertain environmental regulation, especially on nitrogen, could delay projects.
- Volatility in exchange rates and interest rates could affect costs and financing.
Risks
- Competition and marginshigh
Fierce competition may affect project margins, risk profiles and financing structures, or lead to a lack of projects.
- Project delays and costshigh
Projects may be postponed or completed at higher costs or lower income than expected, affecting results.
- Supply chainmedium
Poor quality of services or materials and volatile purchase prices could affect financial performance.
- Workforce safetymedium
The nature of the business poses occupational health and safety risks, with impact on staff and reputation.
- Cyber securitylow
Digitalisation increases exposure to cyber attacks, which could disrupt operations.
Investment thesis
What would need to be true (bull case)
- A growing order book provides visibility on future activity, particularly in the United Kingdom.
- Demand for energy, infrastructure and housing could support growth in both divisions.
- The risk management framework and focus on sustainability could strengthen the long-term position.
What would break the thesis
- Operating margins remain modest, and delays and extra costs could compress results.
- Interest rate uncertainty and environmental regulation could slow new projects.
- Dependence on subcontractors and price volatility could continue to weigh on performance.
What to watch
- Development of the adjusted EBITDA margin in the United Kingdom and Ireland division2025
- Completion of Danish projects and effects on the Netherlands divisionfirst half of 2025
- UK government announcements on the infrastructure plan and spending reviewfirst half of 2025
- Effect of the nitrogen ruling on new projects in the Netherlands2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
BAM operates through two main divisions, Netherlands and United Kingdom and Ireland, generating revenue from construction, property development and civil engineering. The company applies a project selection strategy based on risk-reward balance and sustainability criteria. According to the 2024 annual report, revenue rose slightly compared with 2023, mainly supported by the Netherlands division.
Operations are subject to a formal risk management framework based on COSO and a three lines model, overseen by the Executive Board and the Supervisory Board.
The company's ambitions focus on sustainability, innovation and attracting talent, which are treated as priorities in the strategy for the 2024-2026 period.
Segments
Netherlands division
The Netherlands division reported revenue of 3231 million euro in 2024, with adjusted EBITDA of 161 million euro and a margin of 5.0%, down from the prior year. Residential activity remained strong, and the order book grew 9% to 5.3 billion euro.
United Kingdom and Ireland division
The United Kingdom and Ireland division recorded revenue of 3112 million euro in 2024 and adjusted EBITDA of 114 million euro, a margin of 3.7%. The order book grew 58% to 7.2 billion euro, mainly from civil engineering, including HS2 railway work.
Market context
Demand in BAM's markets remains robust in the Netherlands, supported by housing and infrastructure investment, although uncertainty over interest rates and the nitrogen situation persists. In the United Kingdom, the government emphasises energy and faster planning, and the Irish transport and social infrastructure market is forecast to grow. Both markets offer opportunities linked to decarbonisation and critical infrastructure.
Competitive pressure remains high across most segments, which could compress margins and complicate project financing. Industry players are pursuing energy, mobility and affordable housing projects alike.
Trends
- Energy transitiontailwind
Investment in decarbonisation, grids and small modular nuclear reactors could open new contracts for BAM in both divisions.
- Housing demandtailwind
The Dutch government's ambition to build more homes supports residential sales, if permitting procedures are accelerated.
- Interest rate uncertaintyheadwind
The level of interest rates could affect project financing and demand from private buyers.
- Nitrogen regulationmixed
The Council of State's nitrogen ruling could slow new projects, although ongoing works continue as planned.
Competitive position
BAM competes in construction and civil engineering markets with national and international companies, and intense competition can affect project margins and financing structures. The company seeks to differentiate through innovation and sustainability, as well as long-term relationships with key clients.
Order book and execution capacity are differentiating factors, and a reputation for safety and compliance plays an important role in tenders.
- Northern European construction and civil engineering groups
Direct competitors in Netherlands and Belgium markets with similar public and private project portfolios.
- British infrastructure contractors
Compete for railway, energy and construction projects in the United Kingdom.
- International engineering groups
Take part in large infrastructure and energy projects, often through consortia.
- Regional property developers
Compete for housing and residential projects in the Netherlands.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202404 Mar 2025
- Annual report 202327 Feb 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Koninklijke BAM Groep N.V. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.