Introduction
In this write-up I will discuss Koninklijke BAM's (KBAGF) abysmal decade, what went wrong and what should happen in order for the company's management to perform a turnaround. I believe BAM's current valuation is low, and that this in turns creates an opportunity for investors.
Business description
Koninklijke Bam, or in English Royal Bam Group, is a European construction-services company that primarily operates in the Benelux, the United Kingdom and Germany. Koninklijke BAM's major operations consist of civil engineering projects and construction and property projects.
BAM's problem
I’ll first discuss Koninklijke