Maybe you've already seen my latest trade with Heijmans $HEIJM (-2,95 %) . I think this is my first big adjustment in about 2 years but I think it was needed, and let me tell you why.

HEIJM and $BAMNB (-2,5 %) were my positions with the most return in percentages. I also had $AXS (+2,7 %) in my portfolio from from a period that I was less informed. Constructors are quitte cyclical so I want to redeem the profits I made.

On the other hand, I want more safety and my time horizon is uncertain. In may I start my first "adult" job after my study spatial planning. I want to move out but I don't know the exact moment and if my savings plan is enough for that step.

With this reasons I made the following changes in my portfolio:

Sold:

-Heijmans $HEIJM (-2,95 %) : 50%

-BAM $BAMNB (-2,5 %) 100%

-Accsys $AXS (+2,7 %) 100%

Bought:

-Realty Income $O (-1,05 %)

-JGPI Premium Income ETF $JEGP (-0,15 %)

Why?

Because I wanted to have monthly income, and I wanted to introduce a REIT into my portfolio. Furthermore I want a sort of "hedge" into my account in stressfull times.

What do you think?

My second building company $BAMNB (-2,5 %) published it's figures today. With the dividend increase to 30 cents per share, i'm now at a dividend yield of 12.5%. I'm looking cofident towards the future with this beautiful builder.

Royal BAM Group – Full Year 2025 Results (February 19, 2026)

Royal BAM Group reported solid full-year 2025 financial results, showing meaningful growth in revenue, profitability, and shareholder returns.

Financial Highlights

• Revenue: increased by 9% to €7.0 billion compared to 2024.

• Adjusted EBITDA: rose by 20% to €400 million with a margin of 5.7%.

• Net result: €211 million (2024: €82 million), with earnings per share of €0.81 (2024: €0.31).

• Home sales: accelerated by 27% to 2,354 units.

Dividend & Capital Returns

• Dividend proposal: €0.30 per share (up from €0.25 the prior year).

• Share buyback: €40 million programme announced to return capital to shareholders.

Balance Sheet & Liquidity

• Cash position: strengthened to €0.9 billion, highlighting solid liquidity.

• Solvency: improved slightly to 23.4% (2024: 23.0%).

Other Key Metrics

• Order book: remained at a high level of €13.0 billion.

• Sustainability: leadership confirmed by a CDP Climate A rating for the seventh consecutive year.

Outlook

• For 2026, BAM expects to deliver further growth in revenue and adjusted EBITDA, reflecting confidence in underlying demand and project momentum.

On the 4th of februari 2026 at 13:10, I reached the 20k mark. Almost exactly one year after I reached the 10k. Something I didn't expected to reach that fast.

After my graduation on november the 4th 2025, I am working my student job for the time being. Since januari i'm fully job hunting and hoping to increase my income for further investments.

I'm happy with my current investments. My core: $NL0013689110 and $NL0015000PW1 (indexfund) at 50% is widely spread and a solid core.

My other investements are solid dividend stocks. Some bigger, some smaller but all helping reaching my goal. $JNJ (-1,71 %)
$NN (+0,82 %)
$ASRNL (+0,65 %)
$PEP (-0,38 %)
$AD (+0,01 %)
$KO (+0,25 %)
$CMCSA (-12,59 %)
$ARCAD (-0,32 %)
$AGN (+0,9 %)
$HEIJM (-2,95 %)
$BAMNB (-2,5 %)
$SO (-0,44 %)

Only $LIGHT (+2,84 %) and $AXS (+2,7 %) are on my sell list.

Have a great day!

Entry to BAM. The dip today makes zero sense to me. People are misunderstanding the claim.

The construction consortium which incluses Bam is submitting the claim, they’re not receiving it.

ABN Amro also modified their target price of Bam, which they lowered to €7,50. Not only did the price drop below that today, other institutions like ING still have a target price of €9,00.

Since the next Dutch goverment is undoubtably looking to increase infrastructure and housing spending, I feel like Bam and $HEIJM (-2,95 %) are still strong buys today. Was looking for an entry point for a month or two, would like to add more if it ever drops below €7.

Note: This information is from De Aandeelhouder, source bottom of this post.

The Dutch construction sector is in the spotlight, with $BAMNB (-2,5 %) and $HEIJM (-2,95 %) showing impressive share price growth recently. Investors are starting to recognize the structural attractiveness of these companies. Here are the key reasons behind their surge—and why it may not be over yet:

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🔹 1. Attractive Valuations

Heijmans is trading at a P/E ratio of ~10 based on expected 2026 earnings.

BAM is even slightly cheaper.

Free cash flow is close to net profit, meaning you're effectively paying around 10 times free cash flow too.

These valuations are based on solid fundamentals, not hype.

Both companies pay a stable and growing dividend and have share buyback programs, increasing earnings per share.

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🔹 2. Resilient to Inflation

BAM and Heijmans can pass on inflation to their clients.

Their clients—mainly governments and public institutions—are willing to pay more for reliability and quality.

They maintain margins even as costs for labor and materials rise.

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🔹 3. Rising Market Capitalization

Heijmans recently surpassed €1 billion in market cap.

Higher market cap attracts institutional investors.

More liquidity = more analyst coverage = more investor interest = self-reinforcing momentum in the stock price.

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🔹 4. Structural Tailwinds in the Sector

The Netherlands is facing a chronic housing shortage.

Demand for housing, infrastructure, and energy transition projects remains strong.

Their client base (mostly governments) ensures stable revenues and low default risk.

Their supply chains are 80–90% local, reducing exposure to global disruptions (e.g., geopolitical issues, shipping delays).

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🔹 5. Complexity and Scale Favor Large Players

Construction projects are increasingly complex due to sustainability requirements and technical demands.

BAM and Heijmans have the scale, capital, and expertise to deliver on large, complex projects.

Smaller companies struggle to meet new standards.

Labor shortages actually help them: with fewer skilled workers available, they can choose the most profitable, low-risk projects, improving their margins and stability.

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🔹 6. BAM Leaves Its Troubled Past Behind

BAM has cleaned up its project portfolio and moved past legacy problems (e.g., the Afsluitdijk).

Now focusing on lower-risk, better-margin projects.

This shift boosts investor confidence.

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🔹 Conclusion: A Golden Opportunity for Investors?

BAM and Heijmans offer a rare mix of:

Low valuation

Strong free cash flow

Growing dividends

Structural demand from the housing and public investment side

Their strong market position and resilience in a tight labor market make them even more compelling.

Market momentum and reduced risk profiles suggest continued potential upside.

📌 Caution: Construction remains sensitive to interest rate movements and political decisions. But for now, both stocks still look attractive.

You want more of this posts? Let me know!

Source: https://www.deaandeelhouder.nl/columns/de-logica-achter-de-opmars-van-bam-en-heijmans/ (Dutch)

$BAMNB (-2,5 %) raised their dividend from €0.20 to €0.25 last week. Not only did I reach a 100% unrealised gain, but also a 10% YoC.

I am aware that $BAMNB (-2,5 %) had his risks the last decade, but the future looks promising with less risky projects and a lot of homes that need to be build in NL.

For the coming 10 years a solid hold for me.