Materialise ADS

  • TickerMTLS
  • ISINUS57667T1007
  • ExchangeNASDAQ Stock Market
  • SectorSoftware & Computer Services
  • CountryBelgium
Guy Sips

MATERIALISE - New opportunities now the curve flattened

We updated our model after the 1Q21 trading update. We also welcome Materialise has recently acquired an option to buy Colorado-based Link3D Inc., an additive workflow and manufacturing execution systems (MES) company. This acquisition fits in Materialise’s ambitious roadmap to evolve its entire software suite to a SaaS model. Based on our updated peer group analysis and our DCF-based valuation we end up with a new Target Price of $ 40 and new Accumulate rating.

Gregory Ramirez

MATERIALISE: Turnaround coming faster than planned | BUY | USD45 VS. USD43 (+46%)

MATERIALISE - BUY | USD45 VS. USD43 (+46%) Turnaround coming faster than planned We reiterate our Buy rating and have raised our target price to USD45 Q1 results were way above expectations Upbeat Q2 revenue guidance more than encouraging for 2021

Bart Cuypers ...
  • Guy Sips
  • Michiel Declercq
  • Ruben Devos
  • Thomas Couvreur
  • Wim Hoste

Morning Note: BESI NA, BRNL NA, CRBN NA, OPTI BB , KPN NA, MTLS US, PROX BB, QFG BB

BESI: Q1 impacted by shipm. delays, Q2 outlook a tad soft Brunel International: Strong EBIT update, upgrade to Buy Corbion: 1Q adj EBITDA beat of 5%, FY sales guidance upped Crescent: Took important steps to complete its turnaround KPN: In line results, fiber favourably impacting KPIs Materialise: New opportunities now the curve flattened Proximus: Headline results a tad better, operational KPIs mixed Quest for Growth 1Q21 NAV jumps 8.1% to € 9.88 ps

Gregory Ramirez

MATERIALISE: Option to acquire Link3D to push 3D printing to mass manufacturing | BUY | USD43(+27%)

MATERIALISE - BUY | USD43(+27%) Option to acquire Link3D to push 3D printing to mass manufacturing We reiterate our Buy rating and our target price of USD43 Link3D offers an additive manufacturing execution system Link3D would accelerate Materialise product roadmap, including SaaS Materialise has enough cash to finance the potential deal

Guy Sips ...
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Wim Hoste

Morning Note: BEKB BB, FAGR BB, GIMB BB, MTLS US, MONT BB

Bekaert: STAK Bekaert crosses shareholding threshold Fagron: 1Q21 feedback: short-term pain, mid-term gain Gimv: Investment in Apraxon Group Materialise: Intention to buy Link3D Montea: Raises € 235m through a Green Bond USPP

Dave Nicoski ...
  • Ross LaDuke

Vermilion Booster Shots: Attractive bottom-fishing stocks

For investors looking for bottom-fishing candidates; stocks that are breaking downtrends, exhibiting ascending reaction lows, and showing stabilizing relative strength.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Macro Vision: Sector Synopsis

Investors continue to prefer the stability of the U.S. relative to emerging markets. The decline in emerging markets and their currencies suggest global risk aversion. U.S. equity markets are, by contrast, not showing any significant signs of coming unhinged as a result of this rout in emerging markets. We continue to monitor the following to assess the health of the U.S. market: • U.S. Dollar: The U.S. dollar remains the de-facto world currency and has aided the U.S. equity markets in staying a step above the malaise in global markets. However we would prefer to see stabilization in eme...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Two concerns we have previously highlighted on our march to new highs have been (1) improved RS from defensive Sectors/Groups and (2) weak foreign equity markets. Defensive posturing and lack of global participation has had a dampening effect on risk sentiment in recent months. While questions remain, short-term developments highlighted below are encouraging and improve our already constructive outlook. • On cue, outperformance last week and yesterday from cyclical pockets of the market led the S&P 500 to new all-time highs while defensive Sectors lagged. Additionally, weakness in the US do...

Guy Sips

MATERIALISE - New opportunities now the curve flattened

We updated our model after the 1Q21 trading update. We also welcome Materialise has recently acquired an option to buy Colorado-based Link3D Inc., an additive workflow and manufacturing execution systems (MES) company. This acquisition fits in Materialise’s ambitious roadmap to evolve its entire software suite to a SaaS model. Based on our updated peer group analysis and our DCF-based valuation we end up with a new Target Price of $ 40 and new Accumulate rating.

Gregory Ramirez

MATERIALISE: Turnaround coming faster than planned | BUY | USD45 VS. USD43 (+46%)

MATERIALISE - BUY | USD45 VS. USD43 (+46%) Turnaround coming faster than planned We reiterate our Buy rating and have raised our target price to USD45 Q1 results were way above expectations Upbeat Q2 revenue guidance more than encouraging for 2021

Bart Cuypers ...
  • Guy Sips
  • Michiel Declercq
  • Ruben Devos
  • Thomas Couvreur
  • Wim Hoste

Morning Note: BESI NA, BRNL NA, CRBN NA, OPTI BB , KPN NA, MTLS US, PROX BB, QFG BB

BESI: Q1 impacted by shipm. delays, Q2 outlook a tad soft Brunel International: Strong EBIT update, upgrade to Buy Corbion: 1Q adj EBITDA beat of 5%, FY sales guidance upped Crescent: Took important steps to complete its turnaround KPN: In line results, fiber favourably impacting KPIs Materialise: New opportunities now the curve flattened Proximus: Headline results a tad better, operational KPIs mixed Quest for Growth 1Q21 NAV jumps 8.1% to € 9.88 ps

Gregory Ramirez

MATERIALISE: Option to acquire Link3D to push 3D printing to mass manufacturing | BUY | USD43(+27%)

MATERIALISE - BUY | USD43(+27%) Option to acquire Link3D to push 3D printing to mass manufacturing We reiterate our Buy rating and our target price of USD43 Link3D offers an additive manufacturing execution system Link3D would accelerate Materialise product roadmap, including SaaS Materialise has enough cash to finance the potential deal

Guy Sips ...
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Wim Hoste

Morning Note: BEKB BB, FAGR BB, GIMB BB, MTLS US, MONT BB

Bekaert: STAK Bekaert crosses shareholding threshold Fagron: 1Q21 feedback: short-term pain, mid-term gain Gimv: Investment in Apraxon Group Materialise: Intention to buy Link3D Montea: Raises € 235m through a Green Bond USPP

MATERIALISE sees an upgrade to Slightly Negative thanks to a better star rating, but the title remains unattractive

The independent financial analyst theScreener just awarded an improved star rating to MATERIALISE (US), active in the Software industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 1 out of 4 possible stars. Given its market behaviour as risky, theScreener considers that these elements allowing slightly upgrading its general evaluation to Slightly Negative; the title, however, remains unattractive. As of the analysis date April 6, 2021, the closing price was USD 36.03 and its target price was estimated at USD 23.04.

Alan Vandenberghe ...
  • Thomas Couvreur

RISING INTEREST RATES: FEAR OR PRAISE? Thematic Report

Rising interest rates are becoming a hot topic, triggered by a significant uptick in US 10-year treasury yields through February and March. In this note we revisit this topic from several angles. We dig into the empirical side of what we can reasonably expect from the market as a whole when interest rates start to rise. Secondly we review our coverage, putting forward a number of impacted sectors and stocks.

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