Barco - Q1 worse than expected, reaching the through?
Barco's Q1 was clearly disappointing with sales dropping more than 20% in what luckily is a rather small quarter.Whereas China remains an issue, part of the drop is also linked to the (very) high comparison base combined with destocking at client level, sometimes necessary to be ready for product renewalDespite the tough start of the year, management is confident it will surpass the 14% margin level and sales could still be flat, ie ‘when markets would not deteriorate'We stick to our BUY rating and EUR 20.0 TP, based on 10x EV/EBIT and 11x P/E (cash adjusted) on our 2025 estimatesBarco operates in three divisions: Entertainment, which delivers projection, lighting, LED and software solutions for markets such as cinema, venues, and hospitality and the retail and advertising; Enterprise, which targets the corporate and the control rooms market and provides a portfolio of visualization solutions with videowalls, corporate projectors in combination with collaboration software and networking and connectivity capabilities; and Healthcare, which delivers displays for the diagnostic and modality imaging market, including segments such as radiology, mammography, surgery and dentistry along with digital networked solutions for the operating room and point-of-care devices.
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