Thibault Morel

BASLER - NEUTRAL | EUR29 VS. EUR33 (+26%) Basler Roadshow: experienced management to face uncertainty in FY23

Entry into the processing software segment comfort us in the ability of Basler to strenghten even more its fundamentals in the Medium Term. Realistic comments from the CFO on the economic outllook during our roadshow in Paris lead us to adopt a slightly more cautious stance on (i) short-term outlook in terms of sales and margins while we remain confindent on the FY25 EUR400m sales guidance. However, we reiterate our NEUTRAL rating as we see no upside catalyst in end FY22e,. Our DCF valuation now points to a EUR29 TP (vs EUR33).
Basler AG

Basler develops, manufactures and sells machine vision technology. Co. provides line scan cameras and area scan cameras, as well as network cameras. Co.'s cameras are used in a diverse range of industries. They are used in industrial production applications like electronics and semiconductor inspection, in robotics, food control, postal sorting and in print image control. In the medical sector, Co.'s cameras are used in many different tasks, such as microscopy, ophthalmology, and blood or specimen analysis. Co.'s cameras are also fit optimally for the traffic and transportation sector, as well as for the surveillance sector.

Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Thibault Morel

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