Report
Gregory Ramirez

MATERIALISE - BUY | USD38 VS. USD39 (+77%) Recovery is clearly engaged

MATERIALISE - BUY | USD38 VS. USD39 (+77%)
Recovery is clearly engaged

We reiterate our Buy rating and adjust our TP to USD38 from USD39
Medical and Manufacturing divisions performed above expectations
FY21 adj. EBITDA guidance is just a shade below our forecasts
Underlying
Materialise ADS

Provider
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.

Analysts
Gregory Ramirez

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