Report
Gregory Ramirez

MATERIALISE | BUY | USD39 VS. USD45

MATERIALISE | BUY | USD39 VS. USD45
Public offering of 4 million ADSs
We reiterate our Buy rating but adjust our TP to USD39 from USD45
The number of shares outstanding would increase by 7%
Materialise would have more ammunitions for larger acquisitions
This offering happens in a perspective of strong recovery
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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