Bryan Garnier - Materialise ADS (MTLS) MATERIALISE: Encouraging trends make us more confident on mid-term outlook | BUY vs. NEUTRAL | USD43 VS. USD32 (+12%)

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Bryan Garnier

Gregory Ramirez

MATERIALISE: Encouraging trends make us more confident on mid-term outlook | BUY vs. NEUTRAL | USD43 VS. USD32 (+12%)

MATERIALISE - BUY vs. NEUTRAL | USD43 VS. USD32 (+12%)
Encouraging trends make us more confident on mid-term outlook

We upgrade Materialise to Buy from Neutral with a new TP of USD43
FY20 results beat expectations thanks to Manufacturing and Medical
Double-digit revenue growth seems attainable in 2021
15-20% growth and EBITDA margin acceleration look possible in 2022

10/03/2021 4 EN

Underlying

Materialise ADS

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US57667T1007 NASDAQ Stock Market Belgium

Provider

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.

See profile

Analysts

Gregory Ramirez

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MATERIALISE: Encouraging trends make us more confident on mid-term outlook | BUY vs. NEUTRAL | USD43 VS. USD32 (+12%)

Materialise Medical segment continues to lead the way

Morning Notes : COFB BB, CRBN NA, OPTI BB, GLPG NA, IVA FP, MTLS US, QFG BB, SOF BB, UMI BB, WDP BB, XIOR BB, IMCD NA

Materialise Growth will not (yet) materialise in 2025

Fielmann: margin potential unleashed

Fielmann: strong margin delivery in Q1 2025

Lhyfe: EUR53m debt financing

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