MATERIALISE: FY18 results in line, cautious stance for 2019 on growth | BUY | USD19 vs. USD20
MATERIALISE - BUY | USD19 vs. USD20 (+18%)FY18 results in line, cautious stance for 2019 on growth
Revenues and adjusted EBITDA were in line with expectations
Manufacturing was back to double-digit growth ex-ACTech
FY19 guidance is cautious on growth but upbeat on EBITDA
Buy reiterated but we reduce our Fair Value to USD19 from USD20
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.
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