MATERIALISE: Investment in growth initiatives will hit the margins in 2022 | BUY | USD28 vs. USD36
MATERIALISE - BUY | USD28 vs. USD36Investment in growth initiatives will hit the margins in 2022
FY21 results were way above expectations
Adjusted EBITDA guidance for 2022 is below our forecasts primarily due to the Link3D acquisition
Our new target price of USD28 (vs. USD36) reflects downward revisions to our forecasts
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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