Report
Gregory Ramirez

MATERIALISE: Q1 2020 slightly above our forecasts, recovery expected after Q2 | NEUTRAL | USD16 vs. USD12 (-18%)

MATERIALISE - NEUTRAL | USD16 vs. USD12 (-18%)
Q1 2020 slightly above our forecasts, recovery expected after Q2

Q1 2020 results were slightly above our expectations
Manufacturing declined less than we feared
FY20 guidance withdrawn, pick up in H2 after a tough Q2
We reiterate our Neutral, and raise our Fair Value to USD16
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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