Agfa-Gevaert - FY23 results
• Agfa published its FY23 results which came in above CSS and DP expectations. Healthcare IT shows good improvement in profitability, with adj. EBIT landing c.30% above estimates. Radiology had a better Q4 than anticipated as well• Management guides for continued growth in revenues and profitability in 2024 with a slower H1 followed by a stronger H2, in line with what we expected• Despite the ST uncertainty, based on the expected positive earnings momentum, future growth prospects with growth engines are starting to deliver. Given the upside from the current share price, we reiterate our BUY rating. We will adjustAgfa-Gevaert develops, produces and distributes various analog and digital imaging systems and IT solutions, mainly for the printing industry and the healthcare sector, as well as for specific industrial applications. Co.'s operations can be divided into three business segments: Agfa Graphics, which provides integrated prepress products and services to the printing industry; Agfa HealthCare, which provides diagnostic imaging and healthcare IT products for hospitals and care centers around the world; and Agfa Specialty Products, which supplies a variety of film-based products to business- to-business customers outside the graphic and healthcare markets.
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