Agfa-Gevaert - Improvement foreseen as of H2 24
Challenging market conditions impacted businesses more than expected last year. Hence, we cut FY23e revenues (-5%) and adj. EBIT (-48%). We foresee YoY revenues growth in Q4 both in Healthcare IT and DPC - Q4 has always been the strongest quarter for those. Management guided for a weak Q4 in Radiology. Overall, we expect Q4 profitability to be broadly in line with Q3.We foresee business conditions to remain tough for Agfa with limited improvements anticipated over the ST. Hence, we also cut FY24e revenues by -2% and adj. EBIT by -51%. All in all, our TP now lands at EURAgfa-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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