Barco - Patience is a virtue - 2024 starts slow- M&A?
• 2024 is not expected to start very well, driven by exceptional items, timing of certain events as well as China that is not (yet) rebounding, anti-bribery linked. Hence, we now bank on a Q1 of -14% sales drop from -7% before• Our estimates are fine-tuned slightly on sales and EBITDA to reflect the slower growth in H1 and some operating deleverage effect because of this• Whereas trading is not yet excellent, we believe that the worst is clearly behind and we see some short-term triggers such as M&A in order to put its healthy balance sheet to work. WithoutBarco operates in three divisions: Entertainment, which delivers projection, lighting, LED and software solutions for markets such as cinema, venues, and hospitality and the retail and advertising; Enterprise, which targets the corporate and the control rooms market and provides a portfolio of visualization solutions with videowalls, corporate projectors in combination with collaboration software and networking and connectivity capabilities; and Healthcare, which delivers displays for the diagnostic and modality imaging market, including segments such as radiology, mammography, surgery and dentistry along with digital networked solutions for the operating room and point-of-care devices.
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