Barco - Short term pain, long term gain?
Q3 was another disappointment, obliging us to review our estimates once again. Confidence in Barco is clearly lost and needs to be restored, urgently. The latter also included the revised outlook as we put our estimates now below guidance, at 13.5% EBITDA margin vs. ‘around 14%' guided. Of course, with only 2 months to go, the risk ought to be minimal in our viewWhereas Entertainment seems to hold up pretty well, question marks remain around Enterprise (ClickShare) and now also Healthcare on top causes some headaches. In a recent interview, the co-CEO is confident with the game-changing, future developments butBarco 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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