Fagron - Back on track for more growth
• The H1-23 showed strong organic growth, driven by North America. EBITDA was 4% ahead of our and 3% ahead of consensus expectations.• Fagron raises its FY23 guidance to high single digit organic growth (was mid to high single digits). We will raise our estimates by low single digits.• This update confirms our bullish stance as outlined in our recent in-depth report called 'An attractive compounder'. We reiterate our Buy rating and TP of EUR 21. Fagron is in our Benelux preference list.Fagron supplies products, services to professionals and institutions in the healthcare sector in Europe, the U.S.A. and Brazil. Co.'s activities are subdivided into four divisions. Through Fagron, Co. offers products and concepts for pharmaceutical compounding. Through Arseus Dental, Co. supplies dental products and concepts to dentists and dental laboratories in Belgium, the Netherlands, France, Germany and Switzerland. Through Arseus Medical, Co. supplies medical and surgical products to specialists, elderly homes, homecare nurses and hospitals in Belgium and the Netherlands. Through Corilus, Co. supplies ICT total solutions for medical specialists in Belgium, the Netherlands and France.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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