Fagron - Compounding for growth
• New 40p report: Fagron is an excellent play on the structural growth drivers of personalized medication (e.g. demographics, drug shortages). • It has high visibility on high single digit organic growth and in combination with Buy-and-build this offers double digit EBITDA growth.• We reiterate our Buy with a TP of EUR 24 (was EUR 23) based on our SOTP and DCF on the back of 2% higher EBITDA estimates following Q1.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.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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