Fagron - Continuing with compounding
• FY23 results broadly in line on revenues and EBITDA and a beat on FCF. • The new FY24 guidance of high single digit organic revenues growth is a bit more promising than we had expected and we see room to increase our EBITDA estimates by low single digits.• We stick to our Buy rating and raise our TP from EUR 21 to EUR 23 by moving our SOTP and DCF models one year forward.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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