Fagron - Looking for another quarter of strong growth
• For Q3-23 (due 12 October), we are looking for 8.5% organic revenue growth, driven by >20% in North America (ramp-up FSS, drug shortages), steady low-single digit growth in EMEA and stabilization in Latin America.• We expect Fagron to comfortably reiterate its FY23 of high single digit organic growth and yoy improvement in profitability.• We reiterate our Buy and TP of EUR 21, based on 2024E SOTP and DCF. Fagron is on 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.
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