Fagron - US drives another quarter of very strong growth
• The Q3-23 organic revenue growth 13.4% clearly exceeded our 8.5%, driven by the US and a recovery in LatAm, but EMEA was lagging. • Fagron further quantifies its FY23 guidance to a revenues range of EUR 750-770m, meaning that we see room to increase our FY estimates by 1-2%. • This is another quarter of strong delivery, which should further strengthen investor's confidence in this attractive investment case. 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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