Degroof Petercam - Growth normalizing after exceptional period

Report

Degroof Petercam

Luuk Van Beek

Growth normalizing after exceptional period

Azelis and IMCD are going through several quarters of negative organic growth, after an exceptionally strong streak of positive growthWe believe the structural growth drivers are intact, and margins will remain resilient, but we modestly trim our estimates to reflect a larger than expected impact of destockingWe cut our TP for Azelis from EUR 28 to EUR 25 (13% upside) and for IMCD from EUR 170 to EUR 135 (40% upside). We upgrade Azelis from Hold to Buy and remain on Hold for IMCD. Dip in growth after high-growth period, recovery from 2024 onwardsAfter 6 quarters of stellar performance, organic growth

20/09/2023 1 EN

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Degroof Petercam

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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Analysts

Luuk Van Beek

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Growth normalizing after exceptional period

(Sponsored) Cabka - Extracting full value from recent investments

EnergyVision - Profitable green energy with a sunny growth outlook

(Sponsored) Fastned - Gearing up for a growth spurt

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