Report
Guy Sips

Agfa Every cloud has a silver lining : Agfa 2.0 is coming

We publish a Company Note on Agfa titled “Every cloud has a silver lining : Agfa 2.0 is coming” in which we upgrade our rating from “Accumulate” to “Buy” as we believe that the market is totally misjudging the potential of Agfa's transformation. The ongoing transformation actions are well on track and are expected to bring more agility and to further simplify Agfa's operations. They will also allow Agfa to further reduce its costs from 2023 onward. We assume the sale of Offset is for the next 4 months.
Underlying
Agfa-Gevaert NV

Agfa-Gevaert develops, produces and distributes various analog and digital imaging systems and IT solutions, mainly for the printing industry and the healthcare sector, as well as for specific industrial applications. Co.'s operations can be divided into three business segments: Agfa Graphics, which provides integrated prepress products and services to the printing industry; Agfa HealthCare, which provides diagnostic imaging and healthcare IT products for hospitals and care centers around the world; and Agfa Specialty Products, which supplies a variety of film-based products to business- to-business customers outside the graphic and healthcare markets.

Provider
KBC Securities
KBC Securities

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Analysts
Guy Sips

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