Agfa FIRST LOOK : Capitalizing on strategies designed for growth engines
In FY24, Agfa continued to capitalize on the successful strategies they designed for their growth engines. Agfa's HealthCare IT, Digital Printing Solutions and Green Hydrogen Solutions divisions all achieved record-high EBITDA figures in 4Q24 (4Q REBITDA of 30m and 20m FY24 REBIT, resulting in above expectations FY24 results (€ 70m REBITDA vs € 76m in FY23 and € 27m REBIT vs € 31m in FY23). We maintain our Accumulate rating and € 1.4 Target Price as Agfa expects that the growth engines will continue to perform strongly in FY25. As usual, due to seasonality reasons, a slower start of the year is expected, followed by a stronger 2H.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.
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