Agfa FIRST LOOK – Nice outlook but still long way before ‘The Great Old' is back
Agfa indicated that whereas the macroeconomic and geopolitical conditions remained tough for several of its traditional activities, Agfa booked significant revenue growth for its growth engines in HealthCare IT and Digital Print. In terms of new business creation, Agfa claims it is on track with the development of the SpeedSet 1060 single-pass packaging printer. When introduced to the market in 2024, it will be the fastest printer in its category. Furthermore, as more and more large green hydrogen projects are being implemented, sales for its Zirfon membranes are growing exponentially. Meanwhile, Agfa indicated it is making good progress with its project to build a new industrial unit for Zirfon membranes at its Mortsel (Belgium) site. Recall taht this project has been selected for a EU Innovation Fund Grant. Agfa stressed that the new plant will allow Agfa to meet future customer demand and to be a key player in the clean energy transition.We maintain our € 3.4 Target Price and Buy rating as the good news comes from the outlook where overall, Agfa expects a recovery in profitability in FY23 versus FY22.
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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