Agfa FIRST LOOK: Weak Radiology Solutions and strong HealthCare IT in 1Q
1Q25 was marked by a weak performance in Radiology Solutions (1Q is traditionally a seasonally weak quarter but now with strong impact of the decline of the medical film markets, particularly in China) and the continued strong performance of Agfa's HealthCare IT division, driven by customer adoption of Agfa's cloud technology. While Agfa's Digital Printing Solutions equipment business faced challenges due to economic uncertainty, and the market for Agfa's Zirfon membranes for green hydrogen production slowed down in Europe and North America, Agfa claims that the long-term outlook for these businesses remains promising. Our model and valuation (Accumulate rating and € 1.4 TP) takes into account that Agfa is actively addressing the decline in traditional film markets through its cost optimization program, with initial savings expected in 2H25.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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