Agfa FIRST LOOK: Weak start of the year, full year outlook maintained
As Agfa indicated before, the first quarter was very soft, even (much) softer than we and CSS expected (250m sales versus our and CSS €277m/€ 276m) and Adj. REBITDA of € 2m and 1Q24 REBIT of €-9m (KBCSe € 2.5m, CSS € 1m). As a result we lower our rating to Accumulate while maintaining our € 2 TP as for FY24, Agfa expects a continuation of the trends seen in the previous year, with continued growth for the growth engines and further profitability improvements. The slow start to the year is expected to be followed by a much stronger second half, supported by the impact of the delivery of projects.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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