Agfa Model update after 1Q23 results in lower Target Price
We updated our model after the 1Q23 results and lower our Target Price to € 3.4 in line with our updated DCF and SOTP. We maintain our Buy rating as early April 2023 Agfa took an important step in its transformation journey with the divestment of its Offset Solutions division. This transaction will allow Agfa to focus on its growing market segments.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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