Report
Barco Back on a successful track
We updated our model after Barco had a very good set of FY22 results and a reassuring outlook as, assuming stabilizing macro-economic conditions, Barco confirmed its expectation of y/y sales growth between 10 and 15% for FY23. The EBITDA margin is expected to further improve and move above 14% for FY23 (KBCSe 14.7%, CSS 14.8%), reflecting operating leverage on higher sales and an increase in gross margin as a result of the further easing of the supply chain constraints. Rating increased to Buy and TP set at € 29.
Underlying
Barco NV
Provider
KBC Securities
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Guy Sips
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