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Barco B(l)ack to business : “Focus is Key”
During its recent 2022 Capital Markets Day (CMD), Barco showed for the first time black on a cinema screen that was ‘real black' and not ‘dark grey' thanks to light-steering technology where “Focus is Key”. And “Focus” was also one of the main topics for Barco's co-CEO's during the CMD. Or to quote Barco's co-CEO Beauduin : “Back to business”.In this note we updated our model for each of the 3 divisions after the CMD. For each of the Business Units in these divisions we refer to the respectively used slides during the CMD that triggered our changes. This resulted in marginal updates in our FY23 to FY25E estimates; but we ended still at the mid to lower end of Barco's guidance of an EBITDA-margin over the next 3 years between 14% and 18% (KBCSe 14.7% for FY23E and 15.2% for FY24E and FY25E).
Underlying
Barco NV
Provider
KBC Securities
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Guy Sips
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