BARCO: Company Note: On a sustainable profitable growth path
We welcome that through its dual focus on growth acceleration and judicious Opex spending, Barco added 2 percentage points to EBITDA margin for the third consecutive year. We welcome Barco’s plan to remain focused on capturing the growth opportunities in its markets based on a more competitive Barco, while continuing to invest in capabilities to grow into an outcome-based solutions business that leverages hardware, software and services capabilities. Barco expects a mid+ single digit topline growth and an improvement in EBITDA margin toward 15%. After this good set of results we increased today our Target Price to €265 while maintaining our Accumulate rating.Barco operates in three divisions: Entertainment, which delivers projection, lighting, LED and software solutions for markets such as cinema, venues, and hospitality and the retail and advertising; Enterprise, which targets the corporate and the control rooms market and provides a portfolio of visualization solutions with videowalls, corporate projectors in combination with collaboration software and networking and connectivity capabilities; and Healthcare, which delivers displays for the diagnostic and modality imaging market, including segments such as radiology, mammography, surgery and dentistry along with digital networked solutions for the operating room and point-of-care devices.
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