Report
Barco FIRST LOOK : 1Q23 Results are a solid foundation for continued growth
1Q23 sales and orders grew in line with Barco's goals for FY23. 1Q23 gave Barco a solid foundation for continued growth throughout the year and the achievement of its stated financial goals for FY23 with particularly strong results in Entertainment and Enterprise, which are mitigating the temporary softness that Healthcare is experiencing due to the phasing out and phasing in of projects.The markets reopening in China supports Barco's confidence that China will contribute significantly to Barco's growth in FY23, particularly in 2H23. Barco reiterated it guidance -assuming no significant changes in current market conditions- of FY23 y/y sales growth between 10 and 15% and that EBITDA margin is expected to further improve and move above 14% for the full year 2023.
We maintain our Buy rating and € 32 Target Price.
Underlying
Barco NV
Provider
KBC Securities
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Guy Sips
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