Barco: Happy to have a safe roof!
Today we publish a Company Note on Barco titled “Happy to have a safe roof!†in which we updated our model as Barco believes it has reasonable visibility on the second quarter financial performance and expects the second quarter to be weaker than the first quarter resulting in a sales decline for the first half of approximately 10 to 15% versus last year. Recall that with unclarity both on the timing of government decisions to ease restrictions and on the economic impact on some of its markets, Barco’s visibility for the year is limited.The baseline of the conference call following the 1Q20 results was that Barco remains open for business. Barco was repairing the roof while the sun was still shinning. Now they are happy to have a safe roof! ClickShare Conference is expected to show traction in early phase after restrictions ease up. On this, Barco was even hinting for a “Silver lining on Covid-19â€. We maintain our € 195 Target Price and BUY-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.
We are a financial services provider for several types of professional clients, each with distinct needs.
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