BARCO - Pay for the cash, Clickshare and DC... and get the rest for free - Rating upgraded
We updated our model taking into account the potential effects of COVID-19. In Entertainment they will be hit hard (as customers are peers of Kinepolis and e.g. rental companies for big events like e.g. Eurovision Song Contest that will reduce Capex) but part of their sales is also HealthCare (where we do not expect lower investments in the coming years) and -although traditional Clickshare sales will be impacted (as less offices are open)- the awareness of the benefits of conferencing systems is growing. Recall that before COVID-19, Barco had a € 250m net cash position. We lower our Target Price to € 195 (was € 265) but increase our rating from ACCUMULATE to BUY.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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