Report
Barco Signs of recovery or is one swallow not making a summer?
Barco is showing signs of recovery after two challenging years. Although Barco's revenue in 2024 declined by 10%, the second half of 2024 was significantly better than the first half. We have updated our model as Barco expects growth in FY25, assuming no major geopolitical or macroeconomic disruptions. Is Barco's strategy beginning to bear fruit, or is one swallow not making a summer? We give them the benefit of the doubt, considering the structural improvements made over the past few years, and adjust our TP slightly to € 13.4 (previously € 13.2), which is the average of our updated DCF and SOTP valuation. We reiterate our Accumulate rating as we anticipate topline growth and an increase in EBITDA margin, supported by new product introductions and the normalization of inventory levels.
Underlying
Barco NV
Provider
KBC Securities
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Guy Sips
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