Report
Barco Taking precautionary measures to mitigate US trade tariffs
In 2H24, Barco was already showing signs of recovery following two challenging years. Also in 1Q25 Barco experienced a solid quarter with y/y growth in each of its divisions.We updated our model after the 1H25 trading update as Barco indicated that US tariffs are causing disruptions in global markets and supply chains, leading to reduced visibility and increased uncertainty. Barco is actively taking steps to protect its margins and market shares. However, Barco also highlighted that the impact on customer demand and investment decisions remains unpredictable. 1Q25 results were in line with Barco's own expectations and beating our and CSS forecasts. Given the evolving circumstances, Barco stated that it was premature to update its guidance at the time of the 1Q25 trading update.
We maintain nevertheless our Accumulate rating and € 13.4 TP as Barco's fundamentals remain strong. The company's strategy to further strengthen its global market position through innovation, new product launches, and investments in software development remains unchanged. Our model anticipates 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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