KBC Securities - Barco NV (BAR) Barco Uphill battle continues

Report

KBC Securities

Guy Sips

Barco Uphill battle continues

3Q24 orders and sales were below our and CSS forecasts with main underperformance in Entertainment. Although Barco sees gradual recovery, led by the Healthcare division and the Americas region, while market conditions in EMEA remain challenging, we already lower our Target Price to € 14.2 (was € 15.8). We (and CSS) will have to lower our forecasts as Barco now expects a topline in 2H24 around the level of last year (previously it was “topline growth in the second half”).

17/10/2024 1 EN

Underlying

Barco NV

See profile

BE0974362940 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

See profile

Analysts

Guy Sips

Other Reports on these Companies

Oddo BHF

ODDO BHF Small & MIDCAP MORNING NEWS - 10/17/2024

We measured the impact of the contribution from Michel Barnier’s exceptional tax on 88 stocks exposed to France. Some 17 of them would experience a (negative) impact on their EPS of more than 4% on average over 2024 and 2025: LDC (-8.3%), Synergie (-8%), Eiffage (-7.9%), ADP (-7.9%), Dassault Aviation (-7%), Crit (-6.9%), Derichebourg (-6.3%), Hermès (-5.6%), Safran (-5.6%), Bouygues (-5.6%), M6 (-5.2%), Thales (-5%), TF1 (-4.9%), Nexans (-4.9%), Vinci (-4.7%), Compagnie des Alpes (...

October 17, 2024 October 17, 2024 1 EN

Oddo BHF

ODDO BHF Small & MIDCAP MORNING NEWS - 17/10/2024

Nous avons mesuré l’impact de la contribution exceptionnelle Barnier sur 88 valeurs exposées à la France. 17 d’entre elles auraient un impact (négatif) sur leurs BPA de plus de 4% en moyenne sur 2024 et 2025 : LDC (-8,3%), Synergie (-8%), Eiffage (-7,9%) ADP (-7,9%), Dassault Aviation (-7%), Crit (-6,9%), Derichebourg (-6,3%), Hermès (-5,6%), Safran (-5,6%), Bouygues (-5,6%), M6 (-5,2%), Thalès (-5%), TF1 (-4,9%), Nexans (-4,9%), Vinci (-4,7%), Compagnie des Alpes (-4,4%), FDJ (-4%). - ...

October 17, 2024 October 17, 2024 1 FR

Oddo BHF

Barco NV : Signs of a (very slow) recovery

>Miss on a weaker than expected Entertainment - This morning Barco released a slightly weak set of results, with revenues below ccs and our estimates. Estimates for Entertainment were too positive. As repeatedly flagged by the company, while the comparison base is improving, several end markets (mainly in EMEA) are still showing subdued activity and customers postponing purchases awaiting for new product introductions impacted Q3 24 performance as well. This resulted ...

October 17, 2024 October 17, 2024 1 EN

Warehouses De Pauw 3Q24 Results, Analyst Call Feedback

The share price has been under pressure lately and again today. However, we believe that the tone of the statement nor the contents differs much from previous statements. The market is now in a post-COVID consolidation phase. Especially in the consumer segment, the utilisation has dropped from >100% to 80% vs. a normal 90% as they are confronted with slower demand. We are at the end-of-cycle (post-COVID), WDP has to work harder to continue its growth. It has the balance sheet to execute its Blend2027 strategy. We believe the market is focused too much on the NTA premium, while WDP is now tradi...

5h / 15m 5h / 15m 1 EN

Guy Sips ... (+4)

Guy Sips
Hilde Van Boxstael
Lynn Hautekeete
Wim Lewi

Morning Notes : BFIT NA, WHATS BB, WDP BB

: BFIT NA, WHATS BB, WDP BB

7h / 40m 7h / 40m 1 EN

Wim Lewi

Wim Lewi

Warehouses De Pauw 9m24 Results, executing Blend2027

EPRA EPS 9m24 came slightly above our expectation at EUR 1.09 vs. 1.07 exp. (Excl. 0.05 FBI). WDP repeated the FY24 EPRA EPS guidance of 1.47. The 5% expected EPRA EPS yoy growth is impressive as its average share count increased by 8%. The NIY is relatively stable at 5.4%, while development and acquisition gains increased the FV by 107.1m (+1.5%). The “Blend27” strategy was repeated with a guidance of 1.70 EPRA EPS by FY27. WDP will spend up to 1.5bn Capex and already identified 600m at a 7% GIY. Current development pipeline stands at 354m of which 72% is pre-let with a GIY of 6.7%. WDP expla...

7h / 56m 7h / 56m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Barco Uphill battle continues

We are a financial services provider for several types of professional clients, each with distinct needs.

ODDO BHF Small & MIDCAP MORNING NEWS - 10/17/2024

ODDO BHF Small & MIDCAP MORNING NEWS - 17/10/2024

Barco NV : Signs of a (very slow) recovery

Warehouses De Pauw 3Q24 Results, Analyst Call Feedback

Morning Notes : BFIT NA, WHATS BB, WDP BB

Warehouses De Pauw 9m24 Results, executing Blend2027

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe