KBC Securities - Barco NV (BAR) Barco We took ‘One Look at Barco an decided to lower the barrier

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KBC Securities

Guy Sips

Barco We took ‘One Look' at Barco an decided to lower the barrier

In 1H24, Barco's business was impacted by customer destocking in the Meeting Experience and Healthcare segments. In Entertainment, customers delayed investments as a result of a weak film slate and in anticipation of Barco's upcoming product launches.

While visibility remains low, Barco has reason to look forward to a very different 2H24. But we now think it will be even more back-end loaded and somewhat milder than we originally expected.

We maintain our positive stance - albeit with a slightly lower Target Price of €15.8 (average of our DCF and SOTP) - as Barco continues to invest in its innovation pipeline in preparation for further product launches in FY25 and beyond.

20/09/2024 1 EN

Underlying

Barco NV

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BE0974362940 Euronext Brussels Belgium

Provider

KBC Securities

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

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Analysts

Guy Sips

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Guy Sips ... (+5)

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Morning Notes : BARb BB, OPTI BB, GIMBb BB, VGP BB, MAAT FP

: BARb BB, OPTI BB, GIMBb BB, VGP BB, MAAT FP

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Barco We took ‘One Look' at Barco an decided to lower the barrier

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

Morning Notes : BARb BB, OPTI BB, GIMBb BB, VGP BB, MAAT FP

Benelux Morning Notes

VGP EPRA property tour to Berlin Ludwigsfelde

MaaT Pharma 1H24 update extends runway into 2Q25, MaaT013 phase 3 topline in 4Q24

Morning Notes : BARb BB, OPTI BB, GIMBb BB, VGP BB, MAAT FP

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