Fagron 2024, a year of M&A?
Following Fagron's strong FY23 results reported last week, we dive a little deeper into the dynamics in the different regions: North America, EMEA and Latin America. Furthermore, given the company's relatively low leverage and in a more supportive macro-environment, we deem the timing is right in 2024 to accelerate on the M&A front. Our illustrative analysis points to the vast room for consolidation in the compounding market, notably in the US. We also raise our TP from € 20 to € 22 and maintain a Buy rating, as we up our topline and REBITDA margin forecasts for the N-Am business.Fagron supplies products, services to professionals and institutions in the healthcare sector in Europe, the U.S.A. and Brazil. Co.'s activities are subdivided into four divisions. Through Fagron, Co. offers products and concepts for pharmaceutical compounding. Through Arseus Dental, Co. supplies dental products and concepts to dentists and dental laboratories in Belgium, the Netherlands, France, Germany and Switzerland. Through Arseus Medical, Co. supplies medical and surgical products to specialists, elderly homes, homecare nurses and hospitals in Belgium and the Netherlands. Through Corilus, Co. supplies ICT total solutions for medical specialists in Belgium, the Netherlands and France.
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