KBC Securities - Fagron SA (FAGR) FAGRON: Capital Markets Day Update FAGR BB

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KBC Securities

Jeroen Van Den Bossche

FAGRON: Capital Markets Day Update FAGR BB

Yesterday, Fagron gave an update on its future outlook during its Capital Market Day. The leader in global pharmaceutical compounding forecasts an organic revenue 8% CAGR (CER) and REBITDA margins in the range of 22 % (excl. potential M&A). Growth will be driven mainly through the US and LATAM and the company will invest an additional $ 20m in the Wichita site, which they report will triple its run rate after 2026. We maintain our BUY rating and € 19.5 TP.

16/03/2022 1 EN

Underlying

Fagron SA

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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BE0003874915 Euronext Brussels Belgium

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KBC Securities

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

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Analysts

Jeroen Van Den Bossche

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