KBC Securities - Fagron SA (FAGR) Fagron FIRST LOOK: 1Q24 conference call feedback

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KBC Securities

Thomas Vranken

Fagron FIRST LOOK: 1Q24 conference call feedback

Following our earlier note on the 1Q24 results (LINK), we share our main takeaways from the conference call hosted by Fagron to discuss its 1Q24 results.

11/04/2024 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

Provider

KBC Securities

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

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Analysts

Thomas Vranken

Other Reports on these Companies

Degroof Petercam

Fagron - Compounding for growth

• New 40p report: Fagron is an excellent play on the structural growth drivers of personalized medication (e.g. demographics, drug shortages). • It has high visibility on high single digit organic growth and in combination with Buy-and-build this offers double digit EBITDA growth.• We reiterate our Buy with a TP of EUR 24 (was EUR 23) based on our SOTP and DCF on the back of 2% higher EBITDA estimates following Q1.

April 22, 2024 April 22, 2024 1 EN

KBC Securities

Fagron Growth engine keeps running

We updated our model following Fagron's recent 1Q24 update. While our prior estimates for FY24 and beyond largely remain in place, we pay special attention to Fagron's North American compounding services (CS) business (Boston/Wichita + Anazao), as well as the impact of the recent Polish regulatory change. Overall, our valuation continues to point to a TP of € 22, hence we maintain a Buy rating.

April 15, 2024 April 15, 2024 1 EN

GlobeNewsWire

Fagron publishes agenda for 2024 annual shareholders meeting and extraordinary general meeting

Fagron publishes agenda for 2024 annual shareholders meeting and extraordinary general meeting Regulated information Nazareth (Belgium)/Rotterdam (The Netherlands), 12 April 2024 – 8AM CET Fagron publishes agenda for 2024 annual shareholders meeting and extraordinary general meeting The Board of Directors of Fagron NV invites shareholders to attend Fagron’s annual general meeting of shareholders and the extraordinary general meeting of shareholders on Monday 13 May 2024. AgendaThe agenda includes the discussion of the annual report, the approval of the annual financial stateme...

April 12, 2024 April 12, 2024 1 EN

Morning Notes : ARCAD NA, DIE BB, FUR NA, TESB BB, TINC BB, UCB BB

: ARCAD NA, DIE BB, FUR NA, TESB BB, TINC BB, UCB BB

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Sharad Kumar S.P

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Thomas Vranken

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UCB is entering a next stage of growth as it turns the page on the loss of exclusivity of several of its mature assets. The new chapter will focus strongly on five growth drivers: Bimzelx, Rystiggo, Zilbrysq, Fintepla and Evenity. Jointly, these assets could deliver significant topline growth and margin improvements in the coming years. We have conducted an extensive update of our model to incorporate these new dynamics. Our DCF-based valuation points to a fair value of € 143 per share (previously € 110), while we maintain our Accumulate rating.

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Fagron FIRST LOOK: 1Q24 conference call feedback

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

Fagron - Compounding for growth

Fagron Growth engine keeps running

Fagron publishes agenda for 2024 annual shareholders meeting and extraordinary general meeting

Morning Notes : ARCAD NA, DIE BB, FUR NA, TESB BB, TINC BB, UCB BB

Whitestone Group FY23: NAV rises 10.3% thanks to asset quality & Multifin deal

UCB Model update: UCB's five growth drivers into the next decade

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