KBC Securities - Fagron SA (FAGR) Fagron FIRST LOOK: Solid 1Q24 results, EMEA outperforms expectations

Report

KBC Securities

Thomas Vranken

Fagron FIRST LOOK: Solid 1Q24 results, EMEA outperforms expectations

Fagron's 1Q24 revenue shows strong performance in key regions with topline reaching € 209m (+15% y/y), driven by sustained high growth in N-Am's compounding activities and the Polish regulatory impact being offset by other countries in EMEA. We maintain our € 22.0 price target and Buy rating.

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.

See profile

BE0003874915 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

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

mdxhealth 1Q24 update reveal strong rev growth and refinanced debt facility

mdxhealth's 1Q24 results feature a continued strong uptake in revenues to $ 19.8m (+35% y/y), supported by 16% growth in prostate test volume. The company expects the new germline test to start contributing revenue as of Q2, and on the back of strong growth prospects across the menu raises its FY24 rev guidance to $ 83-85m (prev. $ 79-81m). mdxhealth also refinanced its existing debt through a new $ 100m facility with OrbiMed, replacing the existing Innovatus loan and bringing in $ 20m new cash. We maintain our $ 6 TP and re-iterate our Buy rating.

6h / 55m 6h / 55m 1 EN

Guy Sips ... (+8)

Guy Sips
Hilde Van Boxstael
Jacob Mekhael
Lynn Hautekeete
Michiel Declercq
Thomas Couvreur
Wim Hoste
Wim Lewi

Morning Notes : AED BB, DSFIR NA, HYL BB, IBAB BB, INGA NA, TESB BB, BTLS BB

: AED BB, DSFIR NA, HYL BB, IBAB BB, INGA NA, TESB BB, BTLS BB

8h / 59m 8h / 59m 1 EN

Lynn Hautekeete

Lynn Hautekeete

Aedifica EPRA result slightly ahead of guidance

Aedifica reports 1Q24 results and beats our EPRA earnings estimates on the back of slightly lower financial charges and mainly lower taxes. The FY24 guidance remains unchanged so the lower taxes are likely due to timing differences. Over FY24-26 we forecast flat earnings growth based on the current communicated pipeline. In 1Q24 Aedifica continued its wait and see modus at a debt ratio close to 40%. Over the past 1.5 month the share price recovered by approximately 17%, beating the ERPRA index. If the recovery continues, it could start growing EPS via new deals above its implied yield. We repe...

9h / 13m 9h / 13m 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

Fagron FIRST LOOK: Solid 1Q24 results, EMEA outperforms expectations

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

mdxhealth 1Q24 update reveal strong rev growth and refinanced debt facility

Morning Notes : AED BB, DSFIR NA, HYL BB, IBAB BB, INGA NA, TESB BB, BTLS BB

Aedifica EPRA result slightly ahead of guidance

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