KBC Securities - Fagron SA (FAGR) Fagron FIRST LOOK: Strong FY23 results: The one where N-Am took over | ResearchPool

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KBC Securities

Thomas Vranken

Fagron FIRST LOOK: Strong FY23 results: The one where N-Am took over

Fagron reported its FY23 results, again showing impressive growth at 11.6% y/y topline ahead of our and CSS estimates. North America performed very strongly, driven by the relentless FSS/Anazao tandem (combined Wichita/Boston run rate near $ 165m). EMEA was marked by anticipation for the Polish regulatory reform, while LatAm stood its ground in continued strong competition. Outlook points to high-single digit growth with higher profitability, hence we reiterate our Buy rating and €20 TP.

15/02/2024 1 EN

Underlying

Fagron SA

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

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

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Ackermans & van Haaren: Results capping already strong subsidiary reporting. DPS beat. Fagron: Acquisition of Pharmavit Europe, active in nutraceutical raw materials. Fugro: Patience please. Kendrion: Sees signs of improvement in EU economy. Proximus: 2026 dividend halved, 2028-30 targets a bit better on lower capex. Proximus: 4Q25 in line EBITDA on weaker sales, FCF up; 2026 guidance below on EBITDA. Recticel: Strong FY25 results, CEO transition seen as a negative

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