Report
Jeroen Van Den Bossche

Fagron It's time for North America

Today, we follow up on last year's company note with an update on Fagron, following the full year and first quarter results. Fagron's performance over the last 5 quarters has been excellent, with North America even more becoming the key region of the future and in terms of revenue will likely overtake Europe in 2023. We have updated our models and our bull/base/bear scenarios. Overall, we land at a valuation of € 20 per share, our bear case lands at € 13.3, whereas our bull case lands at € 27.4. As such, we strongly believe in the potential of Fagron and reconfirm our Buy rating.
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.

Provider
KBC Securities
KBC Securities

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

 

Analysts
Jeroen Van Den Bossche

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