KBC Securities - Materialise ADS (MTLS) Materialise Executing on its plan of investing in its growth businesses

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KBC Securities

Guy Sips

Materialise Executing on its plan of investing in its growth businesses

We saw consecutive revenue growth by each of Materialise's segments in the first and second quarters of this year. FY22 revenues will be at least 10% higher y/y we feel comfortable with our 12.8%. Nevertheless, we lowered slightly our FY22 EBITDA forecasts (from €28m to € 24.1m) as Materialise currently expects that its FY22 EBITDA will be in the range of €20 m to €25 m. As a result we lower our (DCF and peer group based) Target Price to $ 24.5 (was $ 32) while we maintain our Buy rating.

29/07/2022 1 EN

Underlying

Materialise ADS

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US57667T1007 NASDAQ Stock Market 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

Guy Sips

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Materialise Executing on its plan of investing in its growth businesses

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

Materialise FIRST LOOK : 4Q25 results

Morning Notes : ABI BB, AGN NA, ARCAD NA, BESI NA, ENX FP, GIMB BB, HYL BB, IBAB BB, KIN BB, MTLS US, VGP BB, AZE BB, ZEAL DC

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Umicore Feedback FY25 results conference call

Morning Notes : COFB BB, GLPG NA, UMI BB

Cofinimmo FY25 results above expectations, guidance below

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