KBC Securities - Materialise ADS (MTLS) Materialise Model update after 2Q23 results

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KBC Securities

Guy Sips

Materialise Model update after 2Q23 results

We updated our model after Materialise 2Q23 top-line was in line with our expectations and we welcome that profitability guidance for FY23 is maintained despite an unexpected arbitration award granted against them in 2Q23 for a total amount of €5.2m.

We maintain our Buy rating and $ 16 Target Price as Materialise delivered another strong operational performance in 2Q23. Its 12% y/y revenue increase was seen in all three of its segments.

27/07/2023 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 Model update after 2Q23 results

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

Morning Notes : ATEB BB, MTLS US, MONT BB, PROX BB, QFG BB, TINC BB, XFAB FP, XIOR BB, DEME BB

Materialise Another step forward

Morning Notes : IBAB BB, MTLS US, TINCb BB

Bekaert Feedback conference call

Inventiva FIRST LOOK: 3Q24 update holds no surprises, NATiV3 timelines reiterated

Ackermans & van Haaren 3Q FY24: Major Participations Continue To Post Robust Results

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