Report
Materialise Model update after FY23 results
Materialise expect sales in all three of its segments to increase. The growth of its Materialise Software revenue will be further temporarily impacted by the transition towards a cloud-based subscription business model that Materialise is continuing to implement. We updated our model as, based on current market conditions, Materialise expects FY24 revenues to grow to a range of € 265m to € 275m (KBCSe from € 291.6m to € 271.6m). This expected revenue growth will result in FY24 Adj. EBIT forecast of between € 11m and €14m (KBCSe from € 10.1m to €12.4m). Materialise expects its three segments to contribute to its Adj. EBIT in line with their contributions to its revenue growth. We lower our Target Price to $10.3 but maintain our Buy rating.
Underlying
Materialise ADS
Provider
KBC Securities
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Guy Sips
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