KBC Securities - Materialise ADS (MTLS) Materialise Model update after FY23 results | ResearchPool

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KBC Securities

Guy Sips

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.

22/02/2024 1 EN

Underlying

Materialise ADS

Materialise ADS

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US57667T1007 NASDAQ Stock Market 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

Guy Sips

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April 26, 2024 April 26, 2024 1 EN

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Guy Sips

Guy Sips

Materialise Medical segment continued to lead the way

We updated our Materialise model after 1Q24 revenues decreased 3% y/y as 1Q23 was an exceptionally strong quarter showing 24% growth. In 1Q24, Materialise's Medical segment continued to lead the way with 8% y/y revenue growth, while revenue declined in its Manufacturing and Software segments amidst less favourable market conditions. While continued investments in sustainable growth and the ongoing conversion to a recurring revenue business model impacted Materialise's operational profitability, they delivered a positive net result and an improved net cash position. We maintain our Buy rati...

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Wim Lewi

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Xior 1Q24 Results show strong underlying performance, no JV deal

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Sharad Kumar S.P

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Quest for Growth Q1 FY24: Starting The Year With A €1.4m Net Loss

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