KBC Securities - Materialise ADS (MTLS) MATERIALISE - New opportunities now the curve flattened

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KBC Securities

Guy Sips

MATERIALISE - New opportunities now the curve flattened

We updated our model after the 1Q21 trading update. We also welcome Materialise has recently acquired an option to buy Colorado-based Link3D Inc., an additive workflow and manufacturing execution systems (MES) company. This acquisition fits in Materialise’s ambitious roadmap to evolve its entire software suite to a SaaS model.
Based on our updated peer group analysis and our DCF-based valuation we end up with a new Target Price of $ 40 and new Accumulate rating.

30/04/2021 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

Other Reports on these Companies

KBC Securities

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...

February 22, 2024 February 22, 2024 1 EN

KBC Securities

Morning Notes : ARCAD NA, BESI NA, KIN BB, NEXTA BB, MTLS US, TINC BB, VGP BB, BTLS BB

: ARCAD NA, BESI NA, KIN BB, NEXTA BB, MTLS US, TINC BB, VGP BB, BTLS BB

February 22, 2024 February 22, 2024 1 EN

Bryan Garnier

End of coverage

From 2nd January 2024, we will no longer include in our research universe:AltenAtosCapgeminiESI GroupIndra SistemasLectraMaterialiseSageSAPSoftware AGSopra Steria GroupSword GroupTemenos

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Akzo Nobel

Below are the highlights from the conference call. We remind that 1Q adj. EBITDA jumped by 19% to 363m, which was about 4% better than our and consensus forecasts. Unsurprisingly, Akzo reiterated its FY24 guidance of €1.5-1.65bn adj. EBITDA, which represents c.10% growth at midpoint. Mid term guidance of at least 16% adjusted EBITDA margin was also reiterated and represents a 260bps increase from 2023A with our and consensus a bit below (at respectively 15.5% and 15.7%). We acknowledge the improvement in earnings momentum and management optimism on further progress, but taken into account the ...

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Titan Cement US D.O.E selects Titan America to fund low carbon cement

Titan Cement announced that the US Department of Energy has selected Titan America's Roanoke cement plant in Virginia to support the deployment of a first-of-a-kind calcined clay production line by awarding up to $61.7m. The implementation of the technology will substantially reduce carbon emissions and become a model for building more sustainable infrastructure across the Group. The $61.7m grant will be part of the $6.3bn Industrial Demonstrations Program in the USA, which is managed by DOE's Office of Clean Energy Demonstrations (OCED) and is primarily focused on carbon emission reduction.

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Guy Sips ... (+6)

Guy Sips
Jacob Mekhael
Kristof Samoy
Michiel Declercq
Thomas Couvreur
Wim Hoste

Morning Notes : AKZA NA, BAR BB, BPOST BB, RAND NA, EKOP BB, MAAT FP, NXFIL NA

: AKZA NA, BAR BB, BPOST BB, RAND NA, EKOP BB, MAAT FP, NXFIL NA

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MATERIALISE - New opportunities now the curve flattened

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

Materialise Model update after FY23 results

Morning Notes : ARCAD NA, BESI NA, KIN BB, NEXTA BB, MTLS US, TINC BB, VGP BB, BTLS BB

End of coverage

Akzo Nobel

Titan Cement US D.O.E selects Titan America to fund low carbon cement

Morning Notes : AKZA NA, BAR BB, BPOST BB, RAND NA, EKOP BB, MAAT FP, NXFIL NA

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