MATERIALISE - Printing a “Brave New World” MTLS US

We publish a Company Note on Materialise titled : Printing a “Brave New World”. In the note we highlight that -after its record performance in FY21- Materialise's more mature lines of business (in particular in its Materialise Software and Materialise Medical segments) have the potential to continue to grow solidly with a healthy margin, and they plan to support these businesses accordingly. Simultaneously, Materialise plans to increase its spending significantly, especially in R&D and in S&M, to accelerate the development of its new growth businesses, in particular its software cloud platform and its medical and wearable verticals. Including Link3D and some new trends in the Additive Manufacturing industry, we updated our model and lower our Target Price to $ 32 (was $ 40.0), supported by our DCF-valuation of $ 32.7 and our Peer Group EV/Sales-multiples valuation. We maintain our Buy rating. Materialise is part of the KBC Securities’ Dynamic Top Pick List as we see close to 75% upside.