reports
- Frank Claassen
Fagron - Compounding for growth
• New 40p report: Fagron is an excellent play on the structural growth drivers of personalized medication (e.g. demographics, drug shortages). • It has high visibility on high single digit organic growth and in combination with Buy-and-build this offers double digit EBITDA growth.• We reiterate our Buy with a TP of EUR 24 (was EUR 23) based on our SOTP and DCF on the back of 2% higher EBITDA estimates following Q1.
- Thomas Vranken
Fagron Growth engine keeps running
We updated our model following Fagron's recent 1Q24 update. While our prior estimates for FY24 and beyond largely remain in place, we pay special attention to Fagron's North American compounding services (CS) business (Boston/Wichita + Anazao), as well as the impact of the recent Polish regulatory change. Overall, our valuation continues to point to a TP of € 22, hence we maintain a Buy rating.
Fagron publishes agenda for 2024 annual shareholders meeting and extra...
Fagron publishes agenda for 2024 annual shareholders meeting and extraordinary general meeting Regulated information Nazareth (Belgium)/Rotterdam (The Netherlands), 12 April 2024 – 8AM CET Fagron publishes agenda for 2024 annual shareholders meeting and extraordinary general meeting The Board of Directors of Fagron NV invites shareholders to attend Fagron’s annual general meeting of shareholders and the extraordinary general meeting of shareholders on Monday 13 May 2024. AgendaThe agenda includes the discussion of the annual report, the approval of the annual financial stateme...
- Thomas Vranken
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/11/2024
Waga Energy offers an innovative start-up profile in the utilities sector: i/ disruptive technology in biogas treatment, ii/ established competitive advantages, iii/ positioning on a market with strong potential (>20,000 landfills) and iv/ a robust business model based on recurring revenues. At its CMD in February 2024, the company reconfirmed its ambitions for 2026 set out at the IPO (contracts for 4 TWh and recurring revenues of € 200m). The financing secured in Q1 2024 (€ 112m base...
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 11/04/2024
Waga Energy propose un profil de start-up innovante dans le secteur des utilities : i/ une technologie disruptive pour le traitement du biogaz, ii/ des avantages compétitifs établis, iii/ un positionnement sur un marché à fort potentiel (>20 000 décharges) et iv/ un modèle robuste de revenus récurrents. La société a reconfirmé lors du CMD en février 2024 ses ambitions à horizon 2026 annoncées au moment de son IPO (signature de 4 TWh et CA récurrent de 200 M€). Fort des financements ob...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Thomas Vranken
- Wim Lewi
- Robert Jan Vos
- Salome Charamalet
Fagron N.V. : Strong set of Q1 2024 results, 1.5% beat on consensus
>+14.9% of CER revenue growth, driven by strong EMEA and North America - In EMEA, Fagron reported revenue growth 10.3% higher than Q1 2023 (revenue at CER) with a 7% miss on beat (css: € 74.6m) driven by Compounding Services (+32.4%) and partly offset by Brands and Essentials (-3.9% and +3.5%). B&E reflects the impact of the new reimbursement system in Poland, mostly offset by solid performance in other countries. Compounding Services revenue growth of 32.4% (CER) is ...
- Thomas Vranken
Fagron FIRST LOOK: Solid 1Q24 results, EMEA outperforms expectations
Fagron's 1Q24 revenue shows strong performance in key regions with topline reaching € 209m (+15% y/y), driven by sustained high growth in N-Am's compounding activities and the Polish regulatory impact being offset by other countries in EMEA. We maintain our € 22.0 price target and Buy rating.
Record revenue of €209 million in first quarter reflecting 15% topline...
Record revenue of €209 million in first quarter reflecting 15% topline growth Regulated information - inside informationNazareth (Belgium)/Rotterdam (The Netherlands), 11 April 2024 – 7:00 AM CET Record revenue of €209 million in first quarter reflecting 15% topline growth Fagron, the leading global player in pharmaceutical compounding today publishes its quarterly results for the period ending 31 March 2024. Key Highlights Revenue growth accelerated to 15.3% reported growth (14.9% at CER) resulting in €209.2 million, supported by all regionsOrganic growth at CER of 12.3% reflects the ...
Recordomzet van €209 miljoen in eerste kwartaal en 15% omzetgroei
Recordomzet van €209 miljoen in eerste kwartaal en 15% omzetgroei Gereglementeerde informatie - voorwetenschapNazareth (België)/Rotterdam (Nederland), 11 april 2024 – 7u CET Recordomzet van €209 miljoen in eerste kwartaal en 15% omzetgroei Fagron, de toonaangevende mondiale speler in farmaceutische bereidingen, publiceert vandaag haar kwartaalresultaten voor de periode eindigend 31 maart 2024. Kernpunten Omzetgroei versnelde naar 15,3% gerapporteerde groei (14,9% tegen CER) resulterend in omzet van €209,2 miljoen, gedreven door alle regio’sOrganische omzetgroei van 12,3% tegen CER refle...
- Frank Claassen
Fagron - A flying start
• The Q1-24 organic growth of 12% nicely exceeded our 10%, driven by a strong performance in compounding services in both US and EMEA.• Fagron can comfortably reiterate its FY24 guidance of high single digit organic growth. We see room to slightly increase our estimates by 1-2%.• We reiterate our Buy and our TP of EUR 23, based on our 2025E SOTP and backed by our DCF.
- Anis Zgaya
- Philippe Ourpatian
ODDO BHF Small & MIDCAP MORNING NEWS - 27/03/2024 Date Performance dep...
Rieter est leader mondial dans les équipements de filature à fibres courtes destinés au marché textile. Il s’agit d’une activité à cycles courts (4 ans en moyenne) dont l’exercice 2024 devrait représenter un point bas avec un CA proche de 1 MdCHF (-28% y-o-y). Le programme de performance « Next Level », présenté en juillet 2023, devrait permettre de réduire la cyclicité du business model et de revenir sur des niveaux normatifs de rentabilité (c. 6% de marge d’EBIT). Rieter est donc en...
- Anis Zgaya
- Philippe Ourpatian
ODDO BHF Small & MIDCAP MORNING NEWS - 03/27/2024 Date Performance sin...
Rieter is the world’s leading supplier of short-staple fibre spinning equipment designed primarily for textile, a short-cycle business that spans four years on average. The group is set to hit a low in 2024 with close to CHF 1bn in revenues, down 28% YoY. Next Level, a performance programme presented in July 2023, should enable the group to reduce the cyclicality of its business model and return to normal profitability with around 6% in EBIT margin. Rieter is indeed on track to embark...
- Robert Jan Vos
- Salome Charamalet
Fagron N.V. : On the road to achieve mid-term objectives supported by ...
>Trust from shareholders is coming back - In the past two months two of Fagron’s major investors reinforced their position in the company. Back in January, AOC Pharma SARL passed the 10% threshold (c.8m shares). Their first notification was in October 2022 when they acquired c.4m shares and their second was in December 2022 when they acquired additional shares adding up to c.6.4m. The last increase to c.8m of shares was done following an extensive due diligence of mo...
Disclosure notification from Mawer Investment Management Ltd.
Disclosure notification from Mawer Investment Management Ltd. Regulated informationNazareth (Belgium)/Rotterdam (The Netherlands), 19 March 2024 – 6PM CET Disclosure notification from Mawer Investment Management Ltd. On 18 March 2024, Fagron received a notification pursuant to the Belgian law of 2 May 2007 regarding the disclosure of major shareholdings in listed companies from Mawer Investment Management Ltd. that its shareholding crossed the 5% disclosure threshold as the result of the acquisition of voting securities or voting rights on 15 March 2024. Notification Mawer Inve...
Openbaarmaking kennisgeving van Mawer Investment Management Ltd.
Openbaarmaking kennisgeving van Mawer Investment Management Ltd. Gereglementeerde informatieNazareth (België)/Rotterdam (Nederland), 19 maart 2024 – 18u CET Openbaarmaking kennisgeving van Mawer Investment Management Ltd. Op 18 maart 2024 heeft Fagron een kennisgeving ontvangen van Mawer Investment Management Ltd., overeenkomstig de Belgische Wet van 2 mei 2007 op de openbaarmaking van belangrijke deelnemingen in beursgenoteerde vennootschappen, dat haar aandeelhouderschap op 15 maart 2024 de kennisgevingsdrempel van 5% heeft overschreden door verwerving van stemrecht verlenende effecten ...
- ING Helpdesk
Fagron publishes annual report 2023
Fagron publishes annual report 2023 Regulated informationNazareth (Belgium)/Rotterdam (The Netherlands), 14 March 2024 – 6:30 PM CET Fagron publishes annual report 2023 Fagron, the leading global player in pharmaceutical compounding, today publishes its annual report 2023. Discussion of the annual report and the approval of the financial statements will be put on the agenda of the annual general meeting of shareholders scheduled for 13 May 2024. The annual report is available in the official Dutch version and in English translation on Fagron’s . Further informationKaren BergGlobal Inves...
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