Agfa-Gavaert tracks worst day in 6 months after EBIT miss

Agfa Gevaert NV

08/03/2023 09:11

** Shares in Agfa-Gevaert  AGFB.BR  drop 8.5%, on track for
worst day since August 2022, after the Belgian graphics group
posted annual EBIT below consensus estimates
    ** Its 2022 adj. EBIT was 31 million euros ($32.66 million),
down 24.5% YoY, which ING analysts say is a miss of 21% to
company-compiled consensus
    ** "Results are somewhat weak," ING says, also noting a 5.5%
rise in annual sales
    ** KBC points to a "light" Q4 in Offset Solutions and
Digital Print & Chemicals (DPC) divisions due to the weaker
economic conditions
    ** "Although Agfa expects a recovery in profitability in
FY23 versus FY22, we expect we will have to lower our FY23E
forecasts and already reduce our target price to 4 euros," KBC
adds

($1 = 0.9493 euros)

 (Reporting by Federica Mileo in Gdansk)
 ((Federica.mileo@thomsonreuters.com))