Barco jumps after 'very good set of' FY results
09/02/2023 09:02
** Shares in Barco BAR.BR rise 5% after it reported strong
FY sales growth and confirmed 2023 sales outlook
** The Belgian tech firm reports FY sales of 1.06 billion
euros ($1.14 billion), a 32% increase vs 2021, and confirms its
outlook of 10-15% sales growth in 2023, assuming stabilizing
macro-economic conditions
** KBC says in a note the company is "back on a successful
track" with "a very good set of FY22 results and reassuring
outlook"
** The broker raises its recommendation to "buy" from
"accumulate" and ups the target price by 11% to EUR 29, noting
Barco's FY sales beat its expectations
** KBC adds that, excluding China, all regions posted sales
back at the levels of 2019
** While maintaining "buy" on Barco, ING says there's only
one negative surprise in the overall strong FY update - a 104
million euro increase in working capital YoY almost consuming
the full operating FCF
** "We expect small single digit upside to consensus FY23
EBITDA," ING adds in its note
** Barco's shares are on track for their best day since July
2022 and among best performers on the Belgian midcap index
.BELM
($1 = 0.9314 euros)
(Reporting by Anna Jaworska-Guidotti)
((anna.jaworska-guidotti@tr.com))