Fagron's FY beat puts shares on track for best day in 5 yrs

Fagron NV

09/02/2023 08:34

** Shares in Fagron  FAGRO.BR  jump 12% after the company
reported a 10.3% growth in FY revenue, and a 10.5% increase in
FY REBITDA to EUR 130.7 mln ($140.53 mln)
    ** KBC Securities highlights that both FY revenue and
REBITDA came slightly above consensus, and points to a 14.3%
increase in EPS to EUR 0.96, leading to a strong increase in FCF
at EUR 91.0 million (+57.7% y/y)
    ** The brokerage says that both EMEA and North America have
performed well, given the normalization of the European market
and sizeable acquisitions in the U.S.
    ** "We are extremely happy to see the return to growth in
EMEA, which for the foreseeable future will remain Fagron's cash
cow", says KBC 
    ** ING also applauds a beat, "driven by a margin recovery in
EMEA and U.S., the latter helped by a lower than expected loss
at the newly acquired Boston facility"
    ** The Belgian healthcare company for 2023 expects
mid-to-high single digit organic revenue growth with increase in
profitability
    ** Stock is on track on its best day in five years and
touching highest price since Aug. 4  
($1 = 0.9301 euros)
 (Reporting by Marianna Ciabach-Malinowska)
 ((marianna.ciabach@thomsonreuters.com))