EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Fagron (FAGR BB) Belgium

Healthcare

the IDEA!

Compounding growth - recovery in Europe, ongoing strong performance in Latin America and accelerating growth in North America, boosted by the acquisition of Letco Medical, will push FY22 revenue and REBITDA ahead of consensus expectations. The performance of Fagron Sterile Services will be a major driver; FSS aims to grow average revenue per SKU by over 40%. Based on 2023 estimates, FAGR trades at 8.1x EV/REBITDA and FCF yield of 6.5%. TP €20.40 (30% upside).

Edition: 131

- 18 March, 2022