Fagron (FAGR BB) Belgium
Healthcare
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