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FY EBITDA and EBIT came in materially above consensus FY EBITDA came in at EUR98.8m, down 4% yoy and 12% above consensus. The EBITDA margin was 12.6%. Restated for one-off costs, it was 13.1%, more than 2 percentage points above the guidance. It was fully explained by price increases, notably on X-ray, mix and control of fixed costs. FY EBITA came in at EUR38m, 46% above consensus. 2024 guidance looks conservative Guerbet is aiming for organic growth above 8% (8.8%e). With markets growing at
Companies: Guerbet (GBT:EPA)Guerbet SA (GBT:PAR)
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Q2 organic growth at 6.7% Q2 sales reached EUR198.8m up 4.7% reported and 6.7% organic. Asia was particularly strong being up 30% with the go-direct strategy paying off in China (half of the growth). In EMEA, the performance was solid at +8.4% organic. On the negative side and as expected, Americas was down 14% in Q2 vs - 17% in Q1. It remains fully explained by Raleigh production disruption that severely impacted H2 last year. Raleigh factory is now back to cruising speed and for the year Guerb
FY22 EBITDA reached EUR103m, down 2% yoy and 3% ahead of consensus The performance was supported by cost discipline notably in terms of wage inflation. Note that it could have been materially better as production difficulties in Raleigh factory amounted to cEUR30m of sales. The reported EBITDA margin reached 13.7% and would have reached 13.8% excluding some on offs and notably the go-direct strategy in China. FY22 EBITA impacted by impairment of assets The EBITA was EUR42m and up 8% yoy. The EBI
Q3 sales up 5.1% at constant scope and currencies Q3 sales reached EUR198m, up 11.3% yoy and 4% above forecasts. The organic growth was steady at +5.1%, showing acceleration compared to previous quarters. Forex contributed 6.1% in the quarter, notably driven by the USD. Asia growing fast, MRI growth impressive In this Q3, EMEA organic growth stood at 1.5%, benefiting from stable prices. Americas organic growth was +0.9% with a gradual improvement in the Raleigh factory and a production upturn. A
A global player in diagnostic imaging, Guerbet needs to rebuild profitability after years of so-so financial performance (same EBITA as in FY14 for sales up 80%). A tipping point is in sight with the disruptive Gadopiclenol contrast media. Diversification should also pay off as new digital services are unleashed. With the shares out of favour and catalysts building, we see value. A leading player in the field Guerbet is a leading player in the diagnostic imaging field, with deep capabilities
Companies: Guerbet SA (0ELV:LON)Guerbet SA (GBT:PAR)
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