Barco NV (BAR.BR) | Investment Case

1. Company Snapshot

1.a. Company Description

Barco NV, together with its subsidiaries, develops visualization solutions for the entertainment, enterprise, and healthcare markets worldwide.The company operates through three divisions: Entertainment, Enterprise, and Healthcare.It offers cinema, installation, postproduction, rental, simulation, and virtual reality projectors; presentation switchers and screen management systems, scalers, cards, and controllers; LED image processing and indoor LED displays; and laser, LCD, LED rear-projection, and LED video walls, as well as video wall controllers and upgrade kits.

The company also provides wireless conferencing and presentation systems.In addition, it offers 3D sound products; options and accessories, such as boards/cards, lamps, lenses, mechanics, sensors, and others; cinema software and control room collaboration systems; visual display systems comprising canvas, caves, power walls, reconfigurable displays, and transportable caves; and a portfolio of support, maintenance, training, and professional services.Further, the company provides critical decision-making solutions, such as breakout and control rooms, field workers, and operators; networked solutions for education, meetings, trainings, and operating rooms; operational collaboration systems; and AV streaming for encoders and decoders, and software clients.

Additionally, it offers software products for clinical collaboration; and medical display systems, as well as solutions for operating rooms.Barco NV was founded in 1934 and is headquartered in Kortrijk, Belgium.

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1.b. Last Insights on BAR

Barco NV faced challenges due to intense competition in the medical display market, driven by advancements in imaging technologies and increased demand for precise diagnostics. The company's growth prospects are impacted by high costs and limited access in underdeveloped regions. Additionally, Barco's laser projection business faces competition from emerging technologies. Despite partnerships, such as with Moving iMage Technologies for Alamo Drafthouse Cinema upgrades, Barco's short-term growth may be hindered by market fluctuations and global economic uncertainty. (Source: Medical Display Market Analysis report)

1.c. Company Highlights

Last Price	12.21
Change Percentage	0.33%
Open	12.18
Previous Close	12.17
Market Cap ( Millions)	1023
Volume	69604
Year High	15.08
Year Low	9.27
M A 50	12.68
M A 200	12.82

FCF Yield	10.50%
Dividend Yield	3.57%
ROE	10.36%
Debt / Equity	5.04%
Net Debt / EBIDTA	-174.84%
Price To Book	1.52
Price Earnings Ratio	13.66
Price To FCF	9.53
Price To sales	1.06
EV / EBITDA	5.87

2. Transcript Summary

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3. NewsRoom

Appotronics Touts Laser+LCoS As Key to Revolutionizing AR Glasses Experience at LIPA 2025

Nov -24

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Cinemark to Participate in Upcoming Institutional Investor Conference

Nov -14

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3 European Dividend Stocks Yielding Up To 6%

Aug -29

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Treat yourself to La Paz, BCS. The ultimate gastronomy options - and more - for a delicious trip at the end of this summer

Aug -05

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Medical Display Market Analysis and Global Forecast Report 2025-2030 | Emerging Markets Drive Growth with Government and Private Investments, Infrastructure Development, and Technological Advancements

Jul -30

Source:

Moving iMage Transforms Four Alamo Drafthouse Cinema Locations in Texas with Cutting-Edge Barco Laser Projection and Dolby Atmos Sound

Jul -29

Source:

European Dividend Stocks To Enhance Your Portfolio

Jul -17

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VUE and Barco Announce Expansive Pan-European Deal for HDR by Barco

Jul -10

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.83%)

6. Segments

Entertainment

Expected Growth: 3%

Barco NV's Entertainment segment growth is driven by increasing demand for immersive cinematic experiences, rising adoption of laser projection technology, and growing popularity of premium formats like 3D and IMAX. Additionally, the segment benefits from Barco's strong market position, innovative product offerings, and strategic partnerships with major cinema chains.

Enterprise

Expected Growth: 4%

Barco NV's 4% growth is driven by increasing demand for digital cinema projectors, expansion in virtual and augmented reality, and growing adoption of its ClickShare wireless presentation systems. Additionally, the company's focus on innovation, strategic partnerships, and geographic expansion into emerging markets contribute to its growth momentum.

Healthcare

Expected Growth: 5%

Barco NV's Healthcare segment growth is driven by increasing demand for digital healthcare solutions, rising adoption of diagnostic imaging and healthcare IT, growing need for remote healthcare services, and expansion into emerging markets. Additionally, the company's focus on innovation, strategic partnerships, and cost-effective solutions also contribute to its 5% growth.

7. Detailed Products

ClickShare

A wireless presentation system that allows users to share content from their devices to a central screen

UniSee

A high-end video wall platform designed for 24/7 operation in control rooms, operation centers, and other mission-critical environments

Overture

A software platform for managing and monitoring AV equipment and systems

WePresent

A wireless presentation system that allows users to share content from their devices to a central screen

Healthcare Displays

Medical-grade displays designed for diagnostic imaging and clinical review

Digital Cinema Projectors

High-brightness, high-contrast projectors designed for digital cinema applications

Laser Projection

High-brightness, high-contrast laser projectors designed for large venues and events

Image Processing

Image processing solutions designed for various industries, including healthcare, entertainment, and more

8. Barco NV's Porter Forces

Forces Ranking

Threat Of Substitutes

Barco NV operates in a niche market with high barriers to entry, reducing the threat of substitutes. However, the increasing adoption of digital technologies and changing consumer preferences may lead to the emergence of new substitutes.

Bargaining Power Of Customers

Barco NV's customers are primarily businesses and governments, which have limited bargaining power due to the specialized nature of the company's products and services.

Bargaining Power Of Suppliers

Barco NV relies on a diverse supplier base, which reduces the bargaining power of individual suppliers. However, the company's dependence on a few critical suppliers may increase its vulnerability to supply chain disruptions.

Threat Of New Entrants

The high barriers to entry in the display and visualization solutions market, including significant R&D investments and regulatory hurdles, make it challenging for new entrants to compete with Barco NV.

Intensity Of Rivalry

The display and visualization solutions market is highly competitive, with several established players competing for market share. Barco NV faces intense rivalry from companies like Sony, Christie Digital, and NEC Display Solutions.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	3.56%
Debt Cost	4.50%
Equity Weight	96.44%
Equity Cost	9.63%
WACC	9.45%
Leverage	3.69%

11. Quality Control: Barco NV passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Barco

A-Score: 5.8/10

Value: 6.7

Growth: 4.7

Quality: 6.4

Yield: 5.6

Momentum: 7.0

Volatility: 4.3

1-Year Total Return ->

Vaisala

A-Score: 4.9/10

Value: 4.4

Growth: 6.1

Quality: 6.8

Yield: 3.8

Momentum: 3.0

Volatility: 5.3

1-Year Total Return ->

Incap

A-Score: 4.7/10

Value: 6.8

Growth: 8.6

Quality: 7.0

Yield: 0.0

Momentum: 4.0

Volatility: 2.0

1-Year Total Return ->

Eltek

A-Score: 4.5/10

Value: 5.4

Growth: 4.2

Quality: 6.1

Yield: 3.1

Momentum: 5.0

Volatility: 3.0

1-Year Total Return ->

NCAB

A-Score: 3.7/10

Value: 1.1

Growth: 7.2

Quality: 5.6

Yield: 5.0

Momentum: 2.0

Volatility: 1.0

1-Year Total Return ->

Strix

A-Score: 3.2/10

Value: 8.6

Growth: 2.7

Quality: 3.0

Yield: 3.1

Momentum: 0.0

Volatility: 1.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-3.41%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

9.45%

Barco NV - BE0974362940

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BAR

1.c. Company Highlights

Higher Yield

Weak Momentum

Fairly Valued

Average Growth

Revenues Beats

Lower Growth

Earnings Miss

Stable Momentum

Average Yield

Earnings Beats

Medium Volatility

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.83%)

6. Segments

Entertainment

Expected Growth: 3%

Enterprise

Expected Growth: 4%

Healthcare

Expected Growth: 5%

7. Detailed Products

ClickShare

UniSee

Overture

WePresent

Healthcare Displays

Digital Cinema Projectors

Laser Projection

Image Processing

8. Barco NV's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Barco NV passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.21$

Current Price

12.21$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA