olivLaw · European equity research
Barco BAR.BR
Belgium · Euronext Brussels · ISIN BE0974362940 · Vertical: Listed companies from Belgium
Barco is a Belgian maker of display and visualisation technology and systems, active in healthcare, enterprise collaboration, control rooms and cinema. In 2024 it said it doubled revenue in digital pathology, and management expects revenue growth in 2025 provided geopolitical and macroeconomic conditions do not deteriorate significantly.
At the close of 05 Nov 2026, Barco (BAR.BR) stock was 6.36 EUR (−2.23% on the day), with market capitalisation 563.5 m EUR, P/E 9.1 on diluted EPS of 0.70 EUR over the last 12 months, dividend yield 7.55%, beta 0.77, 52-week range 6.17–12.48 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 36.6
- weak (30–45)
- Bollinger (20, 2)
- 6.05 – 7.29
- in the lower half of the band · %B 0.25 · band width 18.6%
- SMA 50 / 200
- 7.15 / 8.73
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.22 / -0.22
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.2% | +0.4% | −11.6 pp | — |
| 3 months | −21.0% | −3.3% | −17.7 pp | — |
| 6 months | −29.4% | +4.0% | −33.4 pp | — |
| Year to date | −46.3% | +8.1% | −54.4 pp | — |
| 1 year | −47.6% | +10.7% | −58.3 pp | +8.1% |
| 3 years | −58.7% | +50.1% | −108.8 pp | −4.6% |
| 5 years | −68.5% | +43.6% | −112.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 15.0, median 18.8, max 27.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 946.6 m |
| Revenue YoY | unavailable | −0.8% | −9.9% |
| Net income | 75.2 m | 80.2 m | 63.0 m |
| Net income YoY | unavailable | +6.6% | −21.5% |
| Diluted EPS | 0.83 | 0.88 | 0.70 |
| Diluted EPS YoY | unavailable | +6.0% | −20.5% |
| net % | 7.1% | 7.6% | 6.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 362.4 m EUR
- Financial debt
- 89.7 m EUR
- Net debt
- -272.7 m EUR
- Equity
- 795.2 m EUR
- Total assets
- 1.2 bn EUR
- Debt / equity
- 0.11x
- Current ratio
- 2.60x
- ROE
- 7.8%
- ROA
- 5.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 946.6 m | esef· 15 Apr 2025verified |
| Cost of revenue | 645.5 m | 611.6 m | 561.2 m | esef· 15 Apr 2025verified |
| Gross profit | 412.8 m | 438.5 m | 385.4 m | esef· 15 Apr 2025verified |
| Research & development | 120.5 m | 132.3 m | 130.9 m | esef· 15 Apr 2025verified |
| Operating income | 87.6 m | 91.3 m | 66.0 m | esef· 15 Apr 2025verified |
| Pre-tax income | 88.5 m | 96.0 m | 71.3 m | esef· 15 Apr 2025verified |
| Income tax | 15.9 m | 17.3 m | 12.8 m | esef· 15 Apr 2025verified |
| Net income | 75.2 m | 80.2 m | 63.0 m | esef· 15 Apr 2025verified |
| Diluted EPS | 0.83 | 0.88 | 0.70 | esef· 15 Apr 2025verified |
| Dividend per share | — | 0.48 | — | esef· 15 Apr 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 305.9 m | 286.1 m | 362.4 m | esef· 15 Apr 2025verified |
| Inventories | 245.7 m | 231.5 m | 208.7 m | esef· 15 Apr 2025verified |
| Current assets | 773.8 m | 756.2 m | 794.4 m | esef· 15 Apr 2025verified |
| Goodwill | 105.6 m | 105.6 m | 105.6 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 19.3 m | 12.0 m | 11.6 m | esef· 15 Apr 2025verified |
| Total assets | 1.1 bn | 1.2 bn | 1.2 bn | esef· 15 Apr 2025verified |
| Short-term debt | 0 | 5.1 m | 44.8 m | esef· 15 Apr 2025verified |
| Long-term debt | 32.3 m | 32.2 m | 44.9 m | esef· 15 Apr 2025verified |
| Current liabilities | 273.3 m | 242.8 m | 306.0 m | esef· 15 Apr 2025verified |
| Equity | 779.0 m | 811.3 m | 795.2 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 89.5 m | 90.1 m | 88.7 m | esef· 15 Apr 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 563.5 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.53 – 16.54 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E7.72 – 16.54 (Mid 10.77)24 companies used · median multiple 15.4x · quartiles 11.0x – 23.6xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)6.53 – 8.90 (Mid 7.53)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.0% | 56 (vs peers) | 33% |
| Net margin · Quality | 6.7% | 62 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 9.1x | 81 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality58/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial81/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BARCO (BAR.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 946.6 m EUR in 2024; YoY growth -9.9%; net margin 6.7%; ROE 7.9%.
The estimated value range is 7.12–12.72 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 9.15 EUR, the price of 6.36 EUR leaves a potential of 44.0% (value / price − 1) and a margin of safety of 30.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.6x
- P/E (TTM): 9.1x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for BAR.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.45 Total return -40% · Per year -40% | 6.12 Total return 4% · Per year 4% | 9.27 Total return 55% · Per year 55% |
| 3 years | 2.74 Total return -42% · Per year -17% | 5.53 Total return 8% · Per year 3% | 9.27 Total return 72% · Per year 20% |
| 5 years | 2.17 Total return -44% · Per year -11% | 4.99 Total return 11% · Per year 2% | 9.27 Total return 90% · Per year 14% |
- Exit P/E± 1.38
- Net margin± 0.97
- Annual revenue growth± 0.87
- Annual dilution± 0.08
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Barco is a Belgian maker of display and visualisation technology and systems, active in healthcare, enterprise collaboration, control rooms and cinema. In 2024 it said it doubled revenue in digital pathology, and management expects revenue growth in 2025 provided geopolitical and macroeconomic conditions do not deteriorate significantly 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on geographic marketsmedium
Delays in Europe and China affected healthcare divisions in 2024 and could repeat the impact 1.
- Competitive pressure in collaborationmedium
The market is oversaturated, which could reduce prices and market share 1.
- Execution of the software transitionmedium
Launch of new platforms in the second half of the year could be delayed if development does not follow plan 1.
- Geopolitical and macroeconomic conditionshigh
Management assumes growth only if these conditions do not deteriorate significantly 1.
- Dependence on cinemas and customer investment budgetslow
Investment budgets of cinema operators could remain limited, which would affect projector sales 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Launch of the new ClickShare platform on the Microsoft Device Ecosystem Platformsecond half of 2025
- Development of digital pathology revenue and ELSA2025
- Execution of the share buyback programme of up to EUR 60 millionnext 12 months
- EBITDA margin development versus 2024 and revenue deliverynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Barco, headquartered in Belgium, organises its activities in four divisions: Healthcare, Enterprise, Entertainment and, within them, business units such as Surgical & Modality, Meeting Experience, Control Rooms, Cinema and Immersive Experience 1. Healthcare makes up 29% of the group, Enterprise 27% and Entertainment 44% 1. The company describes its strategy as a shift from hardware toward software and services, with a focus on efficiency and better margins 1.
Segments
Enterprise (Meeting Experience and Control Rooms)
Meeting Experience accounts for 53% of the Enterprise division and includes the ClickShare meeting room solutions; Control Rooms accounts for 47% and focuses on the Barco CTRL platform, software and videowalls 1.
Market context
The digital pathology market is digitising quickly, and Barco says it doubled its revenue in this segment in 2024 and aims to become market leader 1. In wireless conferencing systems, the company says it holds over 40% of the global agnostic market 1. The healthcare market, especially Surgical & Modality, was slower in 2024 due to Europe and China 1.
Trends
- Digitisation of pathologytailwind
Rapid digitisation of pathology, with adoption by hospitals, laboratories and pharma companies, could support growth in the Healthcare division 1.
- Shift to software and AItailwind
A rising share of software, including AI solutions, could improve gross margins, according to management 1.
- Slow healthcare and cinema marketsheadwind
Delays in Europe and China and customer inventories weighed on Surgical & Modality in 2024 1.
- Integration with Microsoft ecosystemsmixed
The partnership with Microsoft for ClickShare could support growth in collaboration, but the market is oversaturated with competing solutions 1.
Competitive position
In meeting room collaboration, ClickShare competes with cable-based systems and with proprietary platforms that run applications such as Teams or Zoom directly, which has made the market oversaturated 1. In healthcare and software the source does not name specific competitors with tickers; it only notes that many competitors do not offer support 1.
- Cable-based and proprietary conferencing systems
Competitors mentioned only generically in the report, without naming specific companies 1.
- Platforms integrated into collaboration apps (such as Teams and Zoom)
Solutions that remove the need for a laptop, as described in the report 1.
- Cinema content and projection system providers
Generic competitors in cinema, referred to only as a market, without names from the source 1.
- Control room software providers
Competition in operator software, not identified in the source 1.
News & filings
In the press
Annual reports (ESEF)
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Barco · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.