olivLaw · European equity research
Fagron FAGR.BR
Belgium · Euronext Brussels · ISIN BE0003874915 · Vertical: Listed companies from Belgium
Fagron is a company specialised in compounding pharmacy, preparing personalised medicines and providing knowledge to pharmacists and physicians. Its 2024 annual report shows that, although the Brands segment's contribution eased slightly, it aims to lift it to 30% of revenue by 2030 and reports progress on emission reductions, per.
At the close of 05 Nov 2026, Fagron (FAGR.BR) stock was 24.40 EUR (+1.88% on the day), with market capitalisation 1.8 bn EUR, P/E 22.2 on diluted EPS of 1.10 EUR over the last 12 months, dividend yield 1.23%, beta 0.39, 52-week range 20.25–25.25 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.2
- strong (55–70)
- Bollinger (20, 2)
- 22.15 – 24.44
- in the upper half of the band · %B 0.98 · band width 9.9%
- SMA 50 / 200
- 22.58 / 23.01
- mixed trend
- MACD (12, 26, 9)
- 0.37 / 0.32
- 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 | +5.9% | +0.4% | +5.5 pp | — |
| 3 months | +9.2% | −3.3% | +12.4 pp | — |
| 6 months | −0.6% | +4.0% | −4.6 pp | — |
| Year to date | +14.6% | +8.1% | +6.5 pp | — |
| 1 year | +19.6% | +10.7% | +8.9 pp | +6.3% |
| 3 years | +44.4% | +50.1% | −5.7 pp | −6.5% |
| 5 years | +62.6% | +43.6% | +18.9 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 67 percentile of its own 3-quarter history (min 15.2, median 17.1, max 1,382.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 683.9 m | 763.0 m | 872.0 m |
| Revenue YoY | unavailable | +11.6% | +14.3% |
| Net income | 69.6 m | 70.5 m | 80.6 m |
| Net income YoY | unavailable | +1.3% | +14.2% |
| Diluted EPS | 0.01 | 0.97 | 1.10 |
| Diluted EPS YoY | unavailable | +10,004.2% | +13.4% |
| net % | 10.2% | 9.2% | 9.2% |
| Free cash flow | unavailable | 104.3 m | 83.7 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 115.0 m EUR
- Financial debt
- 341.5 m EUR
- Net debt
- 226.5 m EUR
- Equity
- 505.4 m EUR
- Total assets
- 1.1 bn EUR
- Debt / equity
- 0.68x
- Current ratio
- 1.86x
- ROE
- 16.6%
- ROA
- 7.7%
- FCF margin
- 9.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 683.9 m | 763.0 m | 872.0 m | esef· 11 Mar 2025verified |
| Operating income | 97.9 m | 108.6 m | 130.7 m | esef· 11 Mar 2025verified |
| Interest expense | 19.0 m | 29.5 m | 30.8 m | esef· 11 Mar 2025verified |
| Pre-tax income | 87.8 m | 84.4 m | 104.3 m | esef· 11 Mar 2025verified |
| Income tax | 17.7 m | 13.4 m | 23.3 m | esef· 11 Mar 2025verified |
| Net income | 69.6 m | 70.5 m | 80.6 m | esef· 11 Mar 2025verified |
| Diluted EPS | 0.01 | 0.97 | 1.10 | esef· 11 Mar 2025verified |
| Dividend per share | — | 25.00 | 0.30 | esef· 11 Mar 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 125.3 m | 133.0 m | 115.0 m | esef· 11 Mar 2025verified |
| Inventories | 108.3 m | 113.9 m | 137.0 m | esef· 11 Mar 2025verified |
| Current assets | 318.0 m | 335.9 m | 362.6 m | esef· 11 Mar 2025verified |
| Property, plant & equipment, net | 104.1 m | 109.8 m | 133.8 m | esef· 11 Mar 2025verified |
| Goodwill | 429.8 m | 434.4 m | 446.9 m | esef· 11 Mar 2025verified |
| Intangibles (excl. goodwill) | 33.6 m | 48.6 m | 61.4 m | esef· 11 Mar 2025verified |
| Total assets | 971.0 m | 1.0 bn | 1.1 bn | esef· 11 Mar 2025verified |
| Short-term debt | 9.5 m | 0 | — | esef· 18 Mar 2024verified |
| Long-term debt | 346.7 m | 325.0 m | 341.5 m | esef· 11 Mar 2025verified |
| Current liabilities | 171.0 m | 175.3 m | 194.7 m | esef· 11 Mar 2025verified |
| Total liabilities | 560.5 m | 539.3 m | 578.2 m | esef· 11 Mar 2025verified |
| Equity | 410.5 m | 467.6 m | 505.4 m | esef· 11 Mar 2025verified |
| Shares outstanding at year end | — | 72.7 m | 73.2 m | esef· 11 Mar 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 109.5 m | 124.6 m | 109.9 m | esef· 11 Mar 2025verified |
| Capex | — | 20.3 m | 26.2 m | esef· 11 Mar 2025verified |
| Free cash flow | — | 104.3 m ≈ | 83.7 m ≈ | esef· 11 Mar 2025derived |
| Investing cash flow | -69.3 m | -44.8 m | -69.7 m | esef· 11 Mar 2025verified |
| Financing cash flow | 13.9 m | -74.3 m | -54.0 m | esef· 11 Mar 2025verified |
| Dividends paid | 14.6 m | 18.3 m | 21.0 m | esef· 11 Mar 2025verified |
| Share repurchases | 0 | 2.3 m | 2.9 m | esef· 11 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.8 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Balance sheet61
- Valuation49
- Quality80
- Returns51
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: 4.08 – 42.52 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)24.42 – 42.52 (Mid 31.13)WACC 7.8% · starting FCFF 107.6 m EUR · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 4.4%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E11.32 – 25.99 (Mid 15.92)24 companies used · median multiple 14.5x · quartiles 10.3x – 23.6xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.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, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)4.08 – 5.56 (Mid 4.71)
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
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.6% | 70 (vs peers) | 17% |
| Net margin · Quality | 9.2% | 74 (vs peers) | 10% |
| FCF conversion · Quality | 103.9% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.2x | 42 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.9x | 89 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 22.2x | 41 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.7% | 59 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.3% | 19 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 25.2% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet61/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation49/100 · 2/3 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
Fagron (FAGR.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 872.0 m EUR in 2024; YoY growth 14.3%; net margin 9.2%; ROE 16.7%.
The estimated value range is 11.32–25.99 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 15.92 EUR, the price of 24.40 EUR leaves a potential of -34.8% (value / price − 1) and a margin of safety of -53.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.6%
- Net margin: 9.2%
- FCF conversion: 103.9%
- Current ratio: 1.9x
- Payout ratio (FCF): 25.2%
What contradicts it
- Shareholder yield (distributions): 1.3%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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 FAGR.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 | 15.84 Total return -34% · Per year -34% | 27.88 Total return 16% · Per year 16% | 41.84 Total return 73% · Per year 73% |
| 3 years | 18.54 Total return -21% · Per year -7% | 36.42 Total return 54% · Per year 16% | 59.53 Total return 150% · Per year 36% |
| 5 years | 21.71 Total return -5% · Per year -1% | 47.56 Total return 104% · Per year 15% | 84.70 Total return 259% · Per year 29% |
- Exit P/E± 9.10
- Net margin± 6.37
- Annual revenue growth± 4.78
- Annual dilution± 0.54
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
Fagron is a company specialised in compounding pharmacy, preparing personalised medicines and providing knowledge to pharmacists and physicians. Its 2024 annual report shows that, although the Brands segment's contribution eased slightly, it aims to lift it to 30% of revenue by 2030 and reports progress on emission reductions, per 1.
SWOT
Strengths
- The company has an extensive formulation portfolio and its own educational platform, which strengthens its relationships with pharmacists and physicians.
- Commitment to employee development is high, with a very large share of staff taking part in annual reviews, as the report shows.
- Fagron has a climate plan with targets approved by the Science Based Targets initiative, which lends credibility with partners.
Weaknesses
- The Brands segment's share of revenue slipped slightly from the prior year, suggesting the 2030 target needs acceleration.
- Progress on reducing emissions in selected Scope 3 categories lags, as these emissions have risen against the baseline year.
- The share of suppliers that have signed the code of conduct remains low, and auditing them requires additional resources.
Opportunities
- Expanding the branded product range could increase revenue at better margins and could support the target of 30% of revenue.
- Growing clinical studies could strengthen the scientific credibility of compounded medicines with physicians.
- Digitalisation of education, through video platforms and online support, could extend professionals' access to information.
Threats
- Compounding rules differ between countries, and legislative changes could limit activity in some markets.
- Price pressure in healthcare systems could reduce margins for personalised products.
- If suppliers fail to meet ESG standards, the supply chain could become more vulnerable to disruption.
Risks
- Supply chain disruptionmedium
Dependence on active pharmaceutical ingredients and external suppliers can expose the company to delays. The supplier compliance plan is still being finalised.
- Compounding regulationhigh
Changes in the law on compounded preparations could restrict activity or raise compliance costs in certain countries.
- Unmet ESG targetsmedium
If Scope 3 emissions keep rising, the 2030 reduction target could prove hard to reach, which would weigh on climate credibility.
- Reliance on the Brands segmentmedium
The 30% revenue target for Brands by 2030 depends on the commercial success of branded products, which is not assured.
- Price pressurelow
If health authorities impose lower prices for personalised preparations, margins could decline significantly.
Investment thesis
What would need to be true (bull case)
- If demand for personalised medicines keeps growing, Fagron could benefit from its leading position in education and formulations.
- Progress on reducing Scope 1 and 2 emissions suggests the climate plan is on track.
- Expanding the study platform and scientific library could strengthen the case for compounding with regulators.
What would break the thesis
- The slight fall in Brands' share of revenue could signal difficulty reaching the long-term target.
- Rising Scope 3 emissions could complicate the climate goals and attract criticism.
- If regulation tightens, compliance costs could grow faster than revenue.
What to watch
- Evolution of Brands' share of revenue against the 30% target2027
- Progress on reducing Scope 3 emissions against the 2021 base yearnext annual report
- Completion of the responsible supply chain plan2025
- Share of Tier 1 suppliers adhering to ESG standards2030
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
Fagron builds its activity around compounding, meaning non-patented preparations made according to a physician's prescription, and supports access to personalised medicines. The company combines manufacturing and distribution with an educational ecosystem, Fagron Academy, offering courses, formularies and scientific publications. According to 1, the aim is for healthcare professionals worldwide to prepare compounded medicines on a scientific basis.
Segments
Brands (Fagron Brands)
The Brands segment accounted for a part of revenue that, per 1, was slightly lower in 2024 than in 2023, at 15.1% of revenue. The stated target is for this segment to reach 30% of revenue by 2030, which would require sustained growth in branded product sales.
Fagron Academy
Fagron Academy is the company's educational component and includes tools such as the Formulary, a database of ready-to-use formulations, and a study platform that listed 845 studies at the end of 2024. According to the report, this platform supports scientific knowledge and access to compounded medicines.
Market context
The compounding market depends on national regulation, the availability of industrial medicines and demand for personalised treatments. The report 1 describes compounded medicines as useful during drug shortages, since they can be prepared directly from active pharmaceutical ingredients. The exact market size is not stated in the given source.
Trends
- Personalisation of treatmenttailwind
Demand for patient-tailored therapies could support growth in compounding, since physicians can adjust dose or form. The company highlights this advantage in its 2024 report.
- Drug shortagestailwind
Supply chain disruptions could increase the need for compounded preparations as an alternative, as described in 1. The effect, however, depends on how quickly shortages are resolved.
- Regulation and ESG standards in the supply chainmixed
Sustainability requirements for suppliers, such as the Business Partner Code of Conduct, may impose additional compliance costs. Fagron aims to have 75% of its Tier 1 suppliers aligned by 2030.
- Pressure on costs and pricesheadwind
If price caps or pressure on healthcare budgets intensify, margins in compounding could be affected. The report does not quantify this risk.
Competitive position
Competition includes other compounding manufacturers and pharmaceutical distributors, both regional and international. The source 1 does not identify competitors in detail, so the analysis remains at a general level.
- Other European compounding manufacturers
Regional companies preparing personalised medicines for pharmacies and hospitals, mentioned generically in the market context.
- Pharmaceutical distributors with compounding lines
Distribution firms offering ingredients or formulations to pharmacists, competing for the same customers.
- Industrial medicine producers
Companies offering ready-made medicines, an alternative to compounded products in many clinical cases.
- Educational platforms for pharmacists
Providers of courses and resources competing with Fagron Academy for healthcare professionals' attention.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202411 Mar 2025
- Annual report 202318 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Fagron · 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.