Rabobank says Arseus' organic growth disappoints.
The bank maintained its "hold" recommendation and EUR 12.50 share price target.
Arseus' second-quarter revenues rose by 12.5% on the year to EUR 121.4 million (USD 174.2m), slightly up from the projected EUR 120.4 million by Rabobank. Organically, revenues grew by 2.7%, while the bank had bet on a 3.5% rise.
The Fagron division achieved the highest organic growth of 6.7%. All other divisions showed a disappointing organic development, according to the bank.
For full 2011, Arseus expects organic revenue growth of 3% to 6%. According to Rabo, the revenue growth is currently at the lower end of the range.
At 1027 CET on Friday Arseus shares gained 2.41% to EUR 11.49 in Brussels trading.
(EUR 1.0 = USD 1.435)