Revenio: Exceptionally strong figures supported by the dollar
Revenio entered Q2 in its typical manner, delivering an excellent result, but the majority of the overperformance came from exchange rate effects. We raised our estimates for the current year, as EUR/USD rates support earnings, but next year's estimates remain unaffected. Revenio is among the elite of Nasdaq Helsinki in terms of continuous value creation, but the stock is also valued at a superstar level (2023e P/E around 50x). As a result, the expected return remains rather weak, and we don’t see any justification for further purchases.
