Revenio: Getting back on track before long
The Q2 result was weaker than expected, but the outlook for 2023 remained unchanged. In our view, the current period of weakness is transitory and there have been no major changes in longer-term fundamentals. The company will return to strong earnings growth next year, although there is considerable uncertainty around the rate of the growth. Valuation (2024e EV/EBIT 18x) is below peers, but this will change as growth bounces back and confidence in the future returns.
Revenio is a global provider of comprehensive eye care diagnostic solutions. The group offers fast, user-friendly, and reliable tools for diagnosing glaucoma, diabetic retinopathy, and macular degeneration (AMD). Revenio’s ophthalmic diagnostic solutions include intraocular pressure (IOP) measurement devices (tonometers), fundus imaging devices, and perimeters as well as software solutions under the iCare brand. In 2023, the Group’s net sales totaled EUR 96.6 million, with an operating profit of EUR 26.3 million. Revenio Group Corporation is listed on Nasdaq Helsinki with the trading code REG1V.
Read more on company pageKey Estimate Figures11.08.2023
2022 | 23e | 24e | |
---|---|---|---|
Omsætning | 97,0 | 95,9 | 107,6 |
vækst-% | 23,1 % | -1,2 % | 12,3 % |
EBIT (adj.) | 30,9 | 26,2 | 32,1 |
EBIT-% (adj.) | 31,8 % | 27,4 % | 29,9 % |
EPS (adj.) | 0,86 | 0,74 | 0,93 |
Udbytte | 0,36 | 0,37 | 0,44 |
Udbytte % | 0,9 % | 1,3 % | 1,6 % |
P/E (adj.) | 44,6 | 38,2 | 30,3 |
EV/EBITDA | 30,6 | 26,1 | 20,5 |