Revenio: Let's investigate before we jump to any further conclusions
A profit warning weighed on the stock yesterday, which was largely justified as earnings growth turned negative. However, on current information, we expect the weakness to be temporary and the company to return to earnings growth next year. With this, the valuation (2024e EV/EBIT 19x) is reasonable after the collapse. However, the surprisingly sharp deceleration keeps risks elevated and raises concerns, which we will address in the Q2 report.
Revenio Group
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 Figures03.08.2023
2022 | 23e | 24e |
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2022 | 23e | 24e | |
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Revenue | 97.0 | 97.5 | 109.6 |
growth-% | 23.1 % | 0.5 % | 12.4 % |
EBIT (adj.) | 30.9 | 26.3 | 32.6 |
EBIT-% (adj.) | 31.8 % | 27.0 % | 29.7 % |
EPS (adj.) | 0.86 | 0.74 | 0.95 |
Dividend | 0.36 | 0.31 | 0.45 |
Dividend % | 0.9 % | 1.1 % | 1.6 % |
P/E (adj.) | 44.6 | 38.9 | 30.5 |
EV/EBITDA | 30.6 | 25.9 | 20.7 |