Revenio: Growth is slowing down
Revenio's Q3 performance was excellent, but due to exchange rate conditions the operational growth of the business was well below our expectations. Indeed, growth seems to be returning to “normal", possibly at around 15%, which had a clear negative impact on our earnings estimates. After a drop of around 10% in earnings estimates and a further increase in the returned return caused by interest rates, the valuation (2023e P/E 41x and EV/EBIT 31x) still looks challenging.
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Revenio Group
Revenio is a medical technology company. Within the Group, there is research and development of pressure measurement technology that is used in the treatment of a number of diseases such as glaucoma, osteoporosis, skin cancer, and asthma. Operations are held worldwide and are run via most subsidiaries, each with a business focus. The company's head office is located in Vantaa.
Read more on company pageKey Estimate Figures28.10.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 78.8 | 96.8 | 112.0 |
growth-% | 29.07 % | 22.82 % | 15.73 % |
EBIT (adj.) | 24.5 | 29.8 | 33.6 |
EBIT-% (adj.) | 31.13 % | 30.77 % | 30.04 % |
EPS (adj.) | 0.74 | 0.89 | 0.97 |
Dividend | 0.34 | 0.46 | 0.51 |
Dividend % | 0.61 % | 1.69 % | 1.86 % |
P/E (adj.) | 75.13 | 30.87 | 28.24 |
EV/EBITDA | 57.67 | 22.60 | 19.58 |
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