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.
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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 Figures11.08.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 97.0 | 95.9 | 107.6 |
growth-% | 23.10 % | -1.18 % | 12.27 % |
EBIT (adj.) | 30.9 | 26.2 | 32.1 |
EBIT-% (adj.) | 31.84 % | 27.38 % | 29.86 % |
EPS (adj.) | 0.86 | 0.74 | 0.93 |
Dividend | 0.36 | 0.37 | 0.44 |
Dividend % | 0.93 % | 1.33 % | 1.62 % |
P/E (adj.) | 44.64 | 37.08 | 29.43 |
EV/EBITDA | 30.64 | 25.37 | 19.93 |