Revenio Group: Time is on the shareholder's side in the end
The company's Q4 result exceeded expectations, but we have cut our estimates for the next few years by 10-15%. This year, R&D costs clearly weigh on profitability and growth is unlikely to reach our previous expectations (especially HOME). The long-term growth outlook is still excellent and time is on the shareholder's side, but as required returns rise, valuation is no longer examined years into the future. This is also visible in Revenio’s valuation (2023e EV/EBIT 32x).
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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 Figures11.02.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 78.8 | 95.9 | 115.9 |
growth-% | 29.07 % | 21.72 % | 20.81 % |
EBIT (adj.) | 24.5 | 28.4 | 36.5 |
EBIT-% (adj.) | 31.13 % | 29.64 % | 31.53 % |
EPS (adj.) | 0.74 | 0.85 | 1.06 |
Dividend | 0.38 | 0.44 | 0.56 |
Dividend % | 0.68 % | 1.60 % | 2.02 % |
P/E (adj.) | 75.13 | 32.49 | 25.96 |
EV/EBITDA | 57.67 | 23.95 | 18.57 |