Revenio: Cautiously re-boarding the train
We raise Revenio's recommendation from Reduce to Accumulate, but reduce our target price. The forecasts were under pressure from weaker-than-expected short-term growth outlook of tonometers, and we had to take a breather with the expectations of the HOME2 product. Imaging devices retain their excellent outlook. Despite the decrease in share price, the valuation (2023e P/E 45x) is very high, but the multiples are gradually normalizing with strong earnings growth, Confidence in the company’s value creation exceeds the concern about valuation risk, so we will return very cautiously to the company's growth story.
