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Research

Revenio: Cautiously re-boarding the train

By Juha KinnunenAnalyst
Revenio Group
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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.

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 page

Key Estimate Figures2021-10-21

202021e22e
Revenue61.177.797.6
growth-%23.4 %27.3 %25.5 %
EBIT (adj.)19.223.631.9
EBIT-% (adj.)31.4 %30.4 %32.7 %
EPS (adj.)0.580.710.93
Dividend0.320.380.52
Dividend %0.6 %1.7 %2.3 %
P/E (adj.)86.631.624.1
EV/EBITDA61.524.317.5

Forum discussions

Kertakäyttövälineiden kustannuksia selviteltiin jenkkitutkimuksessa, mm. rebound -tonometrian antureiden osalta. Aineisto perustuu klinikkaan...
11/10/2025, 11:07 AM
by veronmaksaja
4
op-media.fi – 14 Oct 25 Osakkeiden top 10 – Nämä ovat ammattilaisten valinnat pitkän aikavälin... Asiantuntijat listasivat kotimaiset yhtiöt...
11/9/2025, 3:13 PM
by Sissos
11
In past quarters, there have been one-off costs which, reading between the lines, have been related to potential acquisitions. One would gradually...
11/9/2025, 7:59 AM
by Temew
9
Kultaakin kalliimpaa? Kovin on arvostettu Revenion osake. DCF näyttää 28€, jos tuplaa liikevoiton 5 vuodessa.
10/31/2025, 10:33 AM
by LeFevre
14
Ja @Juha_Kinnunen päivitetty näkemys, loppuvuodelle jää jännitettävää: Revenio Q3'25: Q4 ratkaisee tämänkin vuoden - Inderes Kaupan päälle viel...
10/31/2025, 7:30 AM
by NukkeNukuttaja
13
Päivitetty näkemys.
10/31/2025, 7:24 AM
by KuHa
11
A somewhat dull-looking quarter. At least no positive surprises emerged. It might even turn negative, considering that we fell quite significantly...
10/30/2025, 8:26 AM
by MTES
16
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