Revenio Group: Seal of quality confirmed again
Yesterday, Revenio issued a positive earnings revision and published preliminary data on the development of key figures. Sales performance has been good in late 2022 and the Q4 result will again be excellent. We raised both our Q4 estimates and earnings estimates for the next few years slightly, encouraged by strong development. However, we will not draw any major conclusions before the financial statements are published (2/9/2023) and reiterate our Reduce recommendation with a target price of EUR 40.0. There is nothing to fault in the company but the valuation is still very challenging (2023e EV/EBIT ~28x).
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 Figures2023-01-27
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 78.8 | 97.7 | 113.0 |
growth-% | 29.07 % | 23.96 % | 15.67 % |
EBIT (adj.) | 24.5 | 31.0 | 35.1 |
EBIT-% (adj.) | 31.13 % | 31.73 % | 31.04 % |
EPS (adj.) | 0.74 | 0.93 | 1.01 |
Dividend | 0.34 | 0.48 | 0.53 |
Dividend % | 0.61 % | 1.87 % | 2.05 % |
P/E (adj.) | 75.13 | 28.01 | 25.61 |
EV/EBITDA | 57.67 | 20.54 | 17.74 |