contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Juha Kinnunen

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.

BUY and a couple of euros off the target price. Valuation has been beaten down so much that Juha considers it an overreaction. I have a strong hunch that the model portfolio will add in a couple of days, unless the price runs away before then.  We reiterate our Buy recommendation for Revenio and revise our target price to EUR 24.0 (prev. EUR 26.0). The Q4 result was a clear disappointment, especially regarding profitability, and we estimate that cost pressures will continue into 2026 as FDA studies accelerate. However, the guidance for 2026 supported our growth expectations, and despite the uncertainty, we consider the company’s outlook strong. The stock’s valuation is still at the lows of the iCare era, and we see a potential acquisition adding further interest to the stock.   The valuation has not changed much, as the decline in the share price and estimates practically canceled each other out. Revenio’s EV/EBIT is only 15x based on the current year’s forecast, while during the iCare era, the corresponding multiple has mainly varied between 20–30x. Although the company’s earnings growth has slowed down and there is more uncertainty in the market than usual, we believe this is a clear overreaction. Although the Q4 result was a clear disappointment, market-related uncertainty decreased significantly thanks to strong Q4 sales and guidance. Consequently, we consider it increasingly unlikely that Revenio would suffer significantly from the market situation in the same way as Zeiss. We see no significant changes in the long-term drivers and consider Revenio’s position in the industry to be very good, which is why we see the current uncertainty as a buying opportunity. Acquisitions always involve significant risks, but we also view the strengthening of this option as positive for Revenio.                    Inderes              Revenio Q4'25: Markkina ei enää välitä iCaresta - Inderes    Osakemarkkinat eivät tunnu enää välittävän iCaresta ja ovat sijoittaneet Revenion osakkeen alekoriin. Näemme tämän mahdollisuutena.

I watched the interview and it seemed quite reasonable otherwise, despite the external factors. Is some kind of acquisition likely this year? But I didn’t grasp why the price increases in the US didn’t coincide with the tariffs. Was the old price locked into a signed contract or something? I don’t share the same view of the interim report as the market reaction. If I didn’t already own enough, I would have bought more today after such a beating.

And at Optomed’s current share price, the price wouldn’t be dizzying either…

Thanks for the great interview. It’s been stated directly before that inorganic growth is being actively pursued. But now, the wording of the dividend proposal was such that an acquisition is likely all but signed. The AGM is held on April 16th, and if the acquisition is finalized before then, the board can decide to skip the dividend distribution. In the Q&A section of the webcast, when Jouni was asked about acquisitions, he said that valuations have started to reach reasonable levels. He also mentioned that Robin has been working hard on these over the past quarters/years. Could it also be that Robin got an acquisition over the finish line and now is a good time to change companies?

I’m really excited to see what kind of acquisition is coming. It would be good if the same salespeople could have a larger portfolio to sell. Also, I think they have a good track record with integrations. But the current business is definitely very difficult.

-That was a good interview, thanks to Juha​ it became quite clear there that the product portfolio should be expanded on the device side. Targets have, of course, been scouted for a long time already, as long as the valuation is right. -One wouldn’t necessarily need to travel very far to go shopping. After all, Optomed is available right here, with a camera that already has FDA clearance​

It’s very clear that an acquisition is coming, looking at Jouni’s answers to the questions

Revenio Group

In the Value Creators concept, we highlight companies that have created substantial shareholder value. In this report, we introduce Revenio - a global leader in ophthalmic equipment and software solutions, with a focus on eye care solutions.

Translation: Original report published in Finnish on 10/1/2024 at 12:15 noon EEST.
In the Value Creators concept, we highlight companies that have created substantial shareholder value. The reports do not include forecasts; they are based solely on historical data and key figures derived from it.
We evaluate companies based on the following indicators: &#xa0;
<ul>
<li>Revenue development</li>
<li>Operating profit development and profitability (%)</li>
<li>Return on capital (%)</li>
<li>Cash flow generated from operations</li>
<li>Share price development and historical valuations &#xa0;</li>
<li>Data is primarily sourced from Bloomberg</li>
</ul>
We look at the long-term development and all figures are presented with the time series 2014-2023.&#xa0;The reports do not constitute investment recommendations.
In this report, we introduce Revenio - a global leader in ophthalmic equipment and software solutions, with a focus on eye care solutions.

	2023	24e	25e
Revenue	96.6	105.2	120.9
growth-%	-0.5 %	8.9 %	15.0 %
EBIT (adj.)	28.5	28.6	36.9
EBIT-% (adj.)	29.5 %	27.2 %	30.6 %
EPS (adj.)	0.80	0.83	1.09
Dividend	0.38	0.40	0.57
Dividend %	1.5 %	2.2 %	3.2 %
P/E (adj.)	31.5	21.8	16.6
EV/EBITDA	22.0	14.5	11.0

Value Creators: Revenio

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