Revenio: Valuation-related risk causes concern
Revenio's share has recovered to our target price level, but we have not detected positive signs in the operating environment. Revenio's valuation level (2023e EV/EBIT over 34x) is deservedly high, but with interest rates rising, we consider the valuation risk to be significant. The long-term story has not changed, but in this situation, we do not recommend additional purchases as we find the risk/return ratio to be unsatisfactory.
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 Figures07.04.2022
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 % | 1.51 % | 1.91 % |
P/E (adj.) | 75.13 | 34.40 | 27.50 |
EV/EBITDA | 57.67 | 25.37 | 19.70 |