Q4 performance was more traditional Revenio
After a strong end to the year, the Q4 result was well above our expectations as the core business continued to show its strength. The guidance for 2024 was broadly in line with our expectations, but we made positive changes to our estimates for the coming years. Revenio is returning to earnings growth and at the same time reclaiming its quality label, but this is also reflected in the valuation (2024e adj. EV/EBIT 24x). While the outlook for earnings growth over the next few years is strong, we think it is good to take a breather after the strong run-up in the share price and let the outlook clear further.
Revenio Group
Revenio är verksamt inom medicinteknik. Inom koncernen återfinns forskning och utveckling av tryckmätningsteknik som används vid behandling av ett flertal sjukdomar såsom glaukom, osteoporos, hudcancer samt astma. Verksamhet innehas på global nivå och drivs via flertalet dotterbolag med vardera affärsinriktning. Bolagets huvudkontor ligger i Vantaa.
Read more on company pageKey Estimate Figures16.02.
2023 | 24e | 25e | |
---|---|---|---|
Omsättning | 96,6 | 104,3 | 119,7 |
tillväxt-% | −0,45 % | 7,98 % | 14,80 % |
EBIT (adj.) | 28,5 | 30,4 | 37,8 |
EBIT-% | 29,53 % | 29,15 % | 31,61 % |
EPS (adj.) | 0,80 | 0,88 | 1,12 |
Utdelning | 0,38 | 0,42 | 0,58 |
Direktavkastning | 1,40 % | 1,65 % | 2,30 % |
P/E (just.) | 33,95 | 28,69 | 22,57 |
EV/EBITDA | 23,78 | 19,63 | 15,31 |