The Apple of live TV broadcasting
Vislink's cutting edge technology enables the collection of high quality live video, wirelessly, from the "scene to the screen". Although not quite on such a grand scale as Apple, we think Vislink is also quietly building a similar ecosystem across multiple customer touchpoints within the premium wireless video transmission and playout market. At the interims in September, the Board promised a barnstorming second half, and today investors were not short-changed with adjusted EBIT coming in 66% higher at £7.2m. Exceeding both our £6.2m estimate by 15.6% and consensus by 7.4%. As an encouraging indicator of future prospects, the dividend was hiked 20% to 1.5p (2.9% yield) - the first increase since 2007. Operating margins climbed sequentially to 15.8% in H2 from 6.3% H1 - delivering 11.6% (vs 7.2%) for the year as a whole, on the back of PBS license sales, improved product mix, operating leverage and forex. Looking ahead, we are forecasting 2015 revenues and adjusted EBITA of £62.9m and £7.4m respectively, climbing to £67.8m and £9.0m by 2017 - reflecting a 25% rise in adjusted PBT over the next 3 years. Overall, although conditions continue to be "challenging" in broadcast hardware, our target price has been lifted from 75p to 80p/share. The shares at 52p still trade at an unwarranted discount to its peers across the four main valuation benchmarks of EV/Sales, EV/EBITDA, EV/EBITA and PER.Pebble Beach Systems Group is a software technology company serving customers in the broadcast markets. Pebble Beach Systems is Co.'s software business. Co.'s primary products includes: Marina, an enterprise level playout automation platform for multi-channel applications; Orca, an internet protocol-enabled cloud-based integrated channel delivery solution running in a virtualized environment; Dolphin, a multi-format integrated channel delivery solutions based on standard information technology hardware; and Stingray, a self-contained Channel in a Box. Co.'s solutions enable the management, delivery and distribution of collected live video and associated data.
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