EVS Broadcast Equipment FIRST LOOK: FY23 EBIT guidance towards high-end of existing range
EVS indicated it continues its strong journey in 2023 and confirms it will realize its ambition for profitable and sustainable growth in the year. In 4Q23, EVS will focus on the planned deliveries for 2023 and continue building the future, while also preparing for the major sport events in 2024. EVS highlighted that all order intake secured in the final months of the year will contribute to support its growth in 2024. Without giving exact numbers, EVS indicated that gross margin levels continue to improve and OpEx is under control, demonstrating EVS' objective to realize a profitable growth in 2023. In line with our model, EVS 3Q trading update shows revenue performance continues the strong momentum from the first quarters of the year supporting its growth ambition for 2023. EVS highlighted that the EBIT guidance is shaping up towards the high-end of the existing range (€ 32.5 - 38.5m). We welcome the wording ‘high-end of the existing range' but recall that we are already at € 37.6m. We reiterate our Buy rating and € 33 Target Price. EVS is part of the KBC Securities Dynamic Top Pick ListEVS Broadcasting Equipment is engaged in the development and marketing of audiovisual equipment relating to the processing of pictures and sound. Co. provides solutions based on tapeless workflows with a consistent modular architecture. Co.'s activities are divided into the following regions: Asia-Pacific, Europe, Middle East and Africa, and America.
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