EVS Broadcast Equipment Target Price increased as 1H23 demonstrates its growth trajectory
We upped our Target Price for EVS from €30 to €33, in line with our updated DCF, as with 1H23 revenue of €87.4m at its highest level ever and with a 1H23 net profit of € 21.2m, EVS proves that its PlayForward strategy is producing the expected sustainable and profitable growth. Based on this strong 1H23 revenue result, EVS will reach a new record level for FY23 sales.We welcome that -while EVS is still facing challenges in its electronic component supply chain- EVS is now sufficiently confident to increase its earlier revenue guidance for FY23 of €150m to €160m to a new guidance of €160m to €170m (new KBCSe € 166.6m). We included in our updated model that its FY23 EBIT range was also upgraded, to a range of €32.5-38.5m (new KBCSe €37.6), benefiting from the strong revenue performance and the positive margin evolution.
EVS 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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