Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €31.25, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 21x in the Communications industry in Europe. Total returns to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €46.55 per share. Buy Or Sell Opportunity • May 12
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at €36.05. The fair value is estimated to be €45.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has grown by 3.5%. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings are also forecast to grow by 5.9% per annum over the same time period. Reported Earnings • Apr 22
Full year 2025 earnings released: EPS: €2.88 (vs €3.15 in FY 2024) Full year 2025 results: EPS: €2.88 (down from €3.15 in FY 2024). Revenue: €208.1m (up 5.1% from FY 2024). Net income: €38.6m (down 9.5% from FY 2024). Profit margin: 19% (down from 22% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Communications industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: €2.88 (vs €3.17 in FY 2024) Full year 2025 results: EPS: €2.88 (down from €3.17 in FY 2024). Revenue: €208.1m (up 5.1% from FY 2024). Net income: €38.6m (down 10% from FY 2024). Profit margin: 19% (down from 22% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Communications industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Sep 13
EVS Broadcast Equipment SA (ENXTBR:EVS) agreed to acquire Xd Motion for an enterprise value of €3 million. EVS Broadcast Equipment SA (ENXTBR:EVS) agreed to acquire Xd Motion for an enterprise value of €3 million on September 11, 2025. The transaction represents an enterprise value of €3+ million plus potential earnout.
For the period ending December 31, 2024, Xd Motion reported total revenue of €4 million.
The expected completion of the transaction is October 1, 2025. Reported Earnings • Aug 25
First half 2025 earnings released: EPS: €0.99 (vs €1.62 in 1H 2024) First half 2025 results: EPS: €0.99 (down from €1.62 in 1H 2024). Revenue: €91.8m (down 6.4% from 1H 2024). Net income: €13.3m (down 39% from 1H 2024). Profit margin: 14% (down from 22% in 1H 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Communications industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 20
EVS Broadcast Equipment SA (ENXTBR:EVS) agreed to acquire Telemetrics Inc. from family for $12.7 million. EVS Broadcast Equipment SA (ENXTBR:EVS) agreed to acquire Telemetrics Inc. from family for $12.7 million on August 19, 2025. The transaction consists of an initial purchase price equal to $6.5 million and an opportunity for an earn-out based on financial results throughout the end of 2025 of up to $6.2 million and will be paid fully in cash. For the period ending December 31, 2024, Telemetrics Inc. reported total revenue of $12 million.
The expected completion of the transaction is October 1, 2025. Upcoming Dividend • May 14
Upcoming dividend of €0.42 per share Eligible shareholders must have bought the stock before 21 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (3.2%). Declared Dividend • Apr 28
Final dividend of €0.42 announced Shareholders will receive a dividend of €0.42. Ex-date: 21st May 2025 Payment date: 23rd May 2025 Dividend yield will be 2.2%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 1.7% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 20
Full year 2024 earnings released: EPS: €3.17 (vs €2.75 in FY 2023) Full year 2024 results: EPS: €3.17 (up from €2.75 in FY 2023). Revenue: €198.0m (up 14% from FY 2023). Net income: €42.9m (up 16% from FY 2023). Profit margin: 22% (in line with FY 2023). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Communications industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Feb 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 18
First half 2024 earnings released: EPS: €1.62 (vs €1.58 in 1H 2023) First half 2024 results: EPS: €1.62 (up from €1.58 in 1H 2023). Revenue: €98.1m (up 12% from 1H 2023). Net income: €21.8m (up 3.0% from 1H 2023). Profit margin: 22% (down from 24% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Communications industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 03
EVS Broadcast Equipment SA (ENXTBR:EVS) signed an share purchase agreement to acquire MOG Technologies S.A. for €5 million. EVS Broadcast Equipment SA (ENXTBR:EVS) signed an share purchase agreement to acquire MOG Technologies S.A. for €5 million on August 2, 2024. The acquisition represents a value, including an earn-out mechanism, totaling below EUR 5 million. MOG Technologies team will join the EVS family. MOG Technologies generates an annual revenue of approximately €4 million. The transaction is subject to certain closing conditions, which are expected to be fulfilled by Q4 this year. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: €2.75 (vs €2.34 in FY 2022) Full year 2023 results: EPS: €2.75 (up from €2.34 in FY 2022). Revenue: €173.2m (up 17% from FY 2022). Net income: €36.9m (up 18% from FY 2022). Profit margin: 21% (in line with FY 2022). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Communications industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • Sep 19
EVS Broadcast Equipment SA to Report Q3, 2023 Results on Oct 17, 2023 EVS Broadcast Equipment SA announced that they will report Q3, 2023 results on Oct 17, 2023 Reported Earnings • Aug 20
First half 2023 earnings released: EPS: €1.58 (vs €1.15 in 1H 2022) First half 2023 results: EPS: €1.58 (up from €1.15 in 1H 2022). Revenue: €87.4m (up 29% from 1H 2022). Net income: €21.2m (up 37% from 1H 2022). Profit margin: 24% (up from 23% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Communications industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 18
EVS Broadcast Equipment SA Revises Earnings Outlook for the Year 2023 EVS Broadcast Equipment SA revised earnings outlook for the year 2023. For the period, the company is revised revenue guidance for the full year from EUR 150-160 million to EUR 160-170 million. The full year EBIT guidance is being upgraded from an initial range of EUR 27.5-32.5 million to a new range of EUR 32.5-38.5 million. Duyuru • May 19
EVS Broadcast Equipment SA to Report Fiscal Year 2023 Results on Feb 16, 2024 EVS Broadcast Equipment SA announced that they will report fiscal year 2023 results on Feb 16, 2024 Upcoming Dividend • May 17
Upcoming dividend of €0.77 per share at 4.6% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (3.8%). Reported Earnings • Apr 17
Full year 2022 earnings released: EPS: €2.34 (vs €2.61 in FY 2021) Full year 2022 results: EPS: €2.34 (down from €2.61 in FY 2021). Revenue: €148.2m (up 7.7% from FY 2021). Net income: €31.3m (down 10% from FY 2021). Profit margin: 21% (down from 25% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Communications industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 19
Full year 2022 earnings released: EPS: €2.34 (vs €2.61 in FY 2021) Full year 2022 results: EPS: €2.34 (down from €2.61 in FY 2021). Revenue: €148.2m (up 7.7% from FY 2021). Net income: €31.3m (down 10% from FY 2021). Profit margin: 21% (down from 25% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Communications industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 25
First half 2022 earnings released: EPS: €1.15 (vs €1.16 in 1H 2021) First half 2022 results: EPS: €1.15 (down from €1.16 in 1H 2021). Revenue: €67.7m (up 9.5% from 1H 2021). Net income: €15.4m (flat on 1H 2021). Profit margin: 23% (down from 25% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 3.7% compared to a 21% growth forecast for the Communications industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 20
Full year 2021 earnings released: EPS: €2.61 (vs €0.53 in FY 2020) Full year 2021 results: EPS: €2.61 (up from €0.53 in FY 2020). Revenue: €137.6m (up 56% from FY 2020). Net income: €34.9m (up 386% from FY 2020). Profit margin: 25% (up from 8.2% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 14% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 28
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €2.61 (up from €0.53 in FY 2020). Revenue: €137.6m (up 56% from FY 2020). Net income: €34.9m (up 386% from FY 2020). Profit margin: 25% (up from 8.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 4.1%, compared to a 14% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Aug 25
First half 2021 earnings released: EPS €1.16 (vs €0.24 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €61.8m (up 56% from 1H 2020). Net income: €15.6m (up 379% from 1H 2020). Profit margin: 25% (up from 8.2% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improved over the past week After last week's 15% share price gain to €18.82, the stock is trading at a trailing P/E ratio of 36x, up from the previous P/E ratio of 31.3x. This compares to an average P/E of 36x in the Communications industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 29%. Is New 90 Day High Low • Mar 05
New 90-day high: €17.72 The company is up 19% from its price of €14.92 on 04 December 2020. The British market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €21.44 per share. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS €0.53 (vs €1.40 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €88.1m (down 15% from FY 2019). Net income: €7.19m (down 63% from FY 2019). Profit margin: 8.2% (down from 19% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue misses expectations Revenue missed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 39% compared to a 1.4% decline forecast for the Communications industry in the United Kingdom. Is New 90 Day High Low • Jan 12
New 90-day high: €17.12 The company is up 25% from its price of €13.68 on 14 October 2020. The British market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €30.06 per share. Is New 90 Day High Low • Dec 23
New 90-day high: €15.25 The company is up 11% from its price of €13.71 on 23 September 2020. The British market is also up 11% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Communications industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €29.53 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €15.22 The company is up 2.0% from its price of €14.88 on 04 September 2020. The British market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Communications industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.27 per share.