Juha, Juha Kinnunen, the man who don’t know fear
Juha has once again provided us with an excellent analysis of this highly interesting company.
We reiterate our Accumulate recommendation for Revenio and raise our target price to EUR 32.0 (was EUR 28.0). The company’s revenue growth accelerated faster than we anticipated, and the Q2 operating result exceeded our expectations. The company has returned to profit growth as expected, and future growth drivers are developing promisingly, laying the foundation for profitable growth in the medium term as well. The share’s valuation (2025e, adj. EV/EBIT 20x) is no longer cheap, but we believe it is justified and the upside from the 2025 earnings growth gives a reason to stay on board.