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1. Company Snapshot

1.a. Company Description

EVS Broadcast Equipment SA provides live video technology for broadcast and media productions worldwide.The company offers live replay and story telling products, including live replay and highlights systems, cloud-based super slow-motion services, and graphics effects; live production, replay, studio production, and software-based studio servers; web-based asset management platform, live PAM suite, achieve digitization and content delivery, media workflow management, and connected archive and transcoding services; and broadcast control and monitoring systems and control panels.It also provides IP router products; real time media processors; media storage systems; production switchers; multi-camera review systems; camera automation systems; and live production systems.


In addition, the company offers support services, such as download area, assistance, support portal, and learning center.Further, it provides solutions in the areas of live sports images, entertainment shows, and news content.The company was incorporated in 1994 and is headquartered in Seraing, Belgium.

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1.b. Last Insights on EVS

EVS Broadcast Equipment SA faced challenges in recent months, with an Extraordinary General Meeting (EGM) rescheduled due to low attendance. The EGM on June 10, 2025, drew 163 shareholders representing 25.97% of company shares. This postponement from May 20, 2025, may indicate governance issues. Additionally, recent earnings releases have not been favorable. According to a recent report, EVS's profitability was impacted by higher operational costs. A downgrade in rating by analysts at Kepler Cheuvreux to "hold" from "buy" cited concerns over growth prospects (Source: Kepler Cheuvreux).

1.c. Company Highlights

2. EVS Delivers Mixed H1 Results Amidst Strategic Progress

EVS reported a revenue decline of 6.4% to EUR 91.8 million in the first half of the year, resulting in an EBIT of EUR 14.8 million, a 38.1% decrease year-over-year. However, the company's EPS came in at EUR 0.2779, beating estimates of EUR 0.2. The order intake was strong, with a 19.6% growth driven by big event rentals, and the total order book increased by 23.4% to EUR 174.8 million. The gross margin remained robust at 72.6% despite the impact of tariffs.

Publication Date: Aug -28

📋 Highlights
  • Telemetrics Acquisition: Acquired USD $12M revenue U.S. company with 10% market share in USD 125M media robotics sector, expected to contribute Q4 2025.
  • Order Intake Growth: Order book surged 23.4% to EUR 174.8M H1 2025, despite 6.4% revenue decline to EUR 91.8M YoY.
  • North America Expansion: 100+ employees by year-end, 11% EBITDA margin target for Telemetrics via sales growth and cost optimization.
  • Margin Resilience: 72.6% gross margin maintained despite tariffs; H2 gross margin expected to rise post-price increases (2-4% globally).
  • Outlook Guidance: Reaffirmed EUR 195-210M revenue and EUR 35-43M EBIT for FY2025, with secured revenue at EUR 169.1M as of June 30.

Financial Highlights

The company's financial performance was mixed, with revenue delays impacting EBIT. However, the EPS beat was a positive note, indicating that the company's profitability was better than expected. As Veerle De Wit noted, "Our financial highlights for the first semester of 2025 show a strong order intake and strategic wins."

Operational Progress

EVS made significant operational progress, with the acquisition of Telemetrics, a U.S.-based company specializing in media production robotics, expected to enhance the company's live production ecosystem. The company also launched new products, including XT Venue and Flexible Control Room, which are expected to drive growth.

Outlook and Valuation

EVS reaffirmed its revenue guidance of EUR 195 million to EUR 210 million and EBIT guidance of EUR 35 million to EUR 43 million for the full year. With a P/E Ratio of 10.93 and an ROE of 20.82%, the company's valuation appears reasonable. The EV/EBITDA ratio of 6.54 also suggests that the company's enterprise value is relatively modest compared to its EBITDA. Analysts estimate next year's revenue growth at 13.0%, indicating a positive outlook for the company's future performance.

Growth Prospects

EVS is well-positioned for growth, with a strong presence in North America and a growing indirect sales channel. The company's focus on live production and its expanding product portfolio are expected to drive future growth. With the acquisition of Telemetrics, EVS is poised to become a leading player in the media production robotics market.

3. NewsRoom

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EVS Communicates the Results of the Extraordinary General Meeting of June 10, 2025

Jun -10

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EVS Invites Its Shareholders to a Postponed Extraordinary General Meeting on June 10, 2025

May -23

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EVS Communicates the Results of the Ordinary General Meeting

May -20

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EVS Q1 2025 business update

May -16

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Publication of a Transparency Notification

May -12

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Evs Invites Its Shareholders to the Ordinary General Meeting and an Extraordinary General Meeting on May 20, 2025

Apr -18

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PUBLICATION OF A TRANSPARENCY NOTIFICATION

Apr -17

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EVS Broadcast Equipment reports update of share buyback program

Apr -14

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.96%)

6. Segments

Live Audience

Expected Growth: 3%

Live Audience growth driven by increasing demand for live sports and entertainment events, rising adoption of 4K and IP-based broadcasting, and EVS' market leadership in providing innovative and reliable broadcast equipment solutions, enabling customers to deliver high-quality live productions.

Live Service Provider

Expected Growth: 5%

The 5% growth of Live Service Provider from EVS Broadcast Equipment SA is driven by increasing demand for live sports and entertainment events, adoption of cloud-based services, and rising need for remote production and broadcasting solutions. Additionally, the growing importance of high-quality video content and the need for efficient event management systems also contribute to this growth.

Big Event Rentals

Expected Growth: 6%

Big Event Rentals' 6% growth is driven by increasing demand for live events, sports, and festivals, coupled with EVS Broadcast Equipment SA's expertise in providing high-quality, reliable, and innovative broadcasting solutions. Additionally, the growing need for temporary event infrastructure and the rising popularity of experiential events also contribute to this growth.

7. Detailed Products

XT-VIA

A range of live production servers designed for high-performance and reliability, offering advanced features for live broadcasting and sports production.

XT-4K

A 4K live production server designed for high-resolution and high-frame-rate productions, offering advanced features for live broadcasting and sports production.

XS-VIA

A range of live production servers designed for high-performance and reliability, offering advanced features for live broadcasting and sports production.

IPDirector

A range of live production management software designed for high-performance and reliability, offering advanced features for live broadcasting and sports production.

DYVI

A range of live production switchers designed for high-performance and reliability, offering advanced features for live broadcasting and sports production.

X-One

A range of all-in-one live production systems designed for high-performance and reliability, offering advanced features for live broadcasting and sports production.

8. EVS Broadcast Equipment SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for EVS Broadcast Equipment SA is moderate, as there are alternative products and services available in the market, but they are not highly attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for EVS Broadcast Equipment SA is low, as customers have limited options and the company has a strong brand presence in the market.

Bargaining Power Of Suppliers

The bargaining power of suppliers for EVS Broadcast Equipment SA is moderate, as the company relies on a few key suppliers, but has some flexibility in its supply chain.

Threat Of New Entrants

The threat of new entrants for EVS Broadcast Equipment SA is high, as the market is attractive and there are low barriers to entry, making it easy for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry for EVS Broadcast Equipment SA is high, as the market is highly competitive and there are many established players, leading to a high level of competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.28%
Debt Cost 7.04%
Equity Weight 97.72%
Equity Cost 7.92%
WACC 7.90%
Leverage 2.33%

11. Quality Control: EVS Broadcast Equipment SA passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
EVS Broadcast Equipment

A-Score: 6.9/10

Value: 4.5

Growth: 6.4

Quality: 8.2

Yield: 6.2

Momentum: 8.5

Volatility: 7.3

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AB

A-Score: 5.5/10

Value: 7.7

Growth: 6.3

Quality: 4.7

Yield: 4.4

Momentum: 4.0

Volatility: 6.0

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Gilat Satellite Networks

A-Score: 4.8/10

Value: 2.1

Growth: 5.9

Quality: 5.6

Yield: 3.8

Momentum: 10.0

Volatility: 1.3

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ADVA Optical Networking

A-Score: 4.4/10

Value: 3.5

Growth: 1.1

Quality: 2.2

Yield: 1.9

Momentum: 7.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Bittium

A-Score: 4.4/10

Value: 1.1

Growth: 5.9

Quality: 6.9

Yield: 1.2

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Frequentis

A-Score: 4.1/10

Value: 1.7

Growth: 4.4

Quality: 6.0

Yield: 0.6

Momentum: 10.0

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

35.3$

Current Price

35.3$

Potential

-0.00%

Expected Cash-Flows