Salut tout le monde,
pour ceux qui la suivent, voici l'avis de KBC ce matin.
Source: Thomson Reuters Datastream
EVS 3Q15 revenues amounted to € 28.2m (-21.6% y/y and -6.9%% at
constant FX and excluding the big event rentals) compared to € 30.0m CSS
and € 30.5m KBCSe. Sales in OB vans (46.1% of total) decreased 14.4%
(-19.6% at constant FX) to € 13.1m while 3Q15 Studio sales (53.0% of total)
increased 14.5% to € 14.9m (+7.8% at constant FX). Big events rentals
amounted to € 0.2m in 3Q15 (€ 7.7m in 3Q14). 3Q15 sales were weak
(-11.1% at constant FX) in EMEA (Europe/Middle-East and Africa) to € 13.3m
and Asia & Pacific -8.6% to € 4.5m while Americas were up 1.4% to € 10.3m.
EVS saw some shift of business from 1H15 to 2H15. In addition, there were a
higher number of upgrades to the XT3 platform than initially expected, due to
the announced end-of-support of the XT2 platform as from the beginning of
FY16. 3Q15 gross margin was 70.0% (74.9% in 3Q14) mainly due to the
leverage effect of lower sales on the fixed costs. Consensus was 72.2% while
we were at 71.8%. Operating expenses were stable vs. 3Q14, despite the
negative currency effect and the depreciations on the new EVS-building
(Depreciation on the building started in 2Q15 and will be +/- € 2.1m on a full
year basis. End 3Q15 € 55.6m have been invested in the building). As a
result, 3Q15 EBIT came in at € 7.2m (EBIT-margin of 25.6%), compared to
39.8% in 3Q14. CSS was aiming for € 7.4m or 24.6% EBIT-margin (KBCSe
€ 7.9m or 25.9% EBIT-margin). EVS’ 3Q15 net profit amounted to € 4.8m
(€ 11.3m in 3Q14) while CSS was at € 4.9m (KBCSe € 5.1m).
The positive news came from the order book (to be invoiced in 2015) end
October 25, 2015 which amounted to a nice € 31.4, +66.1% excl. the big
event rentals. In addition to this order book to be invoiced in 2015, EVS
already has € 13.7m of orders to be invoiced in FY16 and beyond. CSS was
aiming at an order book of € 26.2m for this year and € 10.2m in FY16 and
beyond (KBCSe € 25.6m and € 9.4m respectively). Based on this order book
and the lead time EVS fine-tuned its revenue guidance for 2015 (between
€ 110m and € 115m) towards the top-end of the previously announced range.
Thanks to strict cost control, and despite currency effects, EVS also reviewed
its opex guidance, with a low single digit growth expected in 2015 vs 2014.
EVS decided to pay an interim dividend of € 0.50 (ex-date 23 November).
Conclusion
Not to our surprise, EVS reiterated again the slowdown witnessed in the
broadcast industry that persists due to the various technology transitions
creating uncertainty on the customer side, longer investment and sale cycles
and macro-economic headwinds. Positive was that EVS already saw a higher
than initially planned number of upgrades to the XT3 platform in 2H15,
following the announcement by EVS of the end-of-support of the 10-year old
XT2 platform. We already updated our FY15 sales forecast to € 113m.
Management now also expects low single digit opex growth in 2015. This is
lower than the previous guidance, mainly due stricter cost control, some
postponed and reduced investments and projects. As a result we upped our
FY15E EBIT to € 26.4m (23.3% FY15E EBIT-margin). We increase our
Target Price from € 29 to € 30 and reiterate our Accumulate rating.
Dernière modification par demat (13-11-2015 11:05:51)
