LEIGE,BELGIUM: Analysts at ING Financial Markets upgrade EVS Broadcast Equipment from “hold” to “buy.” The target price has been raised from 25 to 31 euros. Share price in today’s trading peaked at over 25 euros before coming to rest at about 24.60, or nearly $32 U.S.
For the full year of 2008, EVS posted a profit of 45.2 million euros ($66.5 million), up nearly 15 percent from 2007, on total revenues of 110.7 million euros ($162.9 million, based on average exchange rate for the period). The year was strong, but finished diminished as EVS posted its first decline in sales after six consecutive quarters of growth. EVS posted 4Q08 revenues of 13.6 million euros ($18.4 million), down euros-to-euros nearly 50 percent compared to 4Q07. Net profit was 1.9 million euros ($2.6 million), down nearly 84 percent.
EVS has 17 million euros in billing booked, but said it would “obviously remain prudent in 2009.” The company is already working on 2010 events, including the Winter Olympics in Vancouver, World Cup Football in South Africa, and Commonwealth Games in India and the Asian Games in China.
In its research note, ING analysts said the company’s revenues are expected to rise significantly on the live events planned for 2009 and 2010. EVS is expected to gain significant market share with new products and healthy orders.
EVS digital video records are prevalent in remote production trucks. EVS has more than 5,000 users globally.
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