Q1 from BMOWe remain Outperform on Evertz following Q1/24 results, which were a beat on both revenue and EBITDA, driven by strength in int'l revenue, while August shipments suggest that Q2/24 is off to a strong start. We've modestly raised our revenue and EBITDA estimates (we were already above consensus FY2024/25 EBITDA). We view the stock's valuation as attractive given Evertz's dividend yield and growing mix of cloud revenue, particularly as Evertz continues to trade at a significant discount to its pre- pandemic multiple (which had averaged 9.5-10.5x forward EV/EBITDA).