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* Canaccord Genuity’s Robert Young bumped his Haivision Systems Inc. (HAI-T) target to $6.75 from $6.50 with a “buy” rating. The average is $6.92.
“Haivision reported solid FQ4 results with the top line and bottom line beating our estimates, continuing the strength in Q3,” said Mr. Young. “Margins were materially better than expected due to the wind-down of the House of Worship (HoW) in April 2023, which was a 200bp GM benefit. Mix was also a margin support given government/military and mature contribution. Recent restructuring and the impact on OpEx helped drive EBITDA margins to 15.9 per cent vs our 14.9-per-cent estimate. Management provided revenue guidance for F2024 of $145-150-million (implying 3.5-7-per-cent growth), and mid-teen adj. EBITDA margin guide (we read as 15-17 per cent). Management also reiterated its long-term target of adj. EBITDA margins of 20 per cent with top-line growth the key driver given a conservative view of GM expansion. Following the quarter, we have revised our estimates and have rolled out our F2025 forecasts.” All the best SM
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