Haivision Systems Inc
TSX:HAI
Intrinsic Value
Haivision Systems, Inc. engages in the production of end-to-end video streaming solutions for encoding, recording, managing, publishing and distributing secure video content. [ Read More ]
The intrinsic value of one HAI stock under the Base Case scenario is 6.06 CAD. Compared to the current market price of 5.12 CAD, Haivision Systems Inc is Undervalued by 15%.
Valuation Backtest
Haivision Systems Inc
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Fundamental Analysis
Haivision Displays Financial Strength in Q1 Fiscal 2024
2024-Q1 Earnings Call
In the first quarter of fiscal 2024, Haivision reported a revenue of $34.6 million, a modest increase of 1.5% from the previous year, but a stronger normalized growth of 6.5% when accounting for the exit from the managed services House of Worship market. The gross margin improved significantly to 72.9%, up from 66.6%, reflecting successful restructuring efforts. This led to an adjusted EBITDA margin of 14.9%, the second-best in the company's history, and a notable jump from 6.2% last year, hinting at robust earnings potential. Operational efficiency gains were evident with an operating income of $2.3 million compared to a loss in the prior year, and net income improved by $2.7 million. Haivision's balance sheet signals financial health, with a cash increase of $4.8 million and total liabilities decreasing by $6.2 million. For fiscal 2024, the company expects revenue between $145-150 million and EBITDA margins in the mid-teens.
Balance Sheet Decomposition
Haivision Systems Inc
Current Assets | 54.7m |
Cash & Short-Term Investments | 13m |
Receivables | 20.5m |
Other Current Assets | 21.2m |
Non-Current Assets | 80.7m |
PP&E | 10.7m |
Intangibles | 60.5m |
Other Non-Current Assets | 9.5m |
Current Liabilities | 32.5m |
Accounts Payable | 6.8m |
Accrued Liabilities | 5.2m |
Short-Term Debt | 3.7m |
Other Current Liabilities | 16.8m |
Non-Current Liabilities | 11.2m |
Long-Term Debt | 7.8m |
Other Non-Current Liabilities | 3.4m |
Earnings Waterfall
Haivision Systems Inc
Revenue
|
174.4m
CAD
|
Cost of Revenue
|
-50.7m
CAD
|
Gross Profit
|
123.8m
CAD
|
Operating Expenses
|
-120.3m
CAD
|
Operating Income
|
3.5m
CAD
|
Other Expenses
|
-3.5m
CAD
|
Net Income
|
11.9k
CAD
|
Free Cash Flow Analysis
Haivision Systems Inc
What is Free Cash Flow?
HAI Profitability Score
Profitability Due Diligence
Haivision Systems Inc's profitability score is 47/100. The higher the profitability score, the more profitable the company is.
Score
Haivision Systems Inc's profitability score is 47/100. The higher the profitability score, the more profitable the company is.
HAI Solvency Score
Solvency Due Diligence
Haivision Systems Inc's solvency score is 59/100. The higher the solvency score, the more solvent the company is.
Score
Haivision Systems Inc's solvency score is 59/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
HAI Price Targets Summary
Haivision Systems Inc
According to Wall Street analysts, the average 1-year price target for HAI is 7.57 CAD with a low forecast of 6.82 CAD and a high forecast of 8.4 CAD.
Shareholder Return
HAI Price
Haivision Systems Inc
Average Annual Return | -16.93% |
Standard Deviation of Annual Returns | 46.51% |
Max Drawdown | -86% |
Market Capitalization | 148.6m CAD |
Shares Outstanding | 28 907 380 |
Percentage of Shares Shorted | 1.75% |
Company Profile
Country
Industry
Market Cap
Dividend Yield
Description
Haivision Systems, Inc. engages in the production of end-to-end video streaming solutions for encoding, recording, managing, publishing and distributing secure video content. The company is headquartered in Montreal, Quebec. The company went IPO on 2020-12-16. The company delivers video through the Internet protocol (IP) video lifecycle (contribution, distribution, and delivery), using a range of software, hardware, and services. Its platform is comprised of intelligent edge devices specializing in image encoding/decoding. The devices are interconnected with a video management and networking software running on private and public clouds for video routing, processing, and management over any IP network. The company provides encoding, decoding, and transcoding to video streaming workflow. The company sells the product and allow real-time video to blue-chip end-clients operating across various industries such as technology, media and entertainment, manufacturing, consumer products, financial services, healthcare, and retail. The company provides infrastructure solutions for the video streaming market, servicing enterprises and governments.
Contact
IPO
Employees
Officers
The intrinsic value of one HAI stock under the Base Case scenario is 6.06 CAD.
Compared to the current market price of 5.12 CAD, Haivision Systems Inc is Undervalued by 15%.