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Haivision Systems Inc
TSX:HAI

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Haivision Systems Inc Logo
Haivision Systems Inc
TSX:HAI
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Price: 5.12 CAD -1.25% Market Closed
Updated: Mar 29, 2024

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%.

Key Points:
HAI Intrinsic Value
Base Case
6.06 CAD
Undervaluation 15%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
Haivision Systems Inc

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Fundamental Analysis

Haivision Displays Financial Strength in Q1 Fiscal 2024
2024-Q1 Earnings Call

Haivision Displays Financial Strength in Q1 Fiscal 2024

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.

Financials

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
Efficiency

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

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3-Years Average
FCF Margin
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Fundamental Scores

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.

Positive Gross Profit
Exceptional 3-Years Revenue Growth
ROIC is Increasing
Exceptional 1-Year Revenue Growth
47/100
Profitability
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.

Low D/E
Long-Term Solvency
High Altman Z-Score
Short-Term Solvency
59/100
Solvency
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

Wall Street analysts forecast HAI stock price to rise over the next 12 months.

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.

Lowest
Price Target
6.82 CAD
33% Upside
Average
Price Target
7.57 CAD
48% Upside
Highest
Price Target
8.4 CAD
64% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Shareholder Return

HAI Price
Haivision Systems Inc

1M 1M
+5%
6M 6M
+37%
1Y 1Y
+30%
3Y 3Y
-44%
5Y 5Y
-34%
10Y 10Y
-34%
Annual Price Range
5.12
52w Low
3.33
52w High
5.41
Price Metrics
Average Annual Return -16.93%
Standard Deviation of Annual Returns 46.51%
Max Drawdown -86%
Shares Statistics
Market Capitalization 148.6m CAD
Shares Outstanding 28 907 380
Percentage of Shares Shorted 1.75%

HAI Return Decomposition
Main factors of price return

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Company Profile

Haivision Systems Inc Logo
Haivision Systems Inc

Country

Canada

Industry

Communications

Market Cap

148.6m CAD

Dividend Yield

0%

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

QUEBEC
MONTREAL
2600 Blvd. Alfred-Nobel, 5th Floor
+15143345445.0
http://www.haivision.com/

IPO

2020-12-16

Employees

-

Officers

Chairman, President & CEO
Mr. Miroslav Wicha
CFO, Secretary & EVP of Operations
Mr. Dan Rabinowitz
Chief Strategy Officer & Executive VP of Strategic Partnerships
Mr. Peter Maag M.B.A.
Vice President of Marketing
Mr. Marcus Schioler B.Sc.
Senior Vice President of Operations
Mr. Jean-Phiippe Demers
Chief Revenue Officer of MCS
Mr. Brian Henry
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Senior Vice President of Cloud
Mr. Miguel Serrano
Senior Vice President of Engineering
Mr. Ronan Poullaouec
Senior Vice President of DevSecOps & Quality Engineering
Mr. Paul Singh B.Tech.
Chief Product Officer
Mr. Jean-Marc Maurice Andre Racine
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See Also

Discover More
What is the Intrinsic Value of one HAI stock?

The intrinsic value of one HAI stock under the Base Case scenario is 6.06 CAD.

Is HAI stock undervalued or overvalued?

Compared to the current market price of 5.12 CAD, Haivision Systems Inc is Undervalued by 15%.