EVS combines a premium live-sports moat, 12.3% historical revenue CAGR and net cash with only 9.1–9.6x forward P/E, creating substantial rerating potential.
Overview
EVS Broadcast Equipment is a Belgium-based leader in premium live-video technology, selling integrated replay, media management, infrastructure orchestration and robotic-camera systems to broadcasters, sports federations, live-service providers and major events. Approximately 85% of revenue comes from high-end technology sales and 15% from professional services, with reliability above 99.999% and a 5,000+ operator ecosystem reinforcing switching costs. **H1 2026 revenue reached a record EUR 107.2 million, up 16.8% year over year**, although core revenue excluding BER rose 3.7% and gross margin fell from 72.6% to 68.5% because of T-Motion mix, FX, trade-ins and hiring. Management reconfirmed FY2026 revenue guidance of EUR 220–240 million and EBIT guidance of EUR 40–50 million, despite secured revenue of EUR 161.5 million requiring a back-end-loaded second half. At EUR 28.30, EVS trades at 10.3x trailing P/E, 9.1–9.6x forward P/E, 5.3x trailing EV/EBITDA and offers a 4.23% forward dividend yield. **The near-term catalysts are pipeline conversion, margin normalization and CFO stabilization**, while net cash of EUR 58.40 million supports downside resilience.