Redeye provides its initial take on Vitec’s Q2 2024 report, which mostly exceeded our estimates. We judge that positives from the report include better-than-expected sales growth, especially for recurring revenues, mainly deriving from strong transaction-based recurring revenues. Notable negatives include slightly soft margins, though absolute profit figures still exceed our estimates. We will likely increase our 2024e top-line estimates and nudge up our valuation.
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