Revenio's Q1 result was a slight disappointment, but it is explained by the weight of significant FDA costs. During the seasonally weakest period, these costs depressed the EBIT margin by almost 3 percentage points, which apparently spooked the market. We feel, the guidance and outlook for 2024 remain unchanged in the big picture, and we only made minor negative revisions to our forecasts. We find the stock's valuation reasonable (2024e: adj. EV/EBIT 21x) relative to the outlook for the coming years and the company is also undervalued relative to the peer group, so we find the risk/reward ratio attractive.

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