Vislink’s H115 results confirm the transformative impact of the Pebble Beach Systems (PBS) acquisition, which has improved both visibility of earnings and operating margin. Noting the improved hardware operating margins resulting from restructuring the manufacturing activities, we leave our adjusted pre-tax profit estimates unchanged, while reducing revenue estimates to reflect subdued broadcast hardware sales during the first half. We therefore continue to see fair value at 75p, even though the share price has responded negatively to the results.
