Vislink’s trading statement highlights a particularly back-end weighted year for the hardware division, while the software division continues to perform strongly. The group now expects FY’15 revenue of £54-58m, which we estimate translates to adjusted EBIT of £4.5m to £6.7m. Given the already significant fall in the share price, we believe it is prudent to take the “low-case” scenario. On our re-based estimates, the shares are trading on an undemanding 3.5x EV/EBITDA and 7.8x P/E 2016. The group ....
