ET: Q4 preview: Looking for more details on Evertz's emerging defence story

研报英文原文证据摘录

ET: Q4 preview: Looking for more details on Evertz's emerging defence story

RBC Dominion Securities Inc.

Paul Treiber, CFA (Analyst)

(416) 842-7811, paul.treiber@rbccm.com

Ty Sullivan (Associate)

(416) 842-8630, ty.sullivan@rbccm.com

Steven (Pei Wen) Lin (Associate)

(416) 842-9980, steven.lin@rbccm.com

June 22, 2026

Evertz Technologies Limited Sector Perform

TSX: ET; CAD 16.51RESEARCH Q4 preview: Looking for more details on Evertz's Price Target CAD 16.00

emerging defence story Scenario Analysis*

Our view: Evertz's shares have traded largely flat as enthusiasm for the

company's defence opportunity has neither improved nor deteriorated. DownsideScenario TargetPrice CurrentPrice ScenarioUpside

For the upcoming quarter, we expect revenue effectively in line with

consensus, up 3% Y/Y. For shares to appreciate beyond current levels, we 12.0022% 16.002% 16.51 21.0032%

believe growth needs to inflect higher or investor visibility to the company's

*Implied Total ReturnsEQUITY defence segment needs to improve further. Maintain Sector Perform. Key Statistics

Key points: SharesDividend:O/S (MM): 76.70.83 MarketYield: Cap (MM): 1,2665.0%

• Forecast Q4 revenue effectively in line with consensus. Evertz will report BVPS: 2.56 P/BVPS: 6.44x Float (MM): 28.4 Enterprise Val. (MM): 1,265

Q4/FY26 results (Apr-qtr) on June 24 after market close. We forecast Avg. Daily Volume: 31,034

revenue to increase 3% Y/Y to $132MM, effectively in line with consensus 3-Yr. Est. EPS Growth: 5.49%

at $131MM. On a constant currency basis, our forecast implies organic RBC Estimates growth of 6% Y/Y, slightly above Evertz's TTM average of 2%, given the FY Apr 2025A 2026E 2027E 2028E

continued mix-shift to reoccurring software and services revenue. Due to Revenue 501.6 515.9 542.4 566.2