Global Invacom

Global Invacom: Voyage research see the industry tilting towards Invacom’s favor with growing satellite ground equipment purchases, increasing number of HDTV channels and smart TV ownership and need for more sophisticated satellite communication products. Invacom is one of the seven global suppliers of satellite television peripherals with a portfolio of more than 400 products. Its products are mainly sold to satellite service providers and used for transmission between satellite and dish. The recent purchase of The Waveguide solution (TWS) will enable Invacom to design and manufacture higher end and higher margin products, thereby leading to new markets and growth opportunities. Invacom is currently trading at an undemanding 3.9X FY14F P/E and 0.48X P/B vs the peers’ average of 20.4X and 1.8X. Voyage Research Increase Exposure with TP of $0.355.