Haivision Systems is a buy, this analyst says

Beacon Securities analyst Donangelo Volpe initiated coverage of Haivision Systems (Haivision Stock Quote, Chart, News, Analysts, Financials TSX:HAI) on Oct. 15 with a “Buy” rating and $7.00 target price, saying the company’s recent strategic pivot positions it for a return to double-digit revenue and EBITDA growth through 2029.

“Our price target is based on a 10.5× multiple of our FY2026 adjusted EBITDA forecast,” Volpe said.

The Montreal- and Chicago-based company, founded in 2004, is a global leader in real-time video streaming and networking solutions serving the media and entertainment, enterprise, and defence markets. Haivision provides fully integrated video infrastructure systems that support the entire video lifecycle, from contribution to distribution to delivery, enabling high-quality, low-latency, secure IP video communications for mission-critical operations.

Volpe said Haivision’s strategic exit from lower-margin managed services and its focus on proprietary hardware and software have streamlined operations, reduced inventory requirements, and created a more scalable, asset-light model.

“Haivision’s pivot away from third-party system integration toward a pure manufacturing and software-driven model, coupled with its rental program for Aviwest transmitter products, is expected to drive recurring revenue and higher profitability,” he said.

The company’s third quarter of fiscal 2025 marked “an inflection point,” with double-digit revenue growth, expanding recurring revenue, and stabilized operating expenses resulting in a return to double-digit EBITDA margins.

Volpe also pointed to Haivision’s strong gross margin profile , above 70%, and the potential to exceed 20% EBITDA margins with scale, adding that the company’s track record of successful acquisitions provides “further optionality for growth.”

He said Haivision currently trades at a 35% discount to peers, at 1.0× sales and 7.6× adjusted EBITDA (based on FY2026 estimates), versus comparable companies at 2.7× sales and 11.7× adjusted EBITDA.

“Given its scalable model, recurring revenue expansion, and improving margin trajectory, we see a compelling risk/reward opportunity for investors,” Volpe said.

Volpe said that Haivision should do $9.5-million in Adjusted EBITDA on revenue of $132.4-million in fiscal 2025, improving to $20.3-million on revenue of $150.6-million in fiscal 2026.

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