Redeye provides its initial take on Vitec’s Q1 2024 report, which came in slightly below our estimates. We judge that positives from the report include solid first-quarter profitability. Notable negatives include slightly lower top-line figures than we anticipated. The top-line miss mainly derived from a lower-than-expected contribution of future M&A, which naturally displays some sequential volatility. Thus, we expect to make minor adjustments to our estimates and valuation.