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INVISIO

INVISIO

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Financials

SEKm 2024 2025e 2026e
Sales 1807 1785 2070
Sales growth (%) 45,9 -1,2 16
EBITDA 463 418 515
EBITDA margin (%) 25,6 23,4 24,9
EBIT adj. 402 348 443
EBIT adj. margin (%) 22,3 19,5 21,4
Pretax profit 407 339 445
EPS 6,72 5,21 6,84
EPS growth (%) 71,8 -22,4 31,1
EPS adj. 6,94 5,45 7,08
DPS 2,3 2,76 3,31
EV/EBITDA (x) 29,3 33,2 26,7
EV/EBIT adj. (x) 33,7 39,9 31,1
P/E (x) 45 58 44,2
P/E adj. (x) 43,6 55,5 42,7
EV/sales (x) 7,51 7,77 6,65
FCF yield (%) 0,7 2 1,9
Le. adj. FCF yld. (%) 0,6 2,3 1,8
Dividend yield (%) 0,8 0,9 1,1
Net IB debt/EBITDA (x) -0,5 -0,7 -0,8
Le. adj. ND/EBITDA (x) -0,6 -1 -1
SEKm 2024 2025e 2026e
Sales 1807 1785 2070
COGS -800 -724 -807
Gross profit 1007 1060 1263
Other operating items -544 -643 -748
EBITDA 463 418 515
Depreciation and amortisation -48 -55 -56
of which leasing depreciation -13 -13 -13
EBITA 416 363 459
EO Items 0 0 0
Impairment and PPA amortisation -14 -15 -16
EBIT 402 348 443
Net financial items 5 -8 2
Pretax profit 407 339 445
Tax -101 -95 -125
Net profit 306 244 320
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 306 244 320
EPS 6,72 5,21 6,84
EPS adj. 6,94 5,45 7,08
Total extraordinary items after tax 0 0 0
Leasing payments -13 -13 -13
Tax rate (%) 24,8 28 28
Gross margin (%) 55,7 59,4 61
EBITDA margin (%) 25,6 23,4 24,9
EBITA margin (%) 23 20,3 22,2
EBIT margin (%) 22,3 19,5 21,4
Pre-tax margin (%) 22,5 19 21,5
Net margin (%) 17 13,7 15,5
Sales growth (%) 45,9 -1,2 16
EBITDA growth (%) 50,3 -9,9 23,3
EBITA growth (%) 62,4 -12,8 26,6
EBIT growth (%) 65,7 -13,6 27,4
Net profit growth (%) 71,8 -20,3 31,1
EPS growth (%) 71,8 -22,4 31,1
Profitability N/A N/A N/A
ROE (%) 35 22,2 25,3
ROE adj. (%) 36,6 23,6 26,6
ROCE (%) 45,2 29,8 32,8
ROCE adj. (%) 45,6 31,1 33,7
ROIC (%) 47 31,3 36,4
ROIC adj. (%) 47 31,3 36,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 463 418 515
EBITDA adj. margin (%) 25,6 23,4 24,9
EBITDA lease adj. 451 404 502
EBITDA lease adj. margin (%) 24,9 22,7 24,2
EBITA adj. 416 363 459
EBITA adj. margin (%) 23 20,3 22,2
EBIT adj. 402 348 443
EBIT adj. margin (%) 22,3 19,5 21,4
Pretax profit Adj. 421 354 461
Net profit Adj. 320 259 336
Net profit to shareholders adj. 320 259 336
Net adj. margin (%) 17,7 14,5 16,2
SEKm 2024 2025e 2026e
EBITDA 463 418 515
Goodwill 63 101 101
Net financial items 5 -8 2
Other intangible assets 219 237 263
Paid tax -99 -95 -125
Tangible fixed assets 37 102 110
Non-cash items 26 0 0
Right-of-use asset 30 30 30
Cash flow before change in WC 395 314 392
Total other fixed assets 18 20 22
Change in working capital -238 65 -57
Fixed assets 366 490 527
Operating cash flow 157 379 335
Inventories 272 321 373
Capex tangible fixed assets 0 -2 -2
Receivables 543 433 490
Capex intangible fixed assets -66 -62 -72
Other current assets 0 0 0
Acquisitions and Disposals 0 -39 0
Cash and liquid assets 242 382 483
Free cash flow 91 276 261
Total assets 1424 1627 1872
Dividend paid -59 -105 -126
Shareholders equity 1029 1168 1362
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -12 47 -13
Total equity 1029 1168 1362
Other non-cash items 7 -136 -19
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 37 97 97
Total other long-term liabilities 41 41 41
Short-term debt 0 0 0
Accounts payable 101 107 124
Other current liabilities 217 214 248
Total liabilities and equity 1424 1627 1872
Net IB debt -224 -305 -408
Net IB debt excl. pension debt -224 -305 -408
Net IB debt excl. leasing -260 -402 -505
Capital employed 1066 1265 1459
Capital invested 806 863 954
Working capital 498 433 490
Market cap. diluted (m) 13791 14175 14175
Net IB debt adj. -224 -305 -408
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 13567 13869 13767
Total assets turnover (%) 145,9 117 118,3
Working capital/sales (%) 21 26,1 22,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -21,7 -26,1 -29,9
Net debt / market cap (%) -1,6 -2,2 -2,9
Equity ratio (%) 72,3 71,8 72,7
Net IB debt adj. / equity (%) -21,7 -26,1 -29,9
Current ratio 3,33 3,54 3,61
EBITDA/net interest 90,8 49,7 257,5
Net IB debt/EBITDA (x) -0,5 -0,7 -0,8
Net IB debt/EBITDA lease adj. (x) -0,6 -1 -1
Interest coverage 81,5 43,2 229,5
SEKm 2024 2025e 2026e
Shares outstanding adj. 46 46 46
Diluted shares adj. 46 47 47
EPS 6,72 5,21 6,84
Dividend per share 2,3 2,76 3,31
EPS adj. 6,94 5,45 7,08
BVPS 22,57 24,92 29,07
BVPS adj. 16,39 17,71 21,29
Net IB debt/share -4,9 -6,51 -8,7
Share price 302,5 302,5 302,5
Market cap. (m) 13791 13969 13969
P/E (x) 45 58 44,2
EV/sales (x) 7,5 7,8 6,7
EV/EBITDA (x) 29,3 33,2 26,7
EV/EBITA (x) 32,6 38,2 30
EV/EBIT (x) 33,7 39,9 31,1
Dividend yield (%) 0,8 0,9 1,1
FCF yield (%) 0,7 2 1,9
Le. adj. FCF yld. (%) 0,6 2,3 1,8
P/BVPS (x) 13,4 12,14 10,41
P/BVPS adj. (x) 18,45 16,84 14
P/E adj. (x) 43,6 55,5 42,7
EV/EBITDA adj. (x) 29,3 33,2 26,7
EV/EBITA adj. (x) 32,6 38,2 30
EV/EBIT adj. (x) 33,7 39,9 31,1
EV/CE (x) 12,7 11 9,4
Investment ratios N/A N/A N/A
Capex/sales (%) 3,7 3,6 3,6
Capex/depreciation 1,9 1,5 1,7
Capex tangibles / tangible fixed assets 1,1 1,7 1,9
Capex intangibles / definite intangibles 30,2 26,4 27,6
Depreciation on intang / def. intang 16 17,7 16,3
Depreciation on tangibles / tangibles 0 0 0

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

44,2

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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30,5

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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6,5

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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10,2