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INVISIO

INVISIO

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Financials

SEKm 2024 2025e 2026e
Sales 1807 1802 2091
Sales growth (%) 45,9 -0,2 16
EBITDA 463 425 524
EBITDA margin (%) 25,6 23,6 25,1
EBIT adj. 402 355 452
EBIT adj. margin (%) 22,3 19,7 21,6
Pretax profit 407 347 454
EPS 6,72 5,33 6,97
EPS growth (%) 71,8 -20,7 30,8
EPS adj. 6,94 5,56 7,22
DPS 2,3 2,76 3,31
EV/EBITDA (x) 35,2 39,2 31,6
EV/EBIT adj. (x) 40,5 47 36,7
P/E (x) 53,9 68 52
P/E adj. (x) 52,2 65,2 50,2
EV/sales (x) 9,02 9,25 7,93
FCF yield (%) 0,5 1,6 1,6
Le. adj. FCF yld. (%) 0,5 1,9 1,5
Dividend yield (%) 0,6 0,8 0,9
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 1802 2091
COGS -800 -731 -815
Gross profit 1007 1071 1275
Other operating items -544 -646 -751
EBITDA 463 425 524
Depreciation and amortisation -48 -55 -56
of which leasing depreciation -13 -13 -13
EBITA 416 370 468
EO Items 0 0 0
Impairment and PPA amortisation -14 -15 -16
EBIT 402 355 452
Net financial items 5 -8 2
Pretax profit 407 347 454
Tax -101 -97 -127
Net profit 306 250 327
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 306 250 327
EPS 6,72 5,33 6,97
EPS adj. 6,94 5,56 7,22
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 23,6 25,1
EBITA margin (%) 23 20,5 22,4
EBIT margin (%) 22,3 19,7 21,6
Pre-tax margin (%) 22,5 19,2 21,7
Net margin (%) 17 13,9 15,6
Sales growth (%) 45,9 -0,2 16
EBITDA growth (%) 50,3 -8,2 23,2
EBITA growth (%) 62,4 -10,9 26,4
EBIT growth (%) 65,7 -11,7 27,2
Net profit growth (%) 71,8 -18,4 30,8
EPS growth (%) 71,8 -20,7 30,8
Profitability N/A N/A N/A
ROE (%) 35 22,7 25,7
ROE adj. (%) 36,6 24,1 26,9
ROCE (%) 45,2 30,4 33,3
ROCE adj. (%) 45,6 31,7 34,1
ROIC (%) 47 31,9 36,9
ROIC adj. (%) 47 31,9 36,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 463 425 524
EBITDA adj. margin (%) 25,6 23,6 25,1
EBITDA lease adj. 451 412 511
EBITDA lease adj. margin (%) 24,9 22,9 24,4
EBITA adj. 416 370 468
EBITA adj. margin (%) 23 20,5 22,4
EBIT adj. 402 355 452
EBIT adj. margin (%) 22,3 19,7 21,6
Pretax profit Adj. 421 362 470
Net profit Adj. 320 265 343
Net profit to shareholders adj. 320 265 343
Net adj. margin (%) 17,7 14,7 16,4
SEKm 2024 2025e 2026e
EBITDA 463 425 524
Goodwill 63 101 101
Net financial items 5 -8 2
Other intangible assets 219 237 264
Paid tax -99 -97 -127
Tangible fixed assets 37 102 111
Non-cash items 26 0 0
Right-of-use asset 30 30 30
Cash flow before change in WC 395 320 399
Total other fixed assets 18 20 22
Change in working capital -238 61 -58
Fixed assets 366 491 528
Operating cash flow 157 381 341
Inventories 272 324 376
Capex tangible fixed assets 0 -2 -2
Receivables 543 437 494
Capex intangible fixed assets -66 -63 -73
Other current assets 0 0 0
Acquisitions and Disposals 0 -39 0
Cash and liquid assets 242 384 489
Free cash flow 91 278 266
Total assets 1424 1635 1888
Dividend paid -59 -105 -126
Shareholders equity 1029 1173 1374
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -12 47 -13
Total equity 1029 1173 1374
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 101 108 125
Other current liabilities 217 216 251
Total liabilities and equity 1424 1635 1888
Net IB debt -224 -306 -414
Net IB debt excl. pension debt -224 -306 -414
Net IB debt excl. leasing -260 -403 -511
Capital employed 1066 1270 1471
Capital invested 806 867 960
Working capital 498 437 494
Market cap. diluted (m) 16526 16986 16986
Net IB debt adj. -224 -306 -414
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 16303 16680 16572
Total assets turnover (%) 145,9 117,8 118,7
Working capital/sales (%) 21 25,9 22,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -21,7 -26,1 -30,1
Net debt / market cap (%) -1,4 -1,8 -2,5
Equity ratio (%) 72,3 71,7 72,8
Net IB debt adj. / equity (%) -21,7 -26,1 -30,1
Current ratio 3,33 3,53 3,61
EBITDA/net interest 90,8 50,6 262
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 44,1 234
SEKm 2024 2025e 2026e
Shares outstanding adj. 46 46 46
Diluted shares adj. 46 47 47
EPS 6,72 5,33 6,97
Dividend per share 2,3 2,76 3,31
EPS adj. 6,94 5,56 7,22
BVPS 22,57 25,04 29,32
BVPS adj. 16,39 17,81 21,52
Net IB debt/share -4,9 -6,54 -8,83
Share price 362,5 362,5 362,5
Market cap. (m) 16526 16740 16740
P/E (x) 53,9 68 52
EV/sales (x) 9 9,3 7,9
EV/EBITDA (x) 35,2 39,2 31,6
EV/EBITA (x) 39,2 45 35,4
EV/EBIT (x) 40,5 47 36,7
Dividend yield (%) 0,6 0,8 0,9
FCF yield (%) 0,5 1,6 1,6
Le. adj. FCF yld. (%) 0,5 1,9 1,5
P/BVPS (x) 16,06 14,48 12,36
P/BVPS adj. (x) 22,11 20,06 16,6
P/E adj. (x) 52,2 65,2 50,2
EV/EBITDA adj. (x) 35,2 39,2 31,6
EV/EBITA adj. (x) 39,2 45 35,4
EV/EBIT adj. (x) 40,5 47 36,7
EV/CE (x) 15,3 13,1 11,3
Investment ratios N/A N/A N/A
Capex/sales (%) 3,7 3,6 3,6
Capex/depreciation 1,9 1,6 1,8
Capex tangibles / tangible fixed assets 1,1 1,8 1,9
Capex intangibles / definite intangibles 30,2 26,6 27,7
Depreciation on intang / def. intang 16 17,6 16,2
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.

52,0

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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36,0

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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7,8

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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12,1