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INVISIO

INVISIO

SEKm 2021 2022e 2023e
Sales 593 734 958
Sales growth (%) 11,5 23,7 30,6
EBITDA 70 98 183
EBITDA margin (%) 11,8 13,4 19,1
EBIT adj 25 51 135
EBIT adj margin (%) 4,2 7 14,1
Pretax profit 23 52 133
EPS rep 0,32 0,79 2,21
EPS growth (%) -76,2 149,1 179,4
EPS adj 0,32 0,79 2,21
DPS 0,69 0,83 1
EV/EBITDA (x) 105,2 78,3 41,8
EV/EBIT adj (x) 296,4 149,8 56,7
P/E (x) 514,8 214,7 76,9
P/E adj (x) 514,8 214,7 76,9
EV/sales (x) 12,4 10,5 8
FCF yield (%) -1,3 0,2 1,1
Dividend yield (%) 0,4 0,5 0,6
Net IB debt/EBITDA -0,3 0,2 -0,1
Lease adj. FCF yield (%) -1,4 0,1 1
Lease adj. ND/EBITDA -0,9 -0,2 -0,3
SEKm 2021 2022e 2023e
Sales 593 734 958
COGS -253 -304 -393
Gross profit 340 430 565
Other operating items -270 -332 -382
EBITDA 70 98 183
Depreciation on tangibles 0 0 0
Depreciation on intangibles -9 -10 -10
EBITA 25 51 135
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 25 51 135
Other financial items 0 0 0
Net financial items -1 1 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 23 52 133
Tax -9 -17 -33
Net profit 14 36 100
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 14 36 100
EPS 0,32 0,79 2,21
EPS Adj 0,32 0,79 2,21
Total extraordinary items after tax 0 0 0
Tax rate (%) -38,8 -31,8 -25
Gross margin (%) 57,4 58,6 59
EBITDA margin (%) 11,8 13,4 19,1
EBITA margin (%) 4,2 7 14,1
EBIT margin (%) 4,2 7 14,1
Pretax margin (%) 4 7,1 13,9
Net margin (%) 2,4 4,9 10,4
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 11,5 23,7 30,6
EBITDA growth (%) -35,2 40 86,8
EBIT growth (%) -74 106,3 163,3
Net profit growth (%) -76,5 148,8 179,4
EPS growth (%) -76,2 149,1 179,4
Profitability 2021 2022 2023
ROE (%) 3,6 8,6 22,5
ROE Adj (%) 3,6 8,6 22,5
ROCE (%) 5,3 9,6 24
ROCE Adj(%) 5,3 9,6 24
ROIC (%) 4,8 8,5 22,7
ROIC Adj (%) 4,8 8,5 22,7
Adj earnings numbers 2021 2022 2023
EBITDA Adj 70 98 183
EBITDA Adj margin (%) 11,8 13,4 19,1
EBITA Adj 25 51 135
EBITA Adj margin (%) 4,2 7 14,1
EBIT Adj 25 51 135
EBIT Adj margin (%) 4,2 7 14,1
Pretax profit Adj 23 52 133
Net profit Adj 14 36 100
Net profit to shareholders Adj 14 36 100
Net Adj margin (%) 2,4 4,9 10,4
Depreciation and amortisation -45 -47 -48
Of which leasing depreciation -9 -8 -8
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 62 90 175
EBITDA lease Adj margin (%) 10,5 12,3 18,3
Leasing payments -8 -8 -8
SEKm 2021 2022e 2023e
EBITDA 70 98 183
Net financial items -1 1 -2
Paid tax -9 -17 -33
Non-cash items 0 0 0
Cash flow before change in WC 60 83 148
Change in WC 31 -44 -30
Operating cash flow 91 38 118
CAPEX tangible fixed assets 0 -1 -1
CAPEX intangible fixed assets -2 -26 -34
Acquisitions and disposals -186 0 0
Free cash flow -97 12 83
Dividend paid -31 -38 -45
Share issues and buybacks 0 0 0
Other non cash items -23 8 -26
Decrease in net IB debt 16 -74 170
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 55 55 55
Indefinite intangible assets 0 0 0
Definite intangible assets 95 110 132
Tangible fixed assets 17 16 15
Other fixed assets 5 5 5
Fixed assets 293 284 283
Inventories 118 139 172
Receivables 145 167 200
Other current assets 0 0 0
Cash and liquid assets 135 98 123
Total assets 690 688 778
Shareholders equity 418 416 470
Minority 0 0 0
Total equity 418 416 470
Long-term debt 85 85 85
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 34 44 57
Other current liabilities 119 109 131
Total liabilities and equity 690 688 778
Net IB debt -21 15 -11
Net IB debt excl. pension debt -21 15 -11
Capital invested 396 431 459
Working capital 109 153 183
EV breakdown 2021 2022 2023
Market cap. diluted (m) 7387 7667 7667
Net IB debt Adj -21 15 -11
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 7366 7683 7656
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 98,3 106,5 130,7
Capital invested turnover (%) 220,4 216,7 223
Capital employed turnover (%) 133,9 141,1 134,5
Inventories / sales (%) 19,9 16,6 13,1
Customer advances / sales (%) 0,6 0 0
Payables / sales (%) 6,1 5,5 5,3
Working capital / sales (%) 19,1 17,9 17,6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -5,1 3,7 -2,4
Net debt / market cap (%) -0,2 0,2 -0,1
Equity ratio (%) 60,5 60,4 60,4
Net IB debt adj. / equity (%) -5,1 3,7 -2,4
Current ratio (%) 259,1 264,1 262,3
EBITDA / net interest (%) 5003,6 -8915,7 9160,2
Net IB debt / EBITDA (%) -30,1 15,5 -6,1
Interest cover (%) 1775 -4661,2 6750,2
Lease liability amortisation -8 -8 -8
Other intangible assets 182 174 172
Right-of-use asset 34 34 34
Total other fixed assets 6 6 7
Leasing liability 34 34 34
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -55 -19 -45
Net IB debt / EBITDA lease Adj (%) -89,3 -21,2 -25,9
SEKm 2021 2022e 2023e
Shares outstanding adj. 45 45 45
Fully diluted shares Adj 45 45 45
EPS 0,32 0,79 2,21
Dividend per share Adj 0,7 0,8 1
EPS Adj 0,32 0,79 2,21
BVPS 9,37 9,23 10,44
BVPS Adj 4,07 4,16 5,41
Net IB debt / share -0,5 0,3 -0,2
Share price 189,51 170,2 170,2
Market cap. (m) 8441 7667 7667
Valuation 2021 2022 2023
P/E 514,8 214,7 76,9
EV/sales 12,42 10,47 7,99
EV/EBITDA 105,2 78,3 41,8
EV/EBITA 296,4 149,8 56,7
EV/EBIT 296,4 149,8 56,7
Dividend yield (%) 0,4 0,5 0,6
FCF yield (%) -1,3 0,2 1,1
P/BVPS 17,47 18,44 16,3
P/BVPS Adj 40,29 40,93 31,48
P/E Adj 514,8 214,7 76,9
EV/EBITDA Adj 105,2 78,3 41,8
EV/EBITA Adj 296,4 149,8 56,7
EV/EBIT Adj 296,4 149,8 56,7
EV/cap. employed 13,7 14,4 13
Investment ratios 2021 2022 2023
Capex / sales 0,4 3,6 3,6
Capex / depreciation 6,8 67,9 85,8
Capex tangibles / tangible fixed assets 0,6 4,7 6,3
Capex intangibles / definite intangibles 1,3 14,8 19,5
Depreciation on intangibles / definite intangibles 20,1 22,4 23,3
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -1,4 0,1 1

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.

77,0

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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56,7

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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8,0

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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16,3