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INVISIO

INVISIO

INVISIO develops and sells advanced communication and hearing protection systems, enabling professionals in noisy and critical environments to communicate while protecting their hearing. The systems consist of headsets and control units with connections to e.g. an external group radio or a vehicle’s intercom system. INVISIO's customers are mainly agencies in charge of procurements for security forces, so INVISIO holds long-term contracts with defence authorities.

Sustainability information

INVISIO’s business can be very lumpy, with large procurements and tender offers carried out at irregular intervals. As such, the company’s revenues and operating profit can vary substantially on a quarterly basis. Furthermore, visibility into the pipeline for procurements and tenders is low, as INVISIO’s customers are careful not to reveal their existence until they are made public.

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

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Media

INVISIO - Company presentation with IR Michael Peterson
INVISIO - Company presentation with IR Michael Peterson

Main shareholders - INVISIO

Main shareholders Share capital % Voting shares % Verified
William Demant Fonden 20.3 % 20.3 % 14 Oct 2025
SEB Funds 9.7 % 9.7 % 30 Sep 2025
Swedbank Robur Fonder 8.4 % 8.4 % 30 Sep 2025
Arbejdsmarkedets Tillægspension (ATP) 5.7 % 5.7 % 26 Sep 2025
Capital Group 5.7 % 5.7 % 30 Sep 2025
Vanguard 3.5 % 3.5 % 30 Sep 2025
Handelsbanken Fonder 2.9 % 2.9 % 30 Sep 2025
C WorldWide Asset Management 2.8 % 2.8 % 30 Sep 2025
Novo Holdings A/S 2.5 % 2.5 % 26 Sep 2025
Fidelity Investments (FMR) 2.3 % 2.3 % 31 Aug 2025
Source: Holdings by Modular Finance AB