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INVISIO

INVISIO

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Communication in extreme environments

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 in e.g. the US, Canada, and Denmark. The products are sold directly as well as through partners and resellers. Financial targets are an average sales growth fo 20% per year and an EBIT margin that should not fall below 15%.

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.

Financials

SEKm 2022 2023e 2024e
Sales 776 987 1204
Sales growth (%) 30,8 27,2 22
EBITDA 113 203 276
EBITDA margin (%) 14,5 20,6 22,9
EBIT adj. 65 152 228
EBIT adj. margin (%) 8,4 15,4 18,9
Pretax profit 63 150 226
EPS 0,99 2,49 3,76
EPS growth (%) 209,7 152,9 51
EPS adj. 0,99 2,49 3,76
DPS 0,7 0,84 1,01
EV/EBITDA (x) 81,5 44,7 32,6
EV/EBIT adj. (x) 141 59,9 39,5
P/E (x) 208 82,2 54,5
P/E adj. (x) 208 82,2 54,5
EV/sales (x) 11,85 9,21 7,48
FCF yield (%) 0,2 1,7 1,5
Le. adj. FCF yld. (%) 0,1 1,6 1,4
Dividend yield (%) 0,3 0,4 0,5
Net IB debt/EBITDA (x) -0,4 -0,7 -0,8
Le. adj. ND/EBITDA (x) 0,7 0,9 0,9
SEKm 2022 2023e 2024e
Sales 776 987 1204
COGS -326 -409 -482
Gross profit 450 578 722
Other operating items -337 -375 -446
EBITDA 113 203 276
Depreciation and amortisation -48 -51 -48
of which leasing depreciation -8 -10 -10
EBITA 65 152 228
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 65 152 228
Net financial items -3 -2 -2
Pretax profit 63 150 226
Tax -18 -37 -57
Net profit 44 112 170
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 44 112 170
EPS 0,99 2,49 3,76
EPS adj. 0,99 2,49 3,76
Total extraordinary items after tax 0 0 0
Leasing payments -8 -10 -10
Tax rate (%) 29 25 25
Gross margin (%) 58 58,6 60
EBITDA margin (%) 14,5 20,6 22,9
EBITA margin (%) 8,4 15,4 18,9
EBIT margin (%) 8,4 15,4 18,9
Pre-tax margin (%) 8,1 15,2 18,8
Net margin (%) 5,7 11,4 14,1
Sales growth (%) 30,8 27,2 22
EBITDA growth (%) 61 80,1 35,9
EBITA growth (%) 162,4 132,7 50,3
EBIT growth (%) N/A N/A 50,3
Net profit growth (%) 209,4 152,9 51
EPS growth (%) 209,7 152,9 51
Profitability N/A N/A N/A
ROE (%) 9,6 20,5 26,2
ROE adj. (%) 9,6 20,5 26,2
ROCE (%) 11,5 23,8 31
ROCE adj. (%) 11,5 23,8 31
ROIC (%) 10,7 25,2 37,2
ROIC adj. (%) 10,7 25,2 37,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 113 203 276
EBITDA adj. margin (%) 14,5 20,6 22,9
EBITDA lease adj. 105 194 266
EBITDA lease adj. margin (%) 13,5 19,6 22,1
EBITA adj. 65 152 228
EBITA adj. margin (%) 8,4 15,4 18,9
EBIT adj. 65 152 228
EBIT adj. margin (%) 8,4 15,4 18,9
Pretax profit Adj. 63 150 226
Net profit Adj. 44 112 170
Net profit to shareholders adj. 44 112 170
Net adj. margin (%) 5,7 11,4 14,1
SEKm 2022 2023e 2024e
EBITDA 113 203 276
Goodwill 56 56 56
Net financial items -3 -2 -2
Other intangible assets 183 181 191
Paid tax -19 -37 -57
Tangible fixed assets 21 20 20
Non-cash items 25 0 0
Right-of-use asset 23 21 20
Cash flow before change in WC 116 164 218
Total other fixed assets 6 7 8
Change in working capital -75 24 -36
Fixed assets 289 286 295
Operating cash flow 42 188 181
Inventories 144 178 217
Capex tangible fixed assets 0 -1 -1
Receivables 223 207 246
Capex intangible fixed assets -24 -35 -42
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 127 229 307
Free cash flow 18 153 138
Total assets 784 899 1065
Dividend paid -31 -38 -45
Shareholders equity 510 584 709
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -10 -8 -8
Total equity 510 584 709
Other non-cash items 46 -4 -5
Long-term debt 65 65 65
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 25 25 25
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 64 81 99
Other current liabilities 121 144 168
Total liabilities and equity 784 899 1065
Net IB debt -44 -147 -226
Net IB debt excl. pension debt -44 -147 -226
Net IB debt excl. leasing -68 -172 -251
Capital employed 600 674 798
Capital invested 466 438 482
Working capital 184 159 195
Market cap. diluted (m) 9235 9235 9235
Net IB debt adj. -44 -147 -226
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 9191 9088 9009
Total assets turnover (%) 105,2 117,3 122,6
Working capital/sales (%) 18,9 17,4 14,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -8,5 -25,1 -32
Net debt / market cap (%) -0,5 -1,6 -2,5
Equity ratio (%) 65,1 65 66,5
Net IB debt adj. / equity (%) -8,5 -25,1 -32
Current ratio 2,69 2,73 2,88
EBITDA/net interest 41,8 101,6 138
Net IB debt/EBITDA (x) -0,4 -0,7 -0,8
Net IB debt/EBITDA lease adj. (x) -0,7 -0,9 -0,9
Interest coverage 24,1 75,9 114
SEKm 2022 2023e 2024e
Shares outstanding adj. 45 45 45
Diluted shares adj. 45 45 45
EPS 0,99 2,49 3,76
Dividend per share 0,7 0,84 1,01
EPS adj. 0,99 2,49 3,76
BVPS 11,32 12,97 15,73
BVPS adj. 6,02 7,7 10,24
Net IB debt/share -0,97 -3,26 -5,03
Share price 205 205 205
Market cap. (m) 9235 9235 9235
P/E (x) 208 82,2 54,5
EV/sales (x) 11,85 9,21 7,48
EV/EBITDA (x) 81,5 44,7 32,6
EV/EBITA (x) 141 59,9 39,5
EV/EBIT (x) 141 59,9 39,5
Dividend yield (%) 0,3 0,4 0,5
FCF yield (%) 0,2 1,7 1,5
Le. adj. FCF yld. (%) 0,1 1,6 1,4
P/BVPS (x) 18,11 15,8 13,03
P/BVPS adj. (x) 34,07 26,63 20,02
P/E adj. (x) 208 82,2 54,5
EV/EBITDA adj. (x) 81,5 44,7 32,6
EV/EBITA adj. (x) 141 59,9 39,5
EV/EBIT adj. (x) 141 59,9 39,5
EV/CE (x) 15,3 13,5 11,3
Investment ratios N/A N/A N/A
Capex/sales (%) 3,1 3,6 3,6
Capex/depreciation 0,6 0,8 1,1
Capex tangibles / tangible fixed assets 0,5 5 6,1
Capex intangibles / definite intangibles 13,1 19 22
Depreciation on intang / def. intang 22 23 20
Depreciation on tangibles / tangibles 0 0 0

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Media

INVISIO - Company presentation with CEO Lars Højgård Hansen
INVISIO - Company presentation with CEO Lars Højgård Hansen

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Main shareholders - INVISIO

Main shareholders Share capital % Voting shares % Verified
William Demant Fonden 16.7 % 16.7 % 28 Dec 2022
SEB Fonder 9.8 % 9.8 % 28 Feb 2023
Swedbank Robur Fonder 6.7 % 6.7 % 31 Jan 2023
Handelsbanken Fonder 6.2 % 6.2 % 28 Feb 2023
Arbejdsmarkedets Tillægspension (ATP) 6.1 % 6.1 % 31 Dec 2022
C WorldWide Asset Management 4.6 % 4.6 % 28 Feb 2023
Novo Holdings A/S 4.4 % 4.4 % 28 Dec 2022
Fjärde AP-fonden 4.4 % 4.4 % 31 Dec 2022
Fidelity Investments (FMR) 4.1 % 4.1 % 31 Jan 2023
Vanguard 3.0 % 3.0 % 28 Feb 2023
Source: Holdings by Modular Finance AB

Insider list - INVISIO

Name Quantity Code Date
Raymond Clarke - 5 000 SELL 7 Sep 2021
Sigge Frolov - 7 000 SELL 28 Jul 2021
Michael Söndersted + 8 000 ALTM 19 May 2021
Roger Kristiansson Skaaby + 8 000 BUY 19 May 2021
Michael Söndersted + 8 000 BUY 19 May 2021
Jan Larsen + 17 000 BUY 19 May 2021
Sigge Frolov + 17 000 ALTM 18 May 2021
Karsten Agerbeck + 8 000 BUY 18 May 2021
Charlott Ann Elisabeth Samuelsson + 495 BUY 11 May 2021
Thomas Larsson - 12 434 SELL 19 Mar 2021

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