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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 1766 2031
Sales growth (%) 45,9 -2,3 15
EBITDA 463 452 529
EBITDA margin (%) 25,6 25,6 26,1
EBIT adj. 402 381 457
EBIT adj. margin (%) 22,3 21,5 22,5
Pretax profit 407 386 459
EPS 6,72 6,16 7,25
EPS growth (%) 71,8 -8,4 17,7
EPS adj. 6,94 6,41 7,5
DPS 2,3 2,76 3,31
EV/EBITDA (x) 35,4 35,9 30,4
EV/EBIT adj. (x) 40,8 42,7 35,3
P/E (x) 54,3 59,3 50,4
P/E adj. (x) 52,6 57 48,7
EV/sales (x) 9,09 9,19 7,93
FCF yield (%) 0,5 1,9 1,7
Le. adj. FCF yld. (%) 0,5 1,8 1,6
Dividend yield (%) 0,6 0,8 0,9
Net IB debt/EBITDA (x) -0,5 -0,9 -1
Le. adj. ND/EBITDA (x) -0,6 -1 -1,1
SEKm 2024 2025e 2026e
Sales 1807 1766 2031
COGS -800 -697 -782
Gross profit 1007 1069 1249
Other operating items -544 -618 -720
EBITDA 463 452 529
Depreciation and amortisation -48 -56 -57
of which leasing depreciation -13 -11 -11
EBITA 416 396 473
EO Items 0 0 0
Impairment and PPA amortisation -14 -16 -16
EBIT 402 381 457
Net financial items 5 6 2
Pretax profit 407 386 459
Tax -101 -105 -128
Net profit 306 281 330
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 306 281 330
EPS 6,72 6,16 7,25
EPS adj. 6,94 6,41 7,5
Total extraordinary items after tax 0 0 0
Leasing payments -13 -11 -11
Tax rate (%) 24,8 27,3 28
Gross margin (%) 55,7 60,6 61,5
EBITDA margin (%) 25,6 25,6 26,1
EBITA margin (%) 23 22,4 23,3
EBIT margin (%) 22,3 21,5 22,5
Pre-tax margin (%) 22,5 21,9 22,6
Net margin (%) 17 15,9 16,3
Sales growth (%) 45,9 -2,3 15
EBITDA growth (%) 50,3 -2,5 17,2
EBITA growth (%) 62,4 -4,7 19,4
EBIT growth (%) 65,7 -5,4 20
Net profit growth (%) 71,8 -8,4 17,7
EPS growth (%) 71,8 -8,4 17,7
Profitability N/A N/A N/A
ROE (%) 35 25,1 25,3
ROE adj. (%) 36,6 26,5 26,5
ROCE (%) 45,2 34 34,3
ROCE adj. (%) 45,6 34,3 35,2
ROIC (%) 47 36 40,7
ROIC adj. (%) 47 36 40,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 463 452 529
EBITDA adj. margin (%) 25,6 25,6 26,1
EBITDA lease adj. 451 441 519
EBITDA lease adj. margin (%) 24,9 25 25,5
EBITA adj. 416 396 473
EBITA adj. margin (%) 23 22,4 23,3
EBIT adj. 402 381 457
EBIT adj. margin (%) 22,3 21,5 22,5
Pretax profit Adj. 421 402 475
Net profit Adj. 320 296 346
Net profit to shareholders adj. 320 296 346
Net adj. margin (%) 17,7 16,8 17,1
SEKm 2024 2025e 2026e
EBITDA 463 452 529
Goodwill 63 101 101
Net financial items 5 6 2
Other intangible assets 219 233 254
Paid tax -99 -105 -128
Tangible fixed assets 37 42 50
Non-cash items 26 0 0
Right-of-use asset 30 30 30
Cash flow before change in WC 395 352 403
Total other fixed assets 18 20 22
Change in working capital -238 69 -53
Fixed assets 366 426 457
Operating cash flow 157 420 350
Inventories 272 318 366
Capex tangible fixed assets 0 -2 -2
Receivables 543 429 482
Capex intangible fixed assets -66 -62 -71
Other current assets 0 0 0
Acquisitions and Disposals 0 -39 0
Cash and liquid assets 242 427 547
Free cash flow 91 318 277
Total assets 1424 1600 1852
Dividend paid -59 -105 -126
Shareholders equity 1029 1205 1409
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -12 -11 -11
Total equity 1029 1205 1409
Other non-cash items 7 -16 -18
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 37 37 37
Total other long-term liabilities 41 41 41
Short-term debt 0 0 0
Accounts payable 101 106 122
Other current liabilities 217 212 244
Total liabilities and equity 1424 1600 1852
Net IB debt -224 -410 -532
Net IB debt excl. pension debt -224 -410 -532
Net IB debt excl. leasing -260 -447 -569
Capital employed 1066 1242 1446
Capital invested 806 795 877
Working capital 498 429 482
Market cap. diluted (m) 16640 16640 16640
Net IB debt adj. -224 -410 -532
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 16417 16230 16108
Total assets turnover (%) 145,9 116,8 117,6
Working capital/sales (%) 21 26,3 22,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -21,7 -34 -37,8
Net debt / market cap (%) -1,3 -2,5 -3,2
Equity ratio (%) 72,3 75,3 76,1
Net IB debt adj. / equity (%) -21,7 -34 -37,8
Current ratio 3,33 3,69 3,82
EBITDA/net interest 90,8 80,6 264,7
Net IB debt/EBITDA (x) -0,5 -0,9 -1
Net IB debt/EBITDA lease adj. (x) -0,6 -1 -1,1
Interest coverage 81,5 70,7 236,4
SEKm 2024 2025e 2026e
Shares outstanding adj. 46 46 46
Diluted shares adj. 46 46 46
EPS 6,72 6,16 7,25
Dividend per share 2,3 2,76 3,31
EPS adj. 6,94 6,41 7,5
BVPS 22,57 26,43 30,91
BVPS adj. 16,39 19,1 23,11
Net IB debt/share -4,9 -9 -11,67
Share price 365 365 365
Market cap. (m) 16640 16640 16640
P/E (x) 54,3 59,3 50,4
EV/sales (x) 9,09 9,19 7,93
EV/EBITDA (x) 35,4 35,9 30,4
EV/EBITA (x) 39,5 41 34,1
EV/EBIT (x) 40,8 42,7 35,3
Dividend yield (%) 0,6 0,8 0,9
FCF yield (%) 0,5 1,9 1,7
Le. adj. FCF yld. (%) 0,5 1,8 1,6
P/BVPS (x) 16,17 13,81 11,81
P/BVPS adj. (x) 22,27 19,11 15,8
P/E adj. (x) 52,6 57 48,7
EV/EBITDA adj. (x) 35,4 35,9 30,4
EV/EBITA adj. (x) 39,5 41 34,1
EV/EBIT adj. (x) 40,8 42,7 35,3
EV/CE (x) 15,4 13,1 11,1
Investment ratios N/A N/A N/A
Capex/sales (%) 3,7 3,6 3,6
Capex/depreciation 1,9 1,4 1,6
Capex tangibles / tangible fixed assets 1,1 4,2 4,1
Capex intangibles / definite intangibles 30,2 26,6 27,9
Depreciation on intang / def. intang 16 19 18
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Media

INVISIO - Company presentation with IR Michael Peterson
INVISIO - Company presentation with CEO Lars Højgård Hansen

Main shareholders - INVISIO

Main shareholders Share capital % Voting shares % Verified
William Demant Fonden 17.7 % 17.7 % 28 Apr 2025
SEB Funds 9.6 % 9.6 % 30 Apr 2025
Swedbank Robur Fonder 9.1 % 9.1 % 30 Apr 2025
Arbejdsmarkedets Tillægspension (ATP) 5.4 % 5.4 % 28 Apr 2025
Capital Group 5.0 % 5.0 % 20 Mar 2025
Vanguard 3.5 % 3.5 % 30 Apr 2025
Handelsbanken Fonder 3.2 % 3.2 % 30 Apr 2025
C WorldWide Asset Management 2.8 % 2.8 % 30 Apr 2025
Novo Holdings A/S 2.5 % 2.5 % 28 Apr 2025
Fidelity Investments (FMR) 2.2 % 2.2 % 31 Mar 2025
Source: Holdings by Modular Finance AB