Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

INVISIO

INVISIO

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.

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 2023 2024e 2025e
Sales 1239 1860 1618
Sales growth (%) 59,7 50,2 -13
EBITDA 308 458 383
EBITDA margin (%) 24,9 24,6 23,7
EBIT adj. 243 398 324
EBIT adj. margin (%) 19,6 21,4 20
Pretax profit 242 402 326
EPS 3,91 6,33 5,15
EPS growth (%) 296,8 61,9 -18,6
EPS adj. 4,12 6,54 5,34
DPS 1,3 1,56 1,87
EV/EBITDA (x) 33,4 22,4 26,3
EV/EBIT adj. (x) 42,4 25,7 31,1
P/E (x) 58,8 36,3 44,7
P/E adj. (x) 55,8 35,2 43,1
EV/sales (x) 8,31 5,51 6,22
FCF yield (%) 1,6 1,2 2,7
Le. adj. FCF yld. (%) 1,5 1,1 2,6
Dividend yield (%) 0,6 0,7 0,8
Net IB debt/EBITDA (x) -0,6 -0,5 -1,1
Le. adj. ND/EBITDA (x) -0,8 -0,6 -1,2
SEKm 2023 2024e 2025e
Sales 1239 1860 1618
COGS -491 -852 -623
Gross profit 747 1008 995
Other operating items -439 -550 -612
EBITDA 308 458 383
Depreciation and amortisation -52 -47 -47
of which leasing depreciation -12 -13 -13
EBITA 256 411 336
EO Items 0 0 0
Impairment and PPA amortisation -13 -13 -12
EBIT 243 398 324
Net financial items -1 4 2
Pretax profit 242 402 326
Tax -64 -113 -91
Net profit 178 289 235
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 178 289 235
EPS 3,91 6,33 5,15
EPS adj. 4,12 6,54 5,34
Total extraordinary items after tax 0 0 0
Leasing payments -12 -13 -13
Tax rate (%) 26,3 28,2 28
Gross margin (%) 60,3 54,2 61,5
EBITDA margin (%) 24,9 24,6 23,7
EBITA margin (%) 20,7 22,1 20,8
EBIT margin (%) 19,6 21,4 20
Pre-tax margin (%) 19,5 21,6 20,2
Net margin (%) 14,4 15,5 14,5
Sales growth (%) 59,7 50,2 -13
EBITDA growth (%) 173,2 48,7 -16,4
EBITA growth (%) 227,8 60,7 -18,3
EBIT growth (%) N/A 64 -18,6
Net profit growth (%) 301,6 61,9 -18,6
EPS growth (%) 296,8 61,9 -18,6
Profitability N/A N/A N/A
ROE (%) 29 34,6 22,8
ROE adj. (%) 31,1 36,1 23,9
ROCE (%) 35,8 46,5 30,7
ROCE adj. (%) 37,7 47,1 31,4
ROIC (%) 38 47,5 34,3
ROIC adj. (%) 38 47,5 34,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 308 458 383
EBITDA adj. margin (%) 24,9 24,6 23,7
EBITDA lease adj. 296 445 370
EBITDA lease adj. margin (%) 23,9 23,9 22,9
EBITA adj. 256 411 336
EBITA adj. margin (%) 20,7 22,1 20,8
EBIT adj. 243 398 324
EBIT adj. margin (%) 19,6 21,4 20
Pretax profit Adj. 255 415 338
Net profit Adj. 192 302 247
Net profit to shareholders adj. 192 302 247
Net adj. margin (%) 15,5 16,2 15,2
SEKm 2023 2024e 2025e
EBITDA 308 458 383
Goodwill 58 58 58
Net financial items -1 4 2
Other intangible assets 178 207 229
Paid tax -33 -113 -91
Tangible fixed assets 33 41 46
Non-cash items -27 0 0
Right-of-use asset 34 34 34
Cash flow before change in WC 247 349 294
Total other fixed assets 7 9 10
Change in working capital -42 -153 46
Fixed assets 310 349 378
Operating cash flow 205 196 340
Inventories 238 372 324
Capex tangible fixed assets -2 -2 -2
Receivables 279 432 384
Capex intangible fixed assets -32 -65 -57
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 225 263 444
Free cash flow 171 129 281
Total assets 1053 1416 1529
Dividend paid -32 -59 -71
Shareholders equity 720 950 1113
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -11 -13 -13
Total equity 720 950 1113
Other non-cash items 19 -17 -15
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 38 38 38
Total other long-term liabilities 38 38 38
Short-term debt 0 0 0
Accounts payable 97 149 129
Other current liabilities 160 242 210
Total liabilities and equity 1053 1416 1529
Net IB debt -194 -234 -416
Net IB debt excl. pension debt -194 -234 -416
Net IB debt excl. leasing -232 -271 -454
Capital employed 758 987 1151
Capital invested 526 716 697
Working capital 260 413 367
Market cap. diluted (m) 10486 10486 10486
Net IB debt adj. -194 -234 -416
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 10292 10252 10069
Total assets turnover (%) 133,7 150,7 109,9
Working capital/sales (%) 19,3 18,1 24,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -26,9 -24,6 -37,4
Net debt / market cap (%) -1,9 -2,2 -4
Equity ratio (%) 68,4 67,1 72,8
Net IB debt adj. / equity (%) -26,9 -24,6 -37,4
Current ratio 2,89 2,73 3,39
EBITDA/net interest 308,2 120,6 191,6
Net IB debt/EBITDA (x) -0,6 -0,5 -1,1
Net IB debt/EBITDA lease adj. (x) -0,8 -0,6 -1,2
Interest coverage 256 108,3 168,1
SEKm 2023 2024e 2025e
Shares outstanding adj. 46 46 46
Diluted shares adj. 46 46 46
EPS 3,91 6,33 5,15
Dividend per share 1,3 1,56 1,87
EPS adj. 4,12 6,54 5,34
BVPS 15,8 20,83 24,42
BVPS adj. 10,62 15,01 18,13
Net IB debt/share -4,26 -5,13 -9,13
Share price 230 230 230
Market cap. (m) 10486 10486 10486
P/E (x) 58,8 36,3 44,7
EV/sales (x) 8,31 5,51 6,22
EV/EBITDA (x) 33,4 22,4 26,3
EV/EBITA (x) 40,2 24,9 30
EV/EBIT (x) 42,4 25,7 31,1
Dividend yield (%) 0,6 0,7 0,8
FCF yield (%) 1,6 1,2 2,7
Le. adj. FCF yld. (%) 1,5 1,1 2,6
P/BVPS (x) 14,56 11,04 9,42
P/BVPS adj. (x) 21,66 15,32 12,69
P/E adj. (x) 55,8 35,2 43,1
EV/EBITDA adj. (x) 33,4 22,4 26,3
EV/EBITA adj. (x) 40,2 24,9 30
EV/EBIT adj. (x) 42,4 25,7 31,1
EV/CE (x) 13,6 10,4 8,7
Investment ratios N/A N/A N/A
Capex/sales (%) 2,7 3,6 3,6
Capex/depreciation 0,9 2 1,7
Capex tangibles / tangible fixed assets 4,9 4,6 3,5
Capex intangibles / definite intangibles 18,2 31,4 24,7
Depreciation on intang / def. intang 22 16 15
Depreciation on tangibles / tangibles 0 0 0

Equity research

Read earlier research

Media

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

Main shareholders - INVISIO

Main shareholders Share capital % Voting shares % Verified
William Demant Fonden 16.5 % 16.5 % 26 Apr 2024
SEB Fonder 9.7 % 9.7 % 30 Apr 2024
Swedbank Robur Fonder 6.1 % 6.1 % 30 Apr 2024
Arbejdsmarkedets Tillægspension (ATP) 5.9 % 5.9 % 26 Apr 2024
Fidelity Investments (FMR) 4.3 % 4.3 % 31 Mar 2024
Capital Group 3.9 % 3.9 % 31 Mar 2024
Handelsbanken Fonder 3.7 % 3.7 % 30 Apr 2024
C WorldWide Asset Management 3.7 % 3.7 % 30 Apr 2024
Novo Holdings A/S 3.2 % 3.2 % 26 Apr 2024
AMF Pension & Fonder 3.0 % 3.0 % 30 Apr 2024
Source: Holdings by Modular Finance AB