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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 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 of 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.

SEKm 2023 2024e 2025e
Sales 1239 1398 1608
Sales growth (%) 59,7 12,9 15
EBITDA 308 344 406
EBITDA margin (%) 24,9 24,6 25,3
EBIT adj. 243 279 343
EBIT adj. margin (%) 19,6 20 21,3
Pretax profit 242 283 345
EPS 3,91 4,47 5,45
EPS growth (%) 296,8 14,4 21,8
EPS adj. 4,12 4,68 5,64
DPS 1,3 1,56 1,87
EV/EBITDA (x) 31,1 27,7 23,2
EV/EBIT adj. (x) 39,5 34,1 27,4
P/E (x) 54,8 47,9 39,4
P/E adj. (x) 52 45,8 38,1
EV/sales (x) 7,74 6,81 5,85
FCF yield (%) 1,7 1,6 2,2
Le. adj. FCF yld. (%) 1,6 1,4 2
Dividend yield (%) 0,6 0,7 0,9
Net IB debt/EBITDA (x) -0,6 -0,8 -0,9
Le. adj. ND/EBITDA (x) -0,8 -0,9 -1,1
SEKm 2023 2024e 2025e
Sales 1239 1398 1608
COGS -491 -552 -619
Gross profit 747 846 989
Other operating items -439 -502 -583
EBITDA 308 344 406
Depreciation and amortisation -52 -51 -51
of which leasing depreciation -12 -14 -14
EBITA 256 293 355
EO Items 0 0 0
Impairment and PPA amortisation -13 -13 -12
EBIT 243 279 343
Net financial items -1 4 2
Pretax profit 242 283 345
Tax -64 -79 -97
Net profit 178 204 248
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 178 204 248
EPS 3,91 4,47 5,45
EPS adj. 4,12 4,68 5,64
Total extraordinary items after tax 0 0 0
Leasing payments -12 -14 -14
Tax rate (%) 26,3 28 28
Gross margin (%) 60,3 60,5 61,5
EBITDA margin (%) 24,9 24,6 25,3
EBITA margin (%) 20,7 20,9 22,1
EBIT margin (%) 19,6 20 21,3
Pre-tax margin (%) 19,5 20,3 21,5
Net margin (%) 14,4 14,6 15,4
Sales growth (%) 59,7 12,9 15
EBITDA growth (%) 173,2 11,5 18,2
EBITA growth (%) 227,8 14,3 21,3
EBIT growth (%) N/A 15 22,8
Net profit growth (%) 301,6 14,4 21,8
EPS growth (%) 296,8 14,4 21,8
Profitability N/A N/A N/A
ROE (%) 29 25,7 26
ROE adj. (%) 31,1 27,4 27,3
ROCE (%) 35,8 34,6 35
ROCE adj. (%) 37,7 35,2 35,8
ROIC (%) 38 37,2 40,2
ROIC adj. (%) 38 37,2 40,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 308 344 406
EBITDA adj. margin (%) 24,9 24,6 25,3
EBITDA lease adj. 296 329 392
EBITDA lease adj. margin (%) 23,9 23,5 24,4
EBITA adj. 256 293 355
EBITA adj. margin (%) 20,7 20,9 22,1
EBIT adj. 243 279 343
EBIT adj. margin (%) 19,6 20 21,3
Pretax profit Adj. 255 297 357
Net profit Adj. 192 217 260
Net profit to shareholders adj. 192 217 260
Net adj. margin (%) 15,5 15,5 16,2
SEKm 2023 2024e 2025e
EBITDA 308 344 406
Goodwill 58 58 58
Net financial items -1 4 2
Other intangible assets 178 188 205
Paid tax -33 -79 -97
Tangible fixed assets 33 37 43
Non-cash items -27 0 0
Right-of-use asset 34 34 34
Cash flow before change in WC 247 268 311
Total other fixed assets 7 8 10
Change in working capital -42 -65 -40
Fixed assets 310 325 350
Operating cash flow 205 203 272
Inventories 238 280 322
Capex tangible fixed assets -2 -1 -2
Receivables 279 339 381
Capex intangible fixed assets -32 -49 -56
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 225 290 402
Free cash flow 171 153 214
Total assets 1053 1234 1455
Dividend paid -32 -59 -71
Shareholders equity 720 865 1042
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -11 -14 -14
Total equity 720 865 1042
Other non-cash items 19 -12 -14
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 97 112 129
Other current liabilities 160 182 209
Total liabilities and equity 1053 1234 1455
Net IB debt -194 -261 -374
Net IB debt excl. pension debt -194 -261 -374
Net IB debt excl. leasing -232 -298 -412
Capital employed 758 903 1080
Capital invested 526 604 668
Working capital 260 325 365
Market cap. diluted (m) 9779 9779 9779
Net IB debt adj. -194 -261 -374
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 9585 9518 9405
Total assets turnover (%) 133,7 122,2 119,5
Working capital/sales (%) 19,3 21 21,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -26,9 -30,1 -35,9
Net debt / market cap (%) -2 -2,7 -3,8
Equity ratio (%) 68,4 70,1 71,6
Net IB debt adj. / equity (%) -26,9 -30,1 -35,9
Current ratio 2,89 3,1 3,27
EBITDA/net interest 308,2 85,9 203
Net IB debt/EBITDA (x) -0,6 -0,8 -0,9
Net IB debt/EBITDA lease adj. (x) -0,8 -0,9 -1,1
Interest coverage 256 73,1 177,5
SEKm 2023 2024e 2025e
Shares outstanding adj. 46 46 46
Diluted shares adj. 46 46 46
EPS 3,91 4,47 5,45
Dividend per share 1,3 1,56 1,87
EPS adj. 4,12 4,68 5,64
BVPS 15,8 18,98 22,86
BVPS adj. 10,62 13,59 17,09
Net IB debt/share -4,26 -5,72 -8,21
Share price 214,5 214,5 214,5
Market cap. (m) 9779 9779 9779
P/E (x) 54,8 47,9 39,4
EV/sales (x) 7,74 6,81 5,85
EV/EBITDA (x) 31,1 27,7 23,2
EV/EBITA (x) 37,4 32,5 26,5
EV/EBIT (x) 39,5 34,1 27,4
Dividend yield (%) 0,6 0,7 0,9
FCF yield (%) 1,7 1,6 2,2
Le. adj. FCF yld. (%) 1,6 1,4 2
P/BVPS (x) 13,57 11,3 9,38
P/BVPS adj. (x) 20,2 15,78 12,55
P/E adj. (x) 52 45,8 38,1
EV/EBITDA adj. (x) 31,1 27,7 23,2
EV/EBITA adj. (x) 37,4 32,5 26,5
EV/EBIT adj. (x) 39,5 34,1 27,4
EV/CE (x) 12,6 10,5 8,7
Investment ratios N/A N/A N/A
Capex/sales (%) 2,7 3,6 3,6
Capex/depreciation 0,9 1,4 1,6
Capex tangibles / tangible fixed assets 4,9 3,8 3,7
Capex intangibles / definite intangibles 18,2 26,1 27,4
Depreciation on intang / def. intang 22 20 18
Depreciation on tangibles / tangibles 0 0 0

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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 16.5 % 16.5 % 29 Jan 2024
SEB Fonder 9.7 % 9.7 % 31 Jan 2024
Swedbank Robur Fonder 7.1 % 7.1 % 31 Jan 2024
Arbejdsmarkedets Tillægspension (ATP) 6.0 % 6.0 % 29 Jan 2024
Fidelity Investments (FMR) 4.3 % 4.3 % 31 Dec 2023
Capital Group 3.9 % 3.9 % 31 Dec 2023
Handelsbanken Fonder 3.8 % 3.8 % 31 Jan 2024
C WorldWide Asset Management 3.7 % 3.7 % 31 Jan 2024
Novo Holdings A/S 3.2 % 3.2 % 29 Jan 2024
AMF Pension & Fonder 3.0 % 3.0 % 31 Jan 2024
Source: Holdings by Modular Finance AB