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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.

INVISIO has begun branching out to new target markets by selling its existing personal system to the law enforcement market, but also with the commercial launch of its new Intercom product. The Intercom allows for enhanced communication between soldiers and vehicle operators, and will be an important growth driver for INVISIO. Furthermore, the company is continuously testing and developing new products at the company’s R&D department in Copenhagen, seeking to broaden its product portfolio.

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 2021 2022e 2023e
Sales 593 711 932
Sales growth (%) 11,5 19,9 31,1
EBITDA 70 114 198
EBITDA margin (%) 11,8 16 21,3
EBIT adj 25 67 154
EBIT adj margin (%) 4,2 9,5 16,6
Pretax profit 23 64 148
EPS rep 0,32 1,04 2,47
EPS growth (%) -76,2 226,6 137,3
EPS adj 0,32 1,04 2,47
DPS 0,69 0,83 1
EV/EBITDA (x) 105,2 58,1 33,2
EV/EBIT adj (x) 296,4 98 42,7
P/E (x) 514,8 141,4 59,6
P/E adj (x) 514,8 141,4 59,6
EV/sales (x) 12,4 9,3 7,1
FCF yield (%) -1,3 0,6 1,2
Dividend yield (%) 0,4 0,6 0,7
Net IB debt/EBITDA -0,3 -0,1 -0,2
Lease adj. FCF yield (%) -1,4 0,5 1
Lease adj. ND/EBITDA -0,9 -0,5 -0,4
SEKm 2021 2022e 2023e
Sales 593 711 932
COGS -253 -300 -382
Gross profit 340 411 550
Other operating items -270 -298 -351
EBITDA 70 114 198
Depreciation on tangibles 0 0 0
Depreciation on intangibles -9 -10 -10
EBITA 25 67 154
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 25 67 154
Other financial items 0 0 0
Net financial items -1 -3 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 23 64 148
Tax -9 -17 -37
Net profit 14 47 111
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 14 47 111
EPS 0,32 1,04 2,47
EPS Adj 0,32 1,04 2,47
Total extraordinary items after tax 0 0 0
Tax rate (%) -38,8 -27,1 -25
Gross margin (%) 57,4 57,8 59
EBITDA margin (%) 11,8 16 21,3
EBITA margin (%) 4,2 9,5 16,6
EBIT margin (%) 4,2 9,5 16,6
Pretax margin (%) 4 9 15,9
Net margin (%) 2,4 6,6 11,9
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 11,5 19,9 31,1
EBITDA growth (%) -35,2 62,5 74,3
EBIT growth (%) -74 171,5 129
Net profit growth (%) -76,5 226,6 137,3
EPS growth (%) -76,2 226,6 137,3
Profitability 2021 2022 2023
ROE (%) 3,6 11,1 24,1
ROE Adj (%) 3,6 11,1 24,1
ROCE (%) 5,3 12,5 26,6
ROCE Adj(%) 5,3 12,5 26,6
ROIC (%) 4,8 12,2 26,7
ROIC Adj (%) 4,8 12,2 26,7
Adj earnings numbers 2021 2022 2023
EBITDA Adj 70 114 198
EBITDA Adj margin (%) 11,8 16 21,3
EBITA Adj 25 67 154
EBITA Adj margin (%) 4,2 9,5 16,6
EBIT Adj 25 67 154
EBIT Adj margin (%) 4,2 9,5 16,6
Pretax profit Adj 23 64 148
Net profit Adj 14 47 111
Net profit to shareholders Adj 14 47 111
Net Adj margin (%) 2,4 6,6 11,9
Depreciation and amortisation -45 -46 -44
Of which leasing depreciation -9 -7 -8
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 62 106 190
EBITDA lease Adj margin (%) 10,5 14,9 20,4
Leasing payments -8 -8 -8
SEKm 2021 2022e 2023e
EBITDA 70 114 198
Net financial items -1 -3 -6
Paid tax -9 -17 -37
Non-cash items 0 0 0
Cash flow before change in WC 60 93 155
Change in WC 31 -25 -44
Operating cash flow 91 68 111
CAPEX tangible fixed assets 0 -1 -1
CAPEX intangible fixed assets -2 -25 -33
Acquisitions and disposals -186 0 0
Free cash flow -97 43 77
Dividend paid -31 -37 -44
Share issues and buybacks 0 0 0
Other non cash items -23 10 -26
Decrease in net IB debt 16 -74 170
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 55 41 31
Indefinite intangible assets 0 0 0
Definite intangible assets 95 110 132
Tangible fixed assets 17 15 13
Other fixed assets 5 5 5
Fixed assets 293 284 286
Inventories 118 128 168
Receivables 145 155 195
Other current assets 0 0 0
Cash and liquid assets 135 129 149
Total assets 690 696 798
Shareholders equity 418 427 494
Minority 0 0 0
Total equity 418 427 494
Long-term debt 85 85 85
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 34 43 56
Other current liabilities 119 107 129
Total liabilities and equity 690 696 798
Net IB debt -21 -16 -37
Net IB debt excl. pension debt -21 -16 -37
Capital invested 396 411 457
Working capital 109 134 178
EV breakdown 2021 2022 2023
Market cap. diluted (m) 7387 6629 6629
Net IB debt Adj -21 -16 -37
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 7366 6613 6592
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 98,3 102,6 124,8
Capital invested turnover (%) 220,4 216,7 223
Capital employed turnover (%) 133,9 141,1 134,5
Inventories / sales (%) 19,9 16,6 13,1
Customer advances / sales (%) 0,6 0 0
Payables / sales (%) 6,1 5,5 5,3
Working capital / sales (%) 19,1 17,1 16,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -5,1 -3,7 -7,5
Net debt / market cap (%) -0,2 -0,2 -0,6
Equity ratio (%) 60,5 61,4 61,9
Net IB debt adj. / equity (%) -5,1 -3,7 -7,5
Current ratio (%) 259,1 276,1 277,3
EBITDA / net interest (%) 5003,6 3558,3 3201,3
Net IB debt / EBITDA (%) -30,1 -14,1 -18,8
Interest cover (%) 1775 2108,3 2491,6
Lease liability amortisation -8 -8 -8
Other intangible assets 182 186 200
Right-of-use asset 34 35 35
Total other fixed assets 6 6 7
Leasing liability 34 34 34
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -55 -50 -72
Net IB debt / EBITDA lease Adj (%) -89,3 -47,5 -37,6
SEKm 2021 2022e 2023e
Shares outstanding adj. 45 45 45
Fully diluted shares Adj 45 45 45
EPS 0,32 1,04 2,47
Dividend per share Adj 0,7 0,8 1
EPS Adj 0,32 1,04 2,47
BVPS 9,37 9,59 11,09
BVPS Adj 4,07 4,48 5,9
Net IB debt / share -0,5 -0,4 -0,8
Share price 189,51 147 147
Market cap. (m) 8441 6547 6547
Valuation 2021 2022 2023
P/E 514,8 141,4 59,6
EV/sales 12,42 9,3 7,07
EV/EBITDA 105,2 58,1 33,2
EV/EBITA 296,4 98 42,7
EV/EBIT 296,4 98 42,7
Dividend yield (%) 0,4 0,6 0,7
FCF yield (%) -1,3 0,6 1,2
P/BVPS 17,47 15,32 13,25
P/BVPS Adj 40,29 32,8 24,92
P/E Adj 514,8 141,4 59,6
EV/EBITDA Adj 105,2 58,1 33,2
EV/EBITA Adj 296,4 98 42,7
EV/EBIT Adj 296,4 98 42,7
EV/cap. employed 13,7 12,1 10,8
Investment ratios 2021 2022 2023
Capex / sales 0,4 3,6 3,6
Capex / depreciation 6,8 65,3 93,2
Capex tangibles / tangible fixed assets 0,6 4,7 7,3
Capex intangibles / definite intangibles 1,3 13,4 16,3
Depreciation on intangibles / definite intangibles 20,1 21 18
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -1,4 0,5 1

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Media

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

Main shareholders - INVISIO

Main shareholders Share capital % Voting shares % Verified
William Demant Fonden 9.8 % 9.8 % 27 Jun 2022
SEB Fonder 9.4 % 9.4 % 31 May 2022
Swedbank Robur Fonder 8.9 % 8.9 % 31 May 2022
Arbejdsmarkedets Tillægspension (ATP) 6.4 % 6.4 % 31 Dec 2021
William Demant Invest A/S 5.9 % 5.9 % 27 Jun 2022
Handelsbanken Fonder 5.6 % 5.6 % 31 May 2022
C WorldWide Asset Management 4.6 % 4.6 % 31 May 2022
Novo Holdings A/S 4.4 % 4.4 % 27 Jun 2022
Fjärde AP-fonden 4.3 % 4.3 % 31 Mar 2022
Fidelity Investments (FMR) 4.1 % 4.1 % 30 Apr 2022
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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