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INVISIO Communications

SEKm 2018 2019e 2020e
Sales 355 441 564
Sales growth (%) -3,1 24,3 28
EBITDA 68 102 149
EBITDA margin (%) 19,1 23,1 26,4
EBIT adj 64 91 129
EBIT adj margin (%) 17,9 20,6 22,9
Pretax profit 64 91 129
EPS rep 1,09 1,6 2,29
EPS growth (%) -22,6 46,6 42,6
EPS adj 1,09 1,6 2,29
DPS 0,8 1,1 1,4
EV/EBITDA (x) 35,9 29,6 20,3
EV/EBIT adj (x) 38,3 33,4 23,4
P/E (x) 52,1 44,6 31,3
P/E adj (x) 52,1 44,6 31,3
EV/sales (x) 6,9 6,9 5,4
FCF yield (%) 0,5 3,4 2,5
Dividend yield (%) 1,4 1,5 2
Net IB debt/EBITDA -1,1 -1,3 -0,9
SEKm 2018 2019e 2020e
Sales 355 441 564
COGS -155 -181 -234
Gross profit 200 260 330
Other operating items -132 -158 -181
EBITDA 68 102 149
Depreciation on tangibles -4 -11 -20
Depreciation on intangibles 0 0 0
EBITA 64 91 129
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 64 91 129
Other financial items 0 0 0
Net financial items 1 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 64 91 129
Tax -16 -20 -28
Net profit 48 71 101
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 48 71 101
EPS 1,09 1,6 2,29
EPS Adj 1,09 1,6 2,29
Total extraordinary items after tax 0 0 0
Tax rate (%) -24,8 -22 -22
Gross margin (%) 56,4 59 58,5
EBITDA margin (%) 19,1 23,1 26,4
EBITA margin (%) 17,9 20,6 22,9
EBIT margin (%) 17,9 20,6 22,9
Pretax margin (%) 18,1 20,6 22,9
Net margin (%) 13,6 16 17,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -3,1 24,3 28
EBITDA growth (%) -18,2 50,5 45,9
EBIT growth (%) -19,2 42,7 42,6
Net profit growth (%) -22,6 46,6 42,6
EPS growth (%) -22,6 46,6 42,6
Profitability 2018 2019 2020
ROE (%) 17,5 22,8 28,5
ROE Adj (%) 17,5 22,8 28,5
ROCE (%) 35,1 43,8 57,9
ROCE Adj(%) 35,1 43,8 57,9
ROIC (%) 25,4 32,6 43,3
ROIC Adj (%) 25,4 32,6 43,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 68 102 149
EBITDA Adj margin (%) 19,1 23,1 26,4
EBITA Adj 64 91 129
EBITA Adj margin (%) 17,9 20,6 22,9
EBIT Adj 64 91 129
EBIT Adj margin (%) 17,9 20,6 22,9
Pretax profit Adj 64 91 129
Net profit Adj 48 71 101
Net profit to shareholders Adj 48 71 101
Net Adj margin (%) 13,6 16 17,9
SEKm 2018 2019e 2020e
EBITDA 68 102 149
Net financial items 1 0 0
Paid tax -16 -20 -28
Non-cash items 0 0 0
Cash flow before change in WC 53 82 120
Change in WC -41 50 -17
Operating cash flow 13 108 79
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 13 108 79
Dividend paid -27 -35 -49
Share issues and buybacks 0 0 0
Other non cash items -22 -22 -25
Decrease in net IB debt -35 51 5
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 60 94 125
Tangible fixed assets 4 4 4
Other fixed assets 21 21 21
Fixed assets 84 119 150
Inventories 96 54 63
Receivables 105 120 155
Other current assets 0 0 0
Cash and liquid assets 78 129 133
Total assets 363 422 501
Shareholders equity 293 328 380
Minority 0 0 0
Total equity 293 328 380
Long-term debt 0 0 0
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 40 63 90
Other current liabilities 31 31 31
Total liabilities and equity 261 342 363
Net IB debt -78 -129 -133
Net IB debt excl. pension debt -78 -129 -133
Capital invested 224 209 256
Working capital 161 111 128
EV breakdown 2018 2019 2020
Market cap. diluted (m) 2509 3153 3153
Net IB debt Adj -78 -129 -133
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 2431 3024 3020
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 100,6 112,3 122,2
Capital invested turnover (%) 188,4 203,3 242,4
Capital employed turnover (%) 196,2 212,9 252,9
Inventories / sales (%) 18,7 17 10,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 12,6 11,7 13,6
Working capital / sales (%) 39,6 30,8 21,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -26,6 -39,2 -35,1
Net debt / market cap (%) -2,7 -4,1 -4,2
Equity ratio (%) 80,6 77,7 75,9
Net IB debt adj. / equity (%) -26,6 -39,2 -35,1
Current ratio (%) 396,4 322,4 290,6
EBITDA / net interest (%) -11300 0 0
Net IB debt / EBITDA (%) -114,7 -126 -89,6
Interest cover (%) -10583,3 N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 44 44 44
Fully diluted shares Adj 44 44 44
EPS 1,09 1,6 2,29
Dividend per share Adj 0,8 1,1 1,4
EPS Adj 1,09 1,6 2,29
BVPS 6,63 7,44 8,62
BVPS Adj 5,28 5,3 5,79
Net IB debt / share -1,8 -2,9 -3
Share price 64,76 71,5 71,5
Market cap. (m) 2856 3153 3153
Valuation 2018 2019 2020
P/E 52,1 44,6 31,3
EV/sales 6,86 6,86 5,35
EV/EBITDA 35,9 29,6 20,3
EV/EBITA 38,3 33,4 23,4
EV/EBIT 38,3 33,4 23,4
Dividend yield (%) 1,4 1,5 2
FCF yield (%) 0,5 3,4 2,5
P/BVPS 8,58 9,62 8,29
P/BVPS Adj 10,77 13,49 12,35
P/E Adj 52,1 44,6 31,3
EV/EBITDA Adj 35,9 29,6 20,3
EV/EBITA Adj 38,3 33,4 23,4
EV/EBIT Adj 38,3 33,4 23,4
EV/cap. employed 11,3 15,2 12,2
Investment ratios 2018 2019 2020
Capex / sales 0 0 0
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 107,5 285 490,7

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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23,4

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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5,3

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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