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INVISIO Communications

INVISIO Communications

SEKm 2019 2020e 2021e
Sales 514 596 712
Sales growth (%) 44,9 16 19,5
EBITDA 142 168 203
EBITDA margin (%) 27,7 28,1 28,5
EBIT adj 132 156 191
EBIT adj margin (%) 25,8 26,1 26,8
Pretax profit 134 156 191
EPS rep 2,35 2,76 3,37
EPS growth (%) 114,9 17,3 22,4
EPS adj 2,35 2,76 3,37
DPS 1,1 1,4 1,4
EV/EBITDA (x) 30,9 25,8 21,3
EV/EBIT adj (x) 33,3 27,8 22,6
P/E (x) 43,3 36,7 29,9
P/E adj (x) 43,3 36,7 29,9
EV/sales (x) 8,6 7,3 6,1
FCF yield (%) 0,7 2,5 2,5
Dividend yield (%) 1,1 1,4 1,4
Net IB debt/EBITDA -0,6 -0,7 -0,7
SEKm 2019 2020e 2021e
Sales 514 596 712
COGS -201 -229 -270
Gross profit 313 367 441
Other operating items -171 -199 -238
EBITDA 142 168 203
Depreciation on tangibles -8 -8 -8
Depreciation on intangibles 0 0 0
EBITA 132 156 191
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 132 156 191
Other financial items 0 0 0
Net financial items 2 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 134 156 191
Tax -30 -34 -42
Net profit 104 121 149
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 104 121 149
EPS 2,35 2,76 3,37
EPS Adj 2,35 2,76 3,37
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,6 -22 -22
Gross margin (%) 60,9 61,6 62
EBITDA margin (%) 27,7 28,1 28,5
EBITA margin (%) 25,8 26,1 26,8
EBIT margin (%) 25,8 26,1 26,8
Pretax margin (%) 26,1 26,1 26,8
Net margin (%) 20,2 20,4 20,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 44,9 16 19,5
EBITDA growth (%) 109,9 17,8 21
EBIT growth (%) 108,3 17,7 22,4
Net profit growth (%) 114,9 17,3 22,4
EPS growth (%) 114,9 17,3 22,4
Profitability 2019 2020 2021
ROE (%) 31,5 30,2 30,8
ROE Adj (%) 31,5 30,2 30,8
ROCE (%) 37,1 34 35,5
ROCE Adj(%) 37,1 34 35,5
ROIC (%) 41,6 41 42,6
ROIC Adj (%) 41,6 41 42,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 142 168 203
EBITDA Adj margin (%) 27,7 28,1 28,5
EBITA Adj 132 156 191
EBITA Adj margin (%) 25,8 26,1 26,8
EBIT Adj 132 156 191
EBIT Adj margin (%) 25,8 26,1 26,8
Pretax profit Adj 134 156 191
Net profit Adj 104 121 149
Net profit to shareholders Adj 104 121 149
Net Adj margin (%) 20,2 20,4 20,9
SEKm 2019 2020e 2021e
EBITDA 142 168 203
Net financial items 2 0 0
Paid tax -30 -34 -42
Non-cash items 0 0 0
Cash flow before change in WC 114 133 161
Change in WC -24 2 -23
Operating cash flow 31 110 113
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 31 110 113
Dividend paid -34 -37 -42
Share issues and buybacks 0 0 0
Other non cash items 10 -34 -48
Decrease in net IB debt 11 35 19
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 86 126 170
Tangible fixed assets 4 4 4
Other fixed assets 4 4 4
Fixed assets 123 163 208
Inventories 96 120 130
Receivables 146 164 196
Other current assets 0 0 0
Cash and liquid assets 144 179 198
Total assets 509 626 731
Shareholders equity 366 439 526
Minority 0 0 0
Total equity 366 439 526
Long-term debt 26 26 26
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 52 95 114
Other current liabilities 36 36 36
Total liabilities and equity 509 626 731
Net IB debt -89 -124 -143
Net IB debt excl. pension debt -89 -124 -143
Capital invested 277 315 383
Working capital 154 152 176
EV breakdown 2019 2020 2021
Market cap. diluted (m) 4489 4454 4454
Net IB debt Adj -89 -124 -143
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 4400 4330 4311
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 117,9 105 104,9
Capital invested turnover (%) 208,9 201,2 203,9
Capital employed turnover (%) 144 130,2 132,4
Inventories / sales (%) 18,6 18,1 17,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 8,9 12,3 14,7
Working capital / sales (%) 27,7 25,7 23
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -24,3 -28,2 -27,1
Net debt / market cap (%) -2,7 -2,8 -3,2
Equity ratio (%) 71,9 70,2 71,9
Net IB debt adj. / equity (%) -24,3 -28,2 -27,1
Current ratio (%) 439,6 351,7 348,6
EBITDA / net interest (%) -8893,8 0 0
Net IB debt / EBITDA (%) -62,5 -73,9 -70,4
Interest cover (%) -8268,8 N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 44 44 44
Fully diluted shares Adj 44 44 44
EPS 2,35 2,76 3,37
Dividend per share Adj 1,1 1,4 1,4
EPS Adj 2,35 2,76 3,37
BVPS 8,3 9,95 11,93
BVPS Adj 6,36 7,11 8,06
Net IB debt / share -2 -2,8 -3,2
Share price 74,4 101 101
Market cap. (m) 3281 4454 4454
Valuation 2019 2020 2021
P/E 43,3 36,7 29,9
EV/sales 8,57 7,27 6,06
EV/EBITDA 30,9 25,8 21,3
EV/EBITA 33,3 27,8 22,6
EV/EBIT 33,3 27,8 22,6
Dividend yield (%) 1,1 1,4 1,4
FCF yield (%) 0,7 2,5 2,5
P/BVPS 12,27 10,15 8,47
P/BVPS Adj 16,01 14,21 12,52
P/E Adj 43,3 36,7 29,9
EV/EBITDA Adj 30,9 25,8 21,3
EV/EBITA Adj 33,3 27,8 22,6
EV/EBIT Adj 33,3 27,8 22,6
EV/cap. employed 10,4 8,8 7,4
Investment ratios 2019 2020 2021
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 200 197,5 205

Key Figure Counter

<p><span>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.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>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.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

30,0

EV/EBIT

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<p>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&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>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.</span></p>

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22,5

EV/Sales

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<p><span>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&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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6,0

P/BVPS

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<div class="inner"> <p>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.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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8,4