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INVISIO Communications

INVISIO Communications

Communication in extreme environments

Invisio Communications develops and sells advanced communication and hearing protection systems, enabling professionals in noisy and critical environments to communicate while at the same time protecting their hearing. The systems consist of headsets and control units with connections to, for example, 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 today holds long-term contracts with defence authorities in, for example, the US, Canada, and Denmark. The products are sold both directly as well as through partners and resellers.

The firm has recently had success in getting smaller follow-up orders that can be seen as recurring, thus evening out the order book volatility. Opening more own sales offices around the world has strengthened the gross margin, a development that could continue. New technological improvements and new developed products will most likely lead to new orders from new or existing customers.

Invisio is now experiencing increased competition, with market participants competing for procurements with authorities worldwide, which in the long run could potentially lead to fewer new contracts for Invisio. The order book, which indeed can be volatile on a quarterly basis, has however been decreasing lately and has to be compensated for through a larger share of smaller recurring orders.

SEKm 2019 2020e 2021e
Sales 451 586 689
Sales growth (%) 27,2 30 17,5
EBITDA 108 170 210
EBITDA margin (%) 23,9 29 30,5
EBIT adj 98 144 183
EBIT adj margin (%) 21,7 24,6 26,5
Pretax profit 95 144 183
EPS rep 1,67 2,55 3,23
EPS growth (%) 52,8 52,5 26,9
EPS adj 1,67 2,55 3,23
DPS 1,1 1,4 1,4
EV/EBITDA (x) 59 37,2 30
EV/EBIT adj (x) 65 44 34,5
P/E (x) 87,4 57,3 45,2
P/E adj (x) 87,4 57,3 45,2
EV/sales (x) 14,1 10,8 9,1
FCF yield (%) 1,2 1,5 1,9
Dividend yield (%) 0,8 1 1
Net IB debt/EBITDA -0,8 -0,6 -0,7
SEKm 2019 2020e 2021e
Sales 451 586 689
COGS -178 -223 -258
Gross profit 273 363 430
Other operating items -165 -193 -220
EBITDA 108 170 210
Depreciation on tangibles -8 -22 -23
Depreciation on intangibles 0 0 0
EBITA 98 144 183
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 98 144 183
Other financial items 0 0 0
Net financial items -3 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 95 144 183
Tax -21 -32 -40
Net profit 74 112 142
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 74 112 142
EPS 1,67 2,55 3,23
EPS Adj 1,67 2,55 3,23
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,6 -22 -22
Gross margin (%) 60,5 62 62,5
EBITDA margin (%) 23,9 29 30,5
EBITA margin (%) 21,7 24,6 26,5
EBIT margin (%) 21,7 24,6 26,5
Pretax margin (%) 21,1 24,6 26,5
Net margin (%) 16,3 19,2 20,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 27,2 30 17,5
EBITDA growth (%) 58,7 58 23,6
EBIT growth (%) 53,9 47,4 26,9
Net profit growth (%) 52,8 52,5 26,9
EPS growth (%) 52,8 52,5 26,9
Profitability 2019 2020 2021
ROE (%) 22,4 28,2 30,3
ROE Adj (%) 22,4 28,2 30,3
ROCE (%) 29,8 36,4 39,1
ROCE Adj(%) 29,8 36,4 39,1
ROIC (%) 27,2 33,9 37,8
ROIC Adj (%) 27,2 33,9 37,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 108 170 210
EBITDA Adj margin (%) 23,9 29 30,5
EBITA Adj 98 144 183
EBITA Adj margin (%) 21,7 24,6 26,5
EBIT Adj 98 144 183
EBIT Adj margin (%) 21,7 24,6 26,5
Pretax profit Adj 95 144 183
Net profit Adj 74 112 142
Net profit to shareholders Adj 74 112 142
Net Adj margin (%) 16,3 19,2 20,7
SEKm 2019 2020e 2021e
EBITDA 108 170 210
Net financial items -3 0 0
Paid tax -21 -32 -40
Non-cash items 0 0 0
Cash flow before change in WC 84 138 170
Change in WC 44 -15 -23
Operating cash flow 76 98 122
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 76 98 122
Dividend paid -32 -49 -62
Share issues and buybacks 0 0 0
Other non cash items -34 -22 -27
Decrease in net IB debt 8 23 29
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 139 164 193
Tangible fixed assets 4 4 4
Other fixed assets 21 21 21
Fixed assets 193 219 247
Inventories 57 65 77
Receivables 127 161 189
Other current assets 0 0 0
Cash and liquid assets 84 107 136
Total assets 461 552 649
Shareholders equity 366 430 511
Minority 0 0 0
Total equity 366 430 511
Long-term debt -32 -32 -32
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 67 94 110
Other current liabilities 31 31 31
Total liabilities and equity 342 363 461
Net IB debt -86 -109 -138
Net IB debt excl. pension debt -86 -109 -138
Capital invested 311 351 403
Working capital 117 133 156
EV breakdown 2019 2020 2021
Market cap. diluted (m) 6438 6438 6438
Net IB debt Adj -86 -109 -138
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 6352 6329 6300
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 109,5 115,7 114,7
Capital invested turnover (%) 162,2 177,2 182,7
Capital employed turnover (%) 137,5 148,2 147,3
Inventories / sales (%) 17 10,4 10,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 11,8 13,7 14,8
Working capital / sales (%) 30,9 21,3 20,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -23,5 -25,5 -27,1
Net debt / market cap (%) -2,6 -1,7 -2,1
Equity ratio (%) 79,4 77,9 78,7
Net IB debt adj. / equity (%) -23,5 -25,5 -27,1
Current ratio (%) 274,5 267,8 285,3
EBITDA / net interest (%) 4138,4 0 0
Net IB debt / EBITDA (%) -80 -64,4 -65,9
Interest cover (%) 3757,7 N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 44 44 44
Fully diluted shares Adj 44 44 44
EPS 1,67 2,55 3,23
Dividend per share Adj 1,1 1,4 1,4
EPS Adj 1,67 2,55 3,23
BVPS 8,3 9,75 11,58
BVPS Adj 5,15 6,02 7,2
Net IB debt / share -2 -2,5 -3,1
Share price 74,4 146 146
Market cap. (m) 3281 6438 6438
Valuation 2019 2020 2021
P/E 87,4 57,3 45,2
EV/sales 14,09 10,8 9,15
EV/EBITDA 59 37,2 30
EV/EBITA 65 44 34,5
EV/EBIT 65 44 34,5
Dividend yield (%) 0,8 1 1
FCF yield (%) 1,2 1,5 1,9
P/BVPS 17,58 14,98 12,61
P/BVPS Adj 28,36 24,25 20,27
P/E Adj 87,4 57,3 45,2
EV/EBITDA Adj 59 37,2 30
EV/EBITA Adj 65 44 34,5
EV/EBIT Adj 65 44 34,5
EV/cap. employed 17,5 14,8 12,4
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 197,5 550,3 584,9

Equity research

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Media

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

Main shareholders - INVISIO Communications

Main shareholders Share capital % Voting shares % Verified
Novo Holdings A/S 10.5 % 10.5 % 31 Dec 2019
Arbejdsmarkedets Tillægspension (ATP) 9.0 % 9.0 % 30 Sep 2019
Swedbank Robur Fonder 8.8 % 8.8 % 31 Dec 2019
Handelsbanken Fonder 8.2 % 8.2 % 31 Dec 2019
SEB Fonder 7.8 % 7.8 % 31 Dec 2019
Fjärde AP-fonden 5.6 % 5.6 % 31 Dec 2019
C WorldWide Asset Management 4.8 % 4.8 % 31 Dec 2019
Erik Åfors 4.7 % 4.7 % 31 Dec 2019
Lage Jonason 4.7 % 4.7 % 10 Jan 2020
Allianz Global Investors 2.7 % 2.7 % 30 Nov 2019
Source: Holdings by Modular Finance AB

Insider list - INVISIO Communications

Name Quantity Code Date
Carsten Aagesen - 602 SELL 13 Jan 2020
Carsten Aagesen - 923 SELL 13 Jan 2020
Carsten Aagesen - 3 848 SELL 13 Jan 2020
Carsten Aagesen - 5 000 SELL 13 Jan 2020
Lage Jonason - 800 000 SELL 10 Jan 2020
Lage Jonason + 100 000 * 19 Dec 2019
Lage Jonason + 100 000 * 17 Dec 2019
Carsten Aagesen - 4 000 SELL 20 Nov 2019
Carsten Aagesen - 813 SELL 20 Nov 2019
Carsten Aagesen - 10 000 SELL 19 Nov 2019

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