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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 2018 2019e 2020e
Sales 355 428 547
Sales growth (%) -3,1 20,6 28
EBITDA 68 93 144
EBITDA margin (%) 19,1 21,8 26,4
EBIT adj 64 81 121
EBIT adj margin (%) 17,9 19 22,2
Pretax profit 64 81 121
EPS rep 1,09 1,46 2,15
EPS growth (%) -22,6 33,6 47,1
EPS adj 1,09 1,46 2,15
DPS 0,8 1,1 1,4
EV/EBITDA (x) 35,9 33,1 21,5
EV/EBIT adj (x) 38,3 37,8 25,6
P/E (x) 52,1 49,9 33,9
P/E adj (x) 52,1 49,9 33,9
EV/sales (x) 6,9 7,2 5,7
FCF yield (%) 0,5 3,8 1,6
Dividend yield (%) 1,4 1,5 1,9
Net IB debt/EBITDA -1,1 -1,4 -0,8
SEKm 2018 2019e 2020e
Sales 355 428 547
COGS -155 -169 -227
Gross profit 200 258 320
Other operating items -132 -165 -176
EBITDA 68 93 144
Depreciation on tangibles -4 -12 -23
Depreciation on intangibles 0 0 0
EBITA 64 81 121
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 64 81 121
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 81 121
Tax -16 -17 -27
Net profit 48 64 95
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 48 64 95
EPS 1,09 1,46 2,15
EPS Adj 1,09 1,46 2,15
Total extraordinary items after tax 0 0 0
Tax rate (%) -24,8 -20,9 -22
Gross margin (%) 56,4 60,4 58,5
EBITDA margin (%) 19,1 21,8 26,4
EBITA margin (%) 17,9 19 22,2
EBIT margin (%) 17,9 19 22,2
Pretax margin (%) 18,1 19 22,2
Net margin (%) 13,6 15,1 17,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -3,1 20,6 28
EBITDA growth (%) -18,2 37,5 55
EBIT growth (%) -19,2 28,2 49,1
Net profit growth (%) -22,6 33,6 47,1
EPS growth (%) -22,6 33,6 47,1
Profitability 2018 2019 2020
ROE (%) 17,5 21 27,5
ROE Adj (%) 17,5 21 27,5
ROCE (%) 23 26,5 35,2
ROCE Adj(%) 23 26,5 35,2
ROIC (%) 22,5 27,7 37,5
ROIC Adj (%) 22,5 27,7 37,5
Adj earnings numbers 2018 2019 2020
EBITDA Adj 68 93 144
EBITDA Adj margin (%) 19,1 21,8 26,4
EBITA Adj 64 81 121
EBITA Adj margin (%) 17,9 19 22,2
EBIT Adj 64 81 121
EBIT Adj margin (%) 17,9 19 22,2
Pretax profit Adj 64 81 121
Net profit Adj 48 64 95
Net profit to shareholders Adj 48 64 95
Net Adj margin (%) 13,6 15,1 17,3
SEKm 2018 2019e 2020e
EBITDA 68 93 144
Net financial items 1 0 0
Paid tax -16 -17 -27
Non-cash items 0 0 0
Cash flow before change in WC 53 76 118
Change in WC -41 78 -41
Operating cash flow 13 122 52
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 13 122 52
Dividend paid -27 -35 -49
Share issues and buybacks 0 0 0
Other non cash items -22 -32 -25
Decrease in net IB debt -35 55 -21
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 60 111 138
Tangible fixed assets 4 4 4
Other fixed assets 21 21 21
Fixed assets 84 136 163
Inventories 96 40 61
Receivables 105 90 151
Other current assets 0 0 0
Cash and liquid assets 78 133 112
Total assets 363 400 486
Shareholders equity 293 322 368
Minority 0 0 0
Total equity 293 322 368
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 47 88
Other current liabilities 31 31 31
Total liabilities and equity 261 342 363
Net IB debt -78 -133 -112
Net IB debt excl. pension debt -78 -133 -112
Capital invested 245 219 286
Working capital 161 83 124
EV breakdown 2018 2019 2020
Market cap. diluted (m) 2509 3215 3215
Net IB debt Adj -78 -133 -112
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 3082 3103
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 100,6 112,2 123,6
Capital invested turnover (%) 167 184,1 216,5
Capital employed turnover (%) 128,3 139,3 158,8
Inventories / sales (%) 18,7 15,9 9,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 12,6 10,2 12,3
Working capital / sales (%) 39,6 28,5 18,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -26,6 -41,4 -30,5
Net debt / market cap (%) -2,7 -4,1 -3,5
Equity ratio (%) 80,6 80,5 75,7
Net IB debt adj. / equity (%) -26,6 -41,4 -30,5
Current ratio (%) 396,4 337,7 273,6
EBITDA / net interest (%) -11300 0 0
Net IB debt / EBITDA (%) -114,7 -142,7 -77,5
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 1,46 2,15
Dividend per share Adj 0,8 1,1 1,4
EPS Adj 1,09 1,46 2,15
BVPS 6,63 7,29 8,34
BVPS Adj 5,28 4,77 5,22
Net IB debt / share -1,8 -3 -2,5
Share price 64,76 72,9 72,9
Market cap. (m) 2856 3215 3215
Valuation 2018 2019 2020
P/E 52,1 49,9 33,9
EV/sales 6,86 7,21 5,67
EV/EBITDA 35,9 33,1 21,5
EV/EBITA 38,3 37,8 25,6
EV/EBIT 38,3 37,8 25,6
Dividend yield (%) 1,4 1,5 1,9
FCF yield (%) 0,5 3,8 1,6
P/BVPS 8,58 10 8,74
P/BVPS Adj 10,77 15,27 13,97
P/E Adj 52,1 49,9 33,9
EV/EBITDA Adj 35,9 33,1 21,5
EV/EBITA Adj 38,3 37,8 25,6
EV/EBIT Adj 38,3 37,8 25,6
EV/cap. employed 8,3 9,6 8,4
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 107,5 295 575,7

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Main shareholders

INVISIO Communications

Main shareholders Share capital % Voting shares % Verified
Patinex AG 17.3 % 17.3 % 29 May 2015
Lage Jonason 9.4 % 9.4 % 31 Mar 2019
Swedbank Robur Fonder 8.0 % 8.0 % 30 Apr 2019
Handelsbanken Fonder 6.7 % 6.7 % 30 Apr 2019
Arbejdsmarkedets Tillægspension (ATP) 6.4 % 6.4 % 31 Mar 2019
Fjärde AP-fonden 5.9 % 5.9 % 31 Mar 2019
Erik Åfors 4.7 % 4.7 % 31 Mar 2019
C WorldWide Asset Management 4.7 % 4.7 % 30 Apr 2019
SEB Fonder 2.3 % 2.3 % 31 Mar 2019
Allianz Global Investors 2.0 % 2.0 % 28 Feb 2019
Source: Holdings by Modular Finance AB

Insider list

INVISIO Communications

Name Quantity Code Date
Annika Andersson + 5 000 BUY 3 May 2019
Annika Andersson + 2 000 BUY 3 May 2019
Lage Jonason -1 600 000 SELL 6 Mar 2019
George Nicolakis - 3 846 SELL 22 Feb 2019
George Nicolakis - 320 SELL 22 Feb 2019
Lage Jonason - 400 000 SELL 18 Dec 2018
Jan Larsen - 1 316 SELL 1 Nov 2018
Jan Larsen - 44 SELL 1 Nov 2018
Jan Larsen - 4 956 SELL 1 Nov 2018
Jan Larsen - 3 497 SELL 31 Oct 2018

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