INVISIO Communications
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INVISIO Communications
- Addtech
- Alcadon
- Arise
- Avensia
- Bergs Timber
- BioGaia
- Biovica
- Boule Diagnostics
- Bredband2
- Brighter
- Briox
- Capacent
- Catella
- Catena
- Catena Media
- Cavotec
- Concordia Maritime
- Crown Energy
- CTT Systems
- Dedicare
- DistIT
- Diös
- Doro
- Elanders
- Elos Medtech
- Empir Group
- ENLABS
- Enzymatica
- Eolus Vind
- Eurocon
- eWork
- FastPartner
- Ferronordic
- Formpipe
- Fortnox
- Future Gaming Group
- G5 Entertainment
- GARO
- Generic
- Hifab
- Hoylu
- Intervacc
- INVISIO Communications
- ITAB Shop Concept
- JLT Mobile Computers
- Lagercrantz
- Lammhults
- Leading Edge Materials
- Magnolia Bostad
- MedicaNatumin
- Midsona
- Moment Group
- Motion Display
- NAXS
- Nilörngruppen
- Nolato
- Nordic Waterproofing
- Opus Group
- Ovzon
- Poolia
- Pricer
- Proact
- Probi
- QuickCool
- Rottneros
- Seafire
- SinterCast
- SJR
- Stendörren
- Studsvik
- Swedencare
- Swedol
- Tethys Oil
- THQ Nordic
- VBG Group
- Vitec
- Vitrolife
- Zutec
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INVISIO Communications
+Subscribe to companyCommunication in extreme environments
INVISIO Communications
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.
Financials
INVISIO COMMUNICATIONS
| SEKm | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | 2021e | 2021 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 441 | 202 | 202 | 230 | 230 | 330 | 330 | 366 | 366 | 355 | 355 | 441 | 441 | 564 | 564 | 649 | 649 | ||
| Sales growth (%) | 24,3 | 136,5 | 136,5 | 14 | 14 | 43,6 | 43,6 | 10,8 | 10,8 | -3,1 | -3,1 | 24,3 | 24,3 | 28 | 28 | 15 | 15 | ||
| EBITDA | 102 | 40 | 40 | 50 | 50 | 98 | 98 | 83 | 83 | 68 | 68 | 102 | 102 | 149 | 149 | 182 | 182 | ||
| EBITDA margin (%) | 23,1 | 19,7 | 19,7 | 21,6 | 21,6 | 29,6 | 29,6 | 22,7 | 22,7 | 19,1 | 19,1 | 23,1 | 23,1 | 26,4 | 26,4 | 28 | 28 | ||
| EBIT adj | 91 | 35 | 35 | 44 | 44 | 90 | 90 | 90 | 90 | 64 | 64 | 91 | 91 | 129 | 129 | 156 | 156 | ||
| EBIT adj margin (%) | 20,6 | 17,2 | 17,2 | 19,1 | 19,1 | 27,4 | 27,4 | 24,7 | 24,7 | 17,9 | 17,9 | 20,6 | 20,6 | 22,9 | 22,9 | 24 | 24 | ||
| Pretax profit | 91 | 32 | 32 | 44 | 44 | 90 | 90 | 74 | 74 | 64 | 64 | 91 | 91 | 129 | 129 | 156 | 156 | ||
| EPS rep | 1,6 | 1,05 | 1,05 | 1,28 | 1,28 | 2,11 | 2,11 | 1,41 | 1,41 | 1,09 | 1,09 | 1,6 | 1,6 | 2,29 | 2,29 | 2,76 | 2,76 | ||
| EPS growth (%) | 46,6 | 523,3 | 523,3 | 21,7 | 21,7 | 65,5 | 65,5 | -33,1 | -33,1 | -22,6 | -22,6 | 46,6 | 46,6 | 42,6 | 42,6 | 20,6 | 20,6 | ||
| EPS adj | 1,6 | 1,05 | 1,05 | 1,27 | 1,27 | 2,11 | 2,11 | 1,68 | 1,68 | 1,09 | 1,09 | 1,6 | 1,6 | 2,29 | 2,29 | 2,76 | 2,76 | ||
| DPS | 1,1 | 0 | 0 | 0 | 0 | 0,5 | 0,5 | 0,6 | 0,6 | 0,8 | 0,8 | 1,1 | 1,1 | 1,4 | 1,4 | 1,4 | 1,4 | ||
| EV/EBITDA (x) | 26,4 | 13,5 | 13,5 | 63,8 | 63,8 | 26,9 | 26,9 | 40,8 | 40,8 | 35,9 | 35,9 | 26,4 | 26,4 | 18,1 | 18,1 | 14,7 | 14,7 | ||
| EV/EBIT adj (x) | 29,7 | 15,5 | 15,5 | 72,2 | 72,2 | 29,2 | 29,2 | 37,4 | 37,4 | 38,3 | 38,3 | 29,7 | 29,7 | 20,8 | 20,8 | 17,2 | 17,2 | ||
| P/E (x) | 39,9 | 12,2 | 12,2 | 59,4 | 59,4 | 30,2 | 30,2 | 56,1 | 56,1 | 52,1 | 52,1 | 39,9 | 39,9 | 28 | 28 | 23,2 | 23,2 | ||
| P/E adj (x) | 39,9 | 12,2 | 12,2 | 59,6 | 59,6 | 30,2 | 30,2 | 47,2 | 47,2 | 52,1 | 52,1 | 39,9 | 39,9 | 28 | 28 | 23,2 | 23,2 | ||
| EV/sales (x) | 6,1 | 2,7 | 2,7 | 13,8 | 13,8 | 8 | 8 | 9,2 | 9,2 | 6,9 | 6,9 | 6,1 | 6,1 | 4,8 | 4,8 | 4,1 | 4,1 | ||
| FCF yield (%) | 3,8 | 6,3 | 6,3 | 0,9 | 0,9 | 3,8 | 3,8 | 0,3 | 0,3 | 0,5 | 0,5 | 3,8 | 3,8 | 2,8 | 2,8 | 3,7 | 3,7 | ||
| Dividend yield (%) | 1,7 | 0 | 0 | 0 | 0 | 0,8 | 0,8 | 0,8 | 0,8 | 1,4 | 1,4 | 1,7 | 1,7 | 2,2 | 2,2 | 2,2 | 2,2 | ||
| Net IB debt/EBITDA | -1,3 | -0,1 | -0,1 | -0,6 | -0,6 | -1,4 | -1,4 | -1,4 | -1,4 | -1,1 | -1,1 | -1,3 | -1,3 | -0,9 | -0,9 | -0,8 | -0,8 |
| SEKm | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | 2021e | 2021 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 441 | 202 | 202 | 230 | 230 | 330 | 330 | 366 | 366 | 355 | 355 | 441 | 441 | 564 | 564 | 649 | 649 | ||
| COGS | -181 | -110 | -110 | -111 | -111 | -159 | -159 | -164 | -164 | -155 | -155 | -181 | -181 | -234 | -234 | -269 | -269 | ||
| Gross profit | 260 | 91 | 91 | 118 | 118 | 171 | 171 | 202 | 202 | 200 | 200 | 260 | 260 | 330 | 330 | 379 | 379 | ||
| Other operating items | -158 | -52 | -52 | -69 | -69 | -73 | -73 | -119 | -119 | -132 | -132 | -158 | -158 | -181 | -181 | -198 | -198 | ||
| EBITDA | 102 | 40 | 40 | 50 | 50 | 98 | 98 | 83 | 83 | 68 | 68 | 102 | 102 | 149 | 149 | 182 | 182 | ||
| Depreciation on tangibles | -11 | -5 | -5 | -6 | -6 | -7 | -7 | -4 | -4 | -4 | -4 | -11 | -11 | -20 | -20 | -26 | -26 | ||
| Depreciation on intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBITA | 91 | 35 | 35 | 44 | 44 | 90 | 90 | 79 | 79 | 64 | 64 | 91 | 91 | 129 | 129 | 156 | 156 | ||
| Goodwill impairment charges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other impairment and amortisation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBIT | 91 | 35 | 35 | 44 | 44 | 90 | 90 | 79 | 79 | 64 | 64 | 91 | 91 | 129 | 129 | 156 | 156 | ||
| Other financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net financial items | 0 | -3 | -3 | 0 | 0 | 0 | 0 | -5 | -5 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Associated income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other EO items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pretax profit | 91 | 32 | 32 | 44 | 44 | 90 | 90 | 74 | 74 | 64 | 64 | 91 | 91 | 129 | 129 | 156 | 156 | ||
| Tax | -20 | 13 | 13 | 10 | 10 | 1 | 1 | -11 | -11 | -16 | -16 | -20 | -20 | -28 | -28 | -34 | -34 | ||
| Net profit | 71 | 44 | 44 | 54 | 54 | 92 | 92 | 62 | 62 | 48 | 48 | 71 | 71 | 101 | 101 | 122 | 122 | ||
| Minority interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit discontinued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit to shareholders | 71 | 44 | 44 | 54 | 54 | 92 | 92 | 62 | 62 | 48 | 48 | 71 | 71 | 101 | 101 | 122 | 122 | ||
| EPS | 1,6 | 1,05 | 1,05 | 1,28 | 1,28 | 2,11 | 2,11 | 1,41 | 1,41 | 1,09 | 1,09 | 1,6 | 1,6 | 2,29 | 2,29 | 2,76 | 2,76 | ||
| EPS Adj | 1,6 | 1,05 | 1,05 | 1,27 | 1,27 | 2,11 | 2,11 | 1,68 | 1,68 | 1,09 | 1,09 | 1,6 | 1,6 | 2,29 | 2,29 | 2,76 | 2,76 | ||
| Total extraordinary items after tax | 0 | 0 | 0 | 0,2 | 0,2 | 0 | 0 | -11,7 | -11,7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Tax rate (%) | -22 | 39,6 | 39,6 | 23,4 | 23,4 | 1,6 | 1,6 | -15,2 | -15,2 | -24,8 | -24,8 | -22 | -22 | -22 | -22 | -22 | -22 | ||
| Gross margin (%) | 59 | 45,3 | 45,3 | 51,5 | 51,5 | 51,8 | 51,8 | 55,3 | 55,3 | 56,4 | 56,4 | 59 | 59 | 58,5 | 58,5 | 58,5 | 58,5 | ||
| EBITDA margin (%) | 23,1 | 19,7 | 19,7 | 21,6 | 21,6 | 29,6 | 29,6 | 22,7 | 22,7 | 19,1 | 19,1 | 23,1 | 23,1 | 26,4 | 26,4 | 28 | 28 | ||
| EBITA margin (%) | 20,6 | 17,2 | 17,2 | 19,2 | 19,2 | 27,4 | 27,4 | 21,5 | 21,5 | 17,9 | 17,9 | 20,6 | 20,6 | 22,9 | 22,9 | 24 | 24 | ||
| EBIT margin (%) | 20,6 | 17,2 | 17,2 | 19,2 | 19,2 | 27,4 | 27,4 | 21,5 | 21,5 | 17,9 | 17,9 | 20,6 | 20,6 | 22,9 | 22,9 | 24 | 24 | ||
| Pretax margin (%) | 20,6 | 15,7 | 15,7 | 19 | 19 | 27,4 | 27,4 | 20,1 | 20,1 | 18,1 | 18,1 | 20,6 | 20,6 | 22,9 | 22,9 | 24 | 24 | ||
| Net margin (%) | 16 | 22 | 22 | 23,4 | 23,4 | 27,8 | 27,8 | 17 | 17 | 13,6 | 13,6 | 16 | 16 | 17,9 | 17,9 | 18,7 | 18,7 | ||
| Growth rates Y/Y | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | 2021 | 2021 | |||
| Sales growth (%) | 24,3 | 136,5 | 136,5 | 14 | 14 | 43,6 | 43,6 | 10,8 | 10,8 | -3,1 | -3,1 | 24,3 | 24,3 | 28 | 28 | 15 | 15 | ||
| EBITDA growth (%) | 50,5 | 854,2 | 854,2 | 25,3 | 25,3 | 96,8 | 96,8 | -15,3 | -15,3 | -18,2 | -18,2 | 50,5 | 50,5 | 45,9 | 45,9 | 22 | 22 | ||
| EBIT growth (%) | 42,7 | 430,6 | 430,6 | 27,3 | 27,3 | 104,8 | 104,8 | -13 | -13 | -19,2 | -19,2 | 42,7 | 42,7 | 42,6 | 42,6 | 20,6 | 20,6 | ||
| Net profit growth (%) | 46,6 | 523,3 | 523,3 | 21,7 | 21,7 | 70,3 | 70,3 | -32,1 | -32,1 | -22,6 | -22,6 | 46,6 | 46,6 | 42,6 | 42,6 | 20,6 | 20,6 | ||
| EPS growth (%) | 46,6 | 523,3 | 523,3 | 21,7 | 21,7 | 65,5 | 65,5 | -33,1 | -33,1 | -22,6 | -22,6 | 46,6 | 46,6 | 42,6 | 42,6 | 20,6 | 20,6 | ||
| Profitability | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | 2021 | 2021 | |||
| ROE (%) | 22,8 | 157,4 | 157,4 | 68,2 | 68,2 | 58,2 | 58,2 | 26,5 | 26,5 | 17,5 | 17,5 | 22,8 | 22,8 | 28,5 | 28,5 | 29,6 | 29,6 | ||
| ROE Adj (%) | 22,8 | 157,4 | 157,4 | 67,9 | 67,9 | 58,2 | 58,2 | 31,5 | 31,5 | 17,5 | 17,5 | 22,8 | 22,8 | 28,5 | 28,5 | 29,6 | 29,6 | ||
| ROCE (%) | 43,8 | 91,8 | 91,8 | 71,5 | 71,5 | 118,5 | 118,5 | 70,5 | 70,5 | 35,1 | 35,1 | 43,8 | 43,8 | 57,9 | 57,9 | 57,6 | 57,6 | ||
| ROCE Adj(%) | 43,8 | 91,8 | 91,8 | 71,1 | 71,1 | 118,5 | 118,5 | 81 | 81 | 35,1 | 35,1 | 43,8 | 43,8 | 57,9 | 57,9 | 57,6 | 57,6 | ||
| ROIC (%) | 32,6 | 118,2 | 118,2 | 97,7 | 97,7 | 139,6 | 139,6 | 61,2 | 61,2 | 25,4 | 25,4 | 32,6 | 32,6 | 43,3 | 43,3 | 43,4 | 43,4 | ||
| ROIC Adj (%) | 32,6 | 118,2 | 118,2 | 97,2 | 97,2 | 139,6 | 139,6 | 70,3 | 70,3 | 25,4 | 25,4 | 32,6 | 32,6 | 43,3 | 43,3 | 43,4 | 43,4 | ||
| Adj earnings numbers | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | 2021 | 2021 | |||
| EBITDA Adj | 102 | 40 | 40 | 50 | 50 | 98 | 98 | 95 | 95 | 68 | 68 | 102 | 102 | 149 | 149 | 182 | 182 | ||
| EBITDA Adj margin (%) | 23,1 | 19,7 | 19,7 | 21,5 | 21,5 | 29,6 | 29,6 | 25,9 | 25,9 | 19,1 | 19,1 | 23,1 | 23,1 | 26,4 | 26,4 | 28 | 28 | ||
| EBITA Adj | 91 | 35 | 35 | 44 | 44 | 90 | 90 | 90 | 90 | 64 | 64 | 91 | 91 | 129 | 129 | 156 | 156 | ||
| EBITA Adj margin (%) | 20,6 | 17,2 | 17,2 | 19,1 | 19,1 | 27,4 | 27,4 | 24,7 | 24,7 | 17,9 | 17,9 | 20,6 | 20,6 | 22,9 | 22,9 | 24 | 24 | ||
| EBIT Adj | 91 | 35 | 35 | 44 | 44 | 90 | 90 | 90 | 90 | 64 | 64 | 91 | 91 | 129 | 129 | 156 | 156 | ||
| EBIT Adj margin (%) | 20,6 | 17,2 | 17,2 | 19,1 | 19,1 | 27,4 | 27,4 | 24,7 | 24,7 | 17,9 | 17,9 | 20,6 | 20,6 | 22,9 | 22,9 | 24 | 24 | ||
| Pretax profit Adj | 91 | 32 | 32 | 43 | 43 | 90 | 90 | 85 | 85 | 64 | 64 | 91 | 91 | 129 | 129 | 156 | 156 | ||
| Net profit Adj | 71 | 44 | 44 | 54 | 54 | 92 | 92 | 74 | 74 | 48 | 48 | 71 | 71 | 101 | 101 | 122 | 122 | ||
| Net profit to shareholders Adj | 71 | 44 | 44 | 54 | 54 | 92 | 92 | 74 | 74 | 48 | 48 | 71 | 71 | 101 | 101 | 122 | 122 | ||
| Net Adj margin (%) | 16 | 22 | 22 | 23,4 | 23,4 | 27,8 | 27,8 | 20,2 | 20,2 | 13,6 | 13,6 | 16 | 16 | 17,9 | 17,9 | 18,7 | 18,7 |
| SEKm | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | 2021e | 2021 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 102 | 40 | 40 | 50 | 50 | 98 | 98 | 83 | 83 | 68 | 68 | 102 | 102 | 149 | 149 | 182 | 182 | ||
| Net financial items | 0 | -3 | -3 | 0 | 0 | 0 | 0 | -5 | -5 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Paid tax | -20 | 13 | 13 | 10 | 10 | 1 | 1 | -11 | -11 | -16 | -16 | -20 | -20 | -28 | -28 | -34 | -34 | ||
| Non-cash items | 0 | -7 | -7 | -8 | -8 | 4 | 4 | 19 | 19 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash flow before change in WC | 82 | 42 | 42 | 52 | 52 | 103 | 103 | 85 | 85 | 53 | 53 | 82 | 82 | 120 | 120 | 147 | 147 | ||
| Change in WC | 50 | -8 | -8 | -22 | -22 | 3 | 3 | -75 | -75 | -41 | -41 | 50 | 50 | -17 | -17 | -19 | -19 | ||
| Operating cash flow | 108 | 34 | 34 | 30 | 30 | 106 | 106 | 11 | 11 | 13 | 13 | 108 | 108 | 79 | 79 | 103 | 103 | ||
| CAPEX tangible fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| CAPEX intangible fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Acquisitions and disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow | 108 | 34 | 34 | 30 | 30 | 106 | 106 | 11 | 11 | 13 | 13 | 108 | 108 | 79 | 79 | 103 | 103 | ||
| Dividend paid | -35 | 0 | 0 | 0 | 0 | 0 | 0 | -18 | -18 | -27 | -27 | -35 | -35 | -49 | -49 | -62 | -62 | ||
| Share issues and buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other non cash items | -22 | -5 | -5 | -6 | -6 | -2 | -2 | -13 | -13 | -22 | -22 | -22 | -22 | -25 | -25 | -29 | -29 | ||
| Decrease in net IB debt | 51 | 30 | 30 | 24 | 24 | 104 | 104 | -20 | -20 | -35 | -35 | 51 | 51 | 5 | 5 | 12 | 12 | ||
| Balance Sheet (SEKm) | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | 2021 | 2021 | |||
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Indefinite intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Definite intangible assets | 94 | 19 | 19 | 17 | 17 | 18 | 18 | 28 | 28 | 60 | 60 | 94 | 94 | 125 | 125 | 153 | 153 | ||
| Tangible fixed assets | 4 | 0 | 0 | 1 | 1 | 3 | 3 | 5 | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | ||
| Other fixed assets | 21 | 17 | 17 | 30 | 30 | 36 | 36 | 27 | 27 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | ||
| Fixed assets | 119 | 36 | 36 | 48 | 48 | 57 | 57 | 60 | 60 | 84 | 84 | 119 | 119 | 150 | 150 | 178 | 178 | ||
| Inventories | 54 | 16 | 16 | 20 | 20 | 26 | 26 | 36 | 36 | 96 | 96 | 54 | 54 | 63 | 63 | 72 | 72 | ||
| Receivables | 120 | 25 | 25 | 44 | 44 | 45 | 45 | 133 | 133 | 105 | 105 | 120 | 120 | 155 | 155 | 178 | 178 | ||
| Other current assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash and liquid assets | 129 | 28 | 28 | 29 | 29 | 133 | 133 | 113 | 113 | 78 | 78 | 129 | 129 | 133 | 133 | 146 | 146 | ||
| Total assets | 422 | 106 | 106 | 141 | 141 | 261 | 261 | 342 | 342 | 363 | 363 | 422 | 422 | 501 | 501 | 574 | 574 | ||
| Shareholders equity | 328 | 52 | 52 | 106 | 106 | 210 | 210 | 260 | 260 | 293 | 293 | 328 | 328 | 380 | 380 | 440 | 440 | ||
| Minority | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total equity | 328 | 52 | 52 | 106 | 106 | 210 | 210 | 260 | 260 | 293 | 293 | 328 | 328 | 380 | 380 | 440 | 440 | ||
| Long-term debt | 0 | 23 | 23 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pension debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Convertible debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Deferred tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other long-term liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Accounts payable | 63 | 15 | 15 | 16 | 16 | 26 | 26 | 50 | 50 | 40 | 40 | 63 | 63 | 90 | 90 | 104 | 104 | ||
| Other current liabilities | 31 | 15 | 15 | 20 | 20 | 25 | 25 | 33 | 33 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | ||
| Total liabilities and equity | 342 | 44 | 44 | 58 | 58 | 106 | 106 | 141 | 141 | 261 | 261 | 342 | 342 | 363 | 363 | 422 | 422 | ||
| Net IB debt | -129 | -5 | -5 | -29 | -29 | -133 | -133 | -113 | -113 | -78 | -78 | -129 | -129 | -133 | -133 | -146 | -146 | ||
| Net IB debt excl. pension debt | -129 | -5 | -5 | -29 | -29 | -133 | -133 | -113 | -113 | -78 | -78 | -129 | -129 | -133 | -133 | -146 | -146 | ||
| Capital invested | 209 | 46 | 46 | 66 | 66 | 66 | 66 | 152 | 152 | 224 | 224 | 209 | 209 | 256 | 256 | 304 | 304 | ||
| Working capital | 111 | 27 | 27 | 48 | 48 | 45 | 45 | 120 | 120 | 161 | 161 | 111 | 111 | 128 | 128 | 147 | 147 | ||
| EV breakdown | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | 2021 | 2021 | |||
| Market cap. diluted (m) | 2822 | 541 | 541 | 3200 | 3200 | 2770 | 2770 | 3495 | 3495 | 2509 | 2509 | 2822 | 2822 | 2822 | 2822 | 2822 | 2822 | ||
| Net IB debt Adj | -129 | -5 | -5 | -29 | -29 | -133 | -133 | -113 | -113 | -78 | -78 | -129 | -129 | -133 | -133 | -146 | -146 | ||
| Market value of minority | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of shares and participations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of conv. debt assumed equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV | 2694 | 536 | 536 | 3170 | 3170 | 2637 | 2637 | 3382 | 3382 | 2431 | 2431 | 2694 | 2694 | 2689 | 2689 | 2677 | 2677 | ||
| Capital efficiency (%) | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | 2021 | 2021 | |||
| Total assets turnover (%) | 112,3 | 245,8 | 245,8 | 186,3 | 186,3 | 164,2 | 164,2 | 121,3 | 121,3 | 100,6 | 100,6 | 112,3 | 112,3 | 122,2 | 122,2 | 120,6 | 120,6 | ||
| Capital invested turnover (%) | 203,3 | 492,6 | 492,6 | 412,4 | 412,4 | 501,4 | 501,4 | 335,7 | 335,7 | 188,4 | 188,4 | 203,3 | 203,3 | 242,4 | 242,4 | 231,5 | 231,5 | ||
| Capital employed turnover (%) | 212,9 | 533,9 | 533,9 | 372,2 | 372,2 | 432,6 | 432,6 | 328 | 328 | 196,2 | 196,2 | 212,9 | 212,9 | 252,9 | 252,9 | 239,8 | 239,8 | ||
| Inventories / sales (%) | 17 | 6,6 | 6,6 | 7,9 | 7,9 | 6,9 | 6,9 | 8,5 | 8,5 | 18,7 | 18,7 | 17 | 17 | 10,3 | 10,3 | 10,4 | 10,4 | ||
| Customer advances / sales (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Payables / sales (%) | 11,7 | 6,8 | 6,8 | 6,7 | 6,7 | 6,3 | 6,3 | 10,4 | 10,4 | 12,6 | 12,6 | 11,7 | 11,7 | 13,6 | 13,6 | 15 | 15 | ||
| Working capital / sales (%) | 30,8 | 11,2 | 11,2 | 16,3 | 16,3 | 14,1 | 14,1 | 22,5 | 22,5 | 39,6 | 39,6 | 30,8 | 30,8 | 21,1 | 21,1 | 21,1 | 21,1 | ||
| Financial risk and debt service | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | 2021 | 2021 | |||
| Net debt / equity (%) | -39,2 | -9,9 | -9,9 | -27,8 | -27,8 | -63,6 | -63,6 | -43,6 | -43,6 | -26,6 | -26,6 | -39,2 | -39,2 | -35,1 | -35,1 | -33,1 | -33,1 | ||
| Net debt / market cap (%) | -4,6 | -1,2 | -1,2 | -2 | -2 | -4,9 | -4,9 | -3,4 | -3,4 | -2,7 | -2,7 | -4,6 | -4,6 | -4,7 | -4,7 | -5,2 | -5,2 | ||
| Equity ratio (%) | 77,7 | 49,6 | 49,6 | 74,9 | 74,9 | 80,3 | 80,3 | 75,9 | 75,9 | 80,6 | 80,6 | 77,7 | 77,7 | 75,9 | 75,9 | 76,6 | 76,6 | ||
| Net IB debt adj. / equity (%) | -39,2 | -9,9 | -9,9 | -27,8 | -27,8 | -63,6 | -63,6 | -43,6 | -43,6 | -26,6 | -26,6 | -39,2 | -39,2 | -35,1 | -35,1 | -33,1 | -33,1 | ||
| Current ratio (%) | 322,4 | 233,1 | 233,1 | 263,9 | 263,9 | 397,6 | 397,6 | 343,4 | 343,4 | 396,4 | 396,4 | 322,4 | 322,4 | 290,6 | 290,6 | 294,8 | 294,8 | ||
| EBITDA / net interest (%) | 0 | 1354,4 | 1354,4 | 10831,8 | 10831,8 | 95921,6 | 95921,6 | 1625,5 | 1625,5 | -11300 | -11300 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net IB debt / EBITDA (%) | -126 | -13 | -13 | -59,1 | -59,1 | -136,1 | -136,1 | -136,6 | -136,6 | -114,7 | -114,7 | -126 | -126 | -89,6 | -89,6 | -80,2 | -80,2 | ||
| Interest cover (%) | N/A | 1182,6 | 1182,6 | 9612,9 | 9612,9 | 88604,9 | 88604,9 | 1541,2 | 1541,2 | -10583,3 | -10583,3 | N/A | N/A | N/A | N/A | N/A | N/A |
| SEKm | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | 2021e | 2021 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares outstanding adj. | 44 | 42 | 42 | 42 | 42 | 43 | 43 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | ||
| Fully diluted shares Adj | 44 | 42 | 42 | 42 | 42 | 43 | 43 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | ||
| EPS | 1,6 | 1,05 | 1,05 | 1,28 | 1,28 | 2,11 | 2,11 | 1,41 | 1,41 | 1,09 | 1,09 | 1,6 | 1,6 | 2,29 | 2,29 | 2,76 | 2,76 | ||
| Dividend per share Adj | 1,1 | 0 | 0 | 0 | 0 | 0,5 | 0,5 | 0,6 | 0,6 | 0,8 | 0,8 | 1,1 | 1,1 | 1,4 | 1,4 | 1,4 | 1,4 | ||
| EPS Adj | 1,6 | 1,05 | 1,05 | 1,27 | 1,27 | 2,11 | 2,11 | 1,68 | 1,68 | 1,09 | 1,09 | 1,6 | 1,6 | 2,29 | 2,29 | 2,76 | 2,76 | ||
| BVPS | 7,44 | 1,24 | 1,24 | 2,5 | 2,5 | 4,82 | 4,82 | 5,89 | 5,89 | 6,63 | 6,63 | 7,44 | 7,44 | 8,62 | 8,62 | 9,98 | 9,98 | ||
| BVPS Adj | 5,3 | 0,79 | 0,79 | 2,1 | 2,1 | 4,42 | 4,42 | 5,27 | 5,27 | 5,28 | 5,28 | 5,3 | 5,3 | 5,79 | 5,79 | 6,5 | 6,5 | ||
| Net IB debt / share | -2,9 | -0,1 | -0,1 | -0,7 | -0,7 | -3,1 | -3,1 | -2,6 | -2,6 | -1,8 | -1,8 | -2,9 | -2,9 | -3 | -3 | -3,3 | -3,3 | ||
| Share price | 64 | 10,43 | 10,43 | 33,93 | 33,93 | 62,3 | 62,3 | 75,82 | 75,82 | 64,76 | 64,76 | 64 | 64 | 64 | 64 | 64 | 64 | ||
| Market cap. (m) | 2822 | 440 | 440 | 1433 | 1433 | 2707 | 2707 | 3344 | 3344 | 2856 | 2856 | 2822 | 2822 | 2822 | 2822 | 2822 | 2822 | ||
| Valuation | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | 2021 | 2021 | |||
| P/E | 39,9 | 12,2 | 12,2 | 59,4 | 59,4 | 30,2 | 30,2 | 56,1 | 56,1 | 52,1 | 52,1 | 39,9 | 39,9 | 28 | 28 | 23,2 | 23,2 | ||
| EV/sales | 6,11 | 2,66 | 2,66 | 13,8 | 13,8 | 7,99 | 7,99 | 9,25 | 9,25 | 6,86 | 6,86 | 6,11 | 6,11 | 4,77 | 4,77 | 4,13 | 4,13 | ||
| EV/EBITDA | 26,4 | 13,5 | 13,5 | 63,8 | 63,8 | 26,9 | 26,9 | 40,8 | 40,8 | 35,9 | 35,9 | 26,4 | 26,4 | 18,1 | 18,1 | 14,7 | 14,7 | ||
| EV/EBITA | 29,7 | 15,5 | 15,5 | 71,9 | 71,9 | 29,2 | 29,2 | 43 | 43 | 38,3 | 38,3 | 29,7 | 29,7 | 20,8 | 20,8 | 17,2 | 17,2 | ||
| EV/EBIT | 29,7 | 15,5 | 15,5 | 71,9 | 71,9 | 29,2 | 29,2 | 43 | 43 | 38,3 | 38,3 | 29,7 | 29,7 | 20,8 | 20,8 | 17,2 | 17,2 | ||
| Dividend yield (%) | 1,7 | 0 | 0 | 0 | 0 | 0,8 | 0,8 | 0,8 | 0,8 | 1,4 | 1,4 | 1,7 | 1,7 | 2,2 | 2,2 | 2,2 | 2,2 | ||
| FCF yield (%) | 3,8 | 6,3 | 6,3 | 0,9 | 0,9 | 3,8 | 3,8 | 0,3 | 0,3 | 0,5 | 0,5 | 3,8 | 3,8 | 2,8 | 2,8 | 3,7 | 3,7 | ||
| P/BVPS | 8,61 | 10,32 | 10,32 | 30,29 | 30,29 | 13,22 | 13,22 | 13,45 | 13,45 | 8,58 | 8,58 | 8,61 | 8,61 | 7,42 | 7,42 | 6,41 | 6,41 | ||
| P/BVPS Adj | 12,07 | 16,19 | 16,19 | 36,04 | 36,04 | 14,43 | 14,43 | 15,05 | 15,05 | 10,77 | 10,77 | 12,07 | 12,07 | 11,05 | 11,05 | 9,84 | 9,84 | ||
| P/E Adj | 39,9 | 12,2 | 12,2 | 59,6 | 59,6 | 30,2 | 30,2 | 47,2 | 47,2 | 52,1 | 52,1 | 39,9 | 39,9 | 28 | 28 | 23,2 | 23,2 | ||
| EV/EBITDA Adj | 26,4 | 13,5 | 13,5 | 64 | 64 | 26,9 | 26,9 | 35,7 | 35,7 | 35,9 | 35,9 | 26,4 | 26,4 | 18,1 | 18,1 | 14,7 | 14,7 | ||
| EV/EBITA Adj | 29,7 | 15,5 | 15,5 | 72,2 | 72,2 | 29,2 | 29,2 | 37,4 | 37,4 | 38,3 | 38,3 | 29,7 | 29,7 | 20,8 | 20,8 | 17,2 | 17,2 | ||
| EV/EBIT Adj | 29,7 | 15,5 | 15,5 | 72,2 | 72,2 | 29,2 | 29,2 | 37,4 | 37,4 | 38,3 | 38,3 | 29,7 | 29,7 | 20,8 | 20,8 | 17,2 | 17,2 | ||
| EV/cap. employed | 13,5 | 11,3 | 11,3 | 41,6 | 41,6 | 34,6 | 34,6 | 23,1 | 23,1 | 11,3 | 11,3 | 13,5 | 13,5 | 10,9 | 10,9 | 9,1 | 9,1 | ||
| Investment ratios | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | 2021 | 2021 | |||
| Capex / sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Capex / depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Capex tangibles / tangible fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Capex intangibles / definite intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Depreciation on intangibles / definite intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Depreciation on tangibles / tangibles | 285 | 3268,8 | 3268,8 | 932,5 | 932,5 | 226,9 | 226,9 | 95,6 | 95,6 | 107,5 | 107,5 | 285 | 285 | 490,7 | 490,7 | 644,5 | 644,5 |
Equity research
INVISIO COMMUNICATIONS
INVISIO Communications - Continued focus on future orders
15 February 2019 INVISIO Communications Post-results comment
INVISIO Communications - Continued focus on declining order book
18 January 2019 INVISIO Communications Preview of results
Media
INVISIO COMMUNICATIONS
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INVISIO Communications: Intervju med VD Lars Højgård Hansen (Q1 2018)
2 May 2018 INVISIO Communications Media
INVISIO Communications: Intervju med VD Lars Højgård Hansen (Q4 2017)
16 February 2018 INVISIO Communications Media
Company news
INVISIO COMMUNICATIONS
INVISIOs delårsrapport januari–september 2018: Förväntade order bakom lageruppbyggnad
26 October 2018
Main shareholders
INVISIO Communications
| Main shareholders | Share capital % | Voting shares % | Verified | |
|---|---|---|---|---|
| Patinex AG | 17.3 % | 17.3 % | 29 May 2015 | |
| Lage Jonason | 13.1 % | 13.1 % | 31 Dec 2018 | |
| Swedbank Robur Fonder | 6.2 % | 6.2 % | 31 Dec 2018 | |
| Handelsbanken Fonder | 5.6 % | 5.6 % | 31 Jan 2019 | |
| Arbejdsmarkedets Tillægspension (ATP) | 5.3 % | 5.3 % | 31 Dec 2018 | |
| Erik Åfors | 4.8 % | 4.8 % | 31 Dec 2018 | |
| Fjärde AP-fonden | 4.1 % | 4.1 % | 31 Dec 2018 | |
| C WorldWide Asset Management | 4.1 % | 4.1 % | 31 Jan 2019 | |
| SEB Fonder | 2.7 % | 2.7 % | 31 Jan 2019 | |
| Allianz Global Investors | 2.0 % | 2.0 % | 31 Oct 2018 | |
| Source: Holdings by Modular Finance AB | ||||
Insider list
INVISIO Communications
| Name | Code | Quantity | Date | |
|---|---|---|---|---|
| Lage Jonason | - 400 000 | SELL | - 400 000 | 18 Dec 2018 |
| Jan Larsen | - 1 316 | SELL | - 1 316 | 1 Nov 2018 |
| Jan Larsen | - 44 | SELL | - 44 | 1 Nov 2018 |
| Jan Larsen | - 4 956 | SELL | - 4 956 | 1 Nov 2018 |
| Jan Larsen | - 3 497 | SELL | - 3 497 | 31 Oct 2018 |
| Carsten Aagesen | - 19 000 | SELL | - 19 000 | 10 Sep 2018 |
| Carsten Aagesen | - 10 000 | SELL | - 10 000 | 5 Sep 2018 |
| Jan Larsen | - 5 000 | SELL | - 5 000 | 27 Aug 2018 |
| Sigge Frolov | + 800 | BUY | + 800 | 16 May 2018 |
| George Nicolakis | - 12 500 | SELL | - 12 500 | 2 May 2018 |
QUICK FACTS
- Lars Højgård Hansen
- Lars Röckert
- IT
- www.invisiocommunications.com
- Mid Cap
- 2 835,5 MSEK
- IVSO
- Q1 report 2 May 2019
QUICK FACTS
- CEO
- Lars Højgård Hansen
- Chairman
- Lars Röckert
- List
- Mid Cap
- Sector
- IT
QUICK FACTS
- Market Cap
- 2 835,5 MSEK
- Ticker
- IVSO
- Next Event
- 2 May 2019
- Website
- www.invisiocommunications.com
Latest articles
-
Invitation - Introduce Investor Days 12-13 March, Stockholm
19 Feb 2019 / Article
-
INVISIO Communications - Continued focus on future orders
15 Feb 2019 / Analys
-
INVISIO Communications - Continued focus on declining order book
18 Jan 2019 / Analys
-
Inbjudan till Introduce Investor Day 4 december
6 Nov 2018 / Article
-
INVISIO Communications - Order book under pressure
1 Nov 2018 / Analys
