Communication 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.

Financials

INVISIO COMMUNICATIONS

SEKm 2017 2018 2019
Sales 366 371 482
Sales growth (%) 10,8 1,5 30
EBITDA 83 70 121
EBITDA margin (%) 22,7 18,8 25
EBIT adj 90 65 109
EBIT adj margin (%) 24,7 17,6 22,6
Pretax profit 74 65 109
EPS rep 1,41 1,11 1,91
EPS growth (%) -33,1 -21,2 71,6
EPS adj 1,68 1,11 1,91
DPS 0,6 0,8 1,1
EV/EBITDA (x) 40,8 41 23,6
EV/EBIT adj (x) 37,4 43,8 26
P/E (x) 56,1 60 35
P/E adj (x) 47,2 60 35
EV/sales (x) 9,2 7,7 5,9
FCF yield (%) -0,1 0,9 1,8
Dividend yield (%) 0,8 1,2 1,6
Net IB debt/EBITDA -1,4 -1,7 -1,1

Main shareholders

INVISIO Communications

Main shareholders Share capital % Voting shares % Verified
Patinex AG 17.3 % 17.3 % 29 May 2015
Lage Jonason 14.0 % 14.0 % 30 Sep 2018
Swedbank Robur Fonder 6.2 % 6.2 % 31 Oct 2018
Handelsbanken Fonder 6.1 % 6.1 % 31 Oct 2018
Arbejdsmarkedets Tillægspension (ATP) 5.0 % 5.0 % 5 Nov 2018
Erik Åfors 4.8 % 4.8 % 30 Sep 2018
Fjärde AP-fonden 4.1 % 4.1 % 30 Sep 2018
C WorldWide Asset Management 4.1 % 4.1 % 30 Sep 2018
Allianz Global Investors 2.1 % 2.1 % 31 Aug 2018
Avanza Pension 2.1 % 2.1 % 30 Sep 2018

Insider list

INVISIO Communications

Name
Jan Larsen
Jan Larsen
Jan Larsen
Jan Larsen
Carsten Aagesen
Carsten Aagesen
Jan Larsen
Sigge Frolov
George Nicolakis
Carsten Aagesen
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