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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 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 26,4 21,7
EV/EBIT adj (x) 33,3 28,4 23,1
P/E (x) 43,3 37,5 30,6
P/E adj (x) 43,3 37,5 30,6
EV/sales (x) 8,6 7,4 6,2
FCF yield (%) 0,7 2,4 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 4551 4551
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 4427 4408
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 -2,7 -3,1
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 74,4 103,2 103,2
Market cap. (m) 3281 4551 4551
Valuation 2019 2020 2021
P/E 43,3 37,5 30,6
EV/sales 8,57 7,43 6,19
EV/EBITDA 30,9 26,4 21,7
EV/EBITA 33,3 28,4 23,1
EV/EBIT 33,3 28,4 23,1
Dividend yield (%) 1,1 1,4 1,4
FCF yield (%) 0,7 2,4 2,5
P/BVPS 12,27 10,37 8,65
P/BVPS Adj 16,01 14,52 12,8
P/E Adj 43,3 37,5 30,6
EV/EBITDA Adj 30,9 26,4 21,7
EV/EBITA Adj 33,3 28,4 23,1
EV/EBIT Adj 33,3 28,4 23,1
EV/cap. employed 10,4 9 7,6
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

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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
SEB Fonder 9.3 % 9.3 % 29 Feb 2020
Arbejdsmarkedets Tillægspension (ATP) 9.0 % 9.0 % 31 Dec 2019
Swedbank Robur Fonder 9.0 % 9.0 % 29 Feb 2020
Handelsbanken Fonder 7.9 % 7.9 % 29 Feb 2020
Fjärde AP-fonden 5.2 % 5.2 % 28 Feb 2020
Erik Åfors 4.7 % 4.7 % 28 Feb 2020
C WorldWide Asset Management 4.6 % 4.6 % 31 Mar 2020
Erik Selin 3.2 % 3.2 % 18 Feb 2020
Allianz Global Investors 2.4 % 2.4 % 29 Feb 2020
Source: Holdings by Modular Finance AB

Insider list - INVISIO Communications

Name Quantity Code Date
Ulrika Hagdahl + 3 400 BUY 31 Mar 2020
Lage Jonason - 35 000 SELL 27 Mar 2020
Lage Jonason - 93 334 SELL 20 Mar 2020
Joakim Birgersson + 3 000 BUY 18 Mar 2020
Lage Jonason - 500 000 SELL 17 Mar 2020
Joakim Birgersson + 3 000 BUY 16 Mar 2020
Joakim Birgersson + 3 000 BUY 13 Mar 2020
Annika Andersson + 2 000 BUY 12 Mar 2020
Carsten Aagesen + 3 058 BUY 12 Mar 2020
Charlott Ann Elisabeth Samuelsson + 630 BUY 9 Mar 2020

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