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 2018 2019 2020
Sales 355 441 564
Sales growth (%) -3,1 24,3 28
EBITDA 68 102 149
EBITDA margin (%) 19,1 23,1 26,4
EBIT adj 64 91 129
EBIT adj margin (%) 17,9 20,6 22,9
Pretax profit 64 91 129
EPS rep 1,09 1,6 2,29
EPS growth (%) -22,6 46,6 42,6
EPS adj 1,09 1,6 2,29
DPS 0,8 1,1 1,4
EV/EBITDA (x) 35,9 26,4 18,1
EV/EBIT adj (x) 38,3 29,7 20,8
P/E (x) 52,1 39,9 28
P/E adj (x) 52,1 39,9 28
EV/sales (x) 6,9 6,1 4,8
FCF yield (%) 0,5 3,8 2,8
Dividend yield (%) 1,4 1,7 2,2
Net IB debt/EBITDA -1,1 -1,3 -0,9

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
Lage Jonason
Jan Larsen
Jan Larsen
Jan Larsen
Jan Larsen
Carsten Aagesen
Carsten Aagesen
Jan Larsen
Sigge Frolov
George Nicolakis
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