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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 508 610 717
Sales growth (%) 43,4 20 17,5
EBITDA 139 183 219
EBITDA margin (%) 27,4 30 30,5
EBIT adj 130 156 191
EBIT adj margin (%) 25,5 25,7 26,6
Pretax profit 127 156 191
EPS rep 2,23 2,77 3,37
EPS growth (%) 104,3 24 21,8
EPS adj 2,23 2,77 3,37
DPS 1,1 1,4 1,4
EV/EBITDA (x) 45,5 34,5 28,7
EV/EBIT adj (x) 49 40,3 32,9
P/E (x) 65,4 52,7 43,3
P/E adj (x) 65,4 52,7 43,3
EV/sales (x) 12,5 10,3 8,7
FCF yield (%) 1,3 1,9 2
Dividend yield (%) 0,8 1 1
Net IB debt/EBITDA -0,7 -0,7 -0,8
SEKm 2019 2020e 2021e
Sales 508 610 717
COGS -197 -232 -269
Gross profit 311 378 448
Other operating items -171 -195 -229
EBITDA 139 183 219
Depreciation on tangibles -8 -22 -24
Depreciation on intangibles 0 0 0
EBITA 130 156 191
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 130 156 191
Other financial items 0 0 0
Net financial items -3 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 127 156 191
Tax -28 -34 -42
Net profit 98 122 149
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 98 122 149
EPS 2,23 2,77 3,37
EPS Adj 2,23 2,77 3,37
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,4 -22 -22
Gross margin (%) 61,2 62 62,5
EBITDA margin (%) 27,4 30 30,5
EBITA margin (%) 25,5 25,7 26,6
EBIT margin (%) 25,5 25,7 26,6
Pretax margin (%) 25 25,7 26,6
Net margin (%) 19,4 20 20,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 43,4 20 17,5
EBITDA growth (%) 105,6 31,2 19,5
EBIT growth (%) 104 20,8 21,8
Net profit growth (%) 104,3 24 21,8
EPS growth (%) 104,3 24 21,8
Profitability 2019 2020 2021
ROE (%) 28,8 28,5 29,3
ROE Adj (%) 28,8 28,5 29,3
ROCE (%) 34,8 32,1 33,5
ROCE Adj(%) 34,8 32,1 33,5
ROIC (%) 34,9 35,4 38,5
ROIC Adj (%) 34,9 35,4 38,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 139 183 219
EBITDA Adj margin (%) 27,4 30 30,5
EBITA Adj 130 156 191
EBITA Adj margin (%) 25,5 25,7 26,6
EBIT Adj 130 156 191
EBIT Adj margin (%) 25,5 25,7 26,6
Pretax profit Adj 127 156 191
Net profit Adj 98 122 149
Net profit to shareholders Adj 98 122 149
Net Adj margin (%) 19,4 20 20,8
SEKm 2019 2020e 2021e
EBITDA 139 183 219
Net financial items -3 0 0
Paid tax -28 -34 -42
Non-cash items 0 0 0
Cash flow before change in WC 108 149 177
Change in WC 27 -4 -24
Operating cash flow 84 120 127
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 84 120 127
Dividend paid -32 -49 -62
Share issues and buybacks 0 0 0
Other non cash items -37 -23 -28
Decrease in net IB debt 14 44 33
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 142 168 197
Tangible fixed assets 4 4 4
Other fixed assets 21 21 21
Fixed assets 196 222 251
Inventories 49 68 80
Receivables 180 168 197
Other current assets 0 0 0
Cash and liquid assets 152 196 229
Total assets 577 653 757
Shareholders equity 391 465 551
Minority 0 0 0
Total equity 391 465 551
Long-term debt 31 31 31
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 95 98 115
Other current liabilities 31 31 31
Total liabilities and equity 342 363 577
Net IB debt -91 -135 -169
Net IB debt excl. pension debt -91 -135 -169
Capital invested 330 360 413
Working capital 134 138 162
EV breakdown 2019 2020 2021
Market cap. diluted (m) 6438 6438 6438
Net IB debt Adj -91 -135 -169
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 6347 6303 6270
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 108,2 99,2 101,6
Capital invested turnover (%) 176,6 176,7 185,3
Capital employed turnover (%) 136,6 124,9 126,1
Inventories / sales (%) 14,2 9,6 10,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13,2 15,8 14,8
Working capital / sales (%) 29 22,3 20,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -23,4 -29,1 -30,6
Net debt / market cap (%) -2,8 -2,1 -2,6
Equity ratio (%) 67,8 71,1 72,8
Net IB debt adj. / equity (%) -23,4 -29,1 -30,6
Current ratio (%) 303,3 336,3 348,2
EBITDA / net interest (%) 5362,5 0 0
Net IB debt / EBITDA (%) -65,5 -73,9 -77,2
Interest cover (%) 4981,7 N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 44 44 44
Fully diluted shares Adj 44 44 44
EPS 2,23 2,77 3,37
Dividend per share Adj 1,1 1,4 1,4
EPS Adj 2,23 2,77 3,37
BVPS 8,87 10,53 12,51
BVPS Adj 5,65 6,73 8,03
Net IB debt / share -2,1 -3,1 -3,8
Share price 74,4 146 146
Market cap. (m) 3281 6438 6438
Valuation 2019 2020 2021
P/E 65,4 52,7 43,3
EV/sales 12,49 10,34 8,75
EV/EBITDA 45,5 34,5 28,7
EV/EBITA 49 40,3 32,9
EV/EBIT 49 40,3 32,9
Dividend yield (%) 0,8 1 1
FCF yield (%) 1,3 1,9 2
P/BVPS 16,47 13,86 11,67
P/BVPS Adj 25,86 21,71 18,18
P/E Adj 65,4 52,7 43,3
EV/EBITDA Adj 45,5 34,5 28,7
EV/EBITA Adj 49 40,3 32,9
EV/EBIT Adj 49 40,3 32,9
EV/cap. employed 14,1 12 10,2
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 197,5 561,3 597

Equity research

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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
Arbejdsmarkedets Tillægspension (ATP) 9.0 % 9.0 % 30 Sep 2019
Swedbank Robur Fonder 8.8 % 8.8 % 31 Dec 2019
Handelsbanken Fonder 8.2 % 8.2 % 31 Dec 2019
SEB Fonder 7.8 % 7.8 % 31 Dec 2019
Fjärde AP-fonden 5.6 % 5.6 % 31 Dec 2019
C WorldWide Asset Management 4.8 % 4.8 % 31 Dec 2019
Erik Åfors 4.7 % 4.7 % 31 Dec 2019
Lage Jonason 4.7 % 4.7 % 10 Jan 2020
Allianz Global Investors 2.7 % 2.7 % 30 Nov 2019
Source: Holdings by Modular Finance AB

Insider list - INVISIO Communications

Name Quantity Code Date
Carsten Aagesen - 602 SELL 13 Jan 2020
Carsten Aagesen - 923 SELL 13 Jan 2020
Carsten Aagesen - 3 848 SELL 13 Jan 2020
Carsten Aagesen - 5 000 SELL 13 Jan 2020
Lage Jonason - 800 000 SELL 10 Jan 2020
Lage Jonason + 100 000 * 19 Dec 2019
Lage Jonason + 100 000 * 17 Dec 2019
Carsten Aagesen - 4 000 SELL 20 Nov 2019
Carsten Aagesen - 813 SELL 20 Nov 2019
Carsten Aagesen - 10 000 SELL 19 Nov 2019

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