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INVISIO

INVISIO

Communication in extreme environments

INVISIO develops and sells advanced communication and hearing protection systems, enabling professionals in noisy and critical environments to communicate while protecting their hearing. The systems consist of headsets and control units with connections to e.g. 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 holds long-term contracts with defence authorities in e.g. the US, Canada, and Denmark. The products are sold directly as well as through partners and resellers.

INVISIO has begun branching out to new target markets by selling its existing personal system to the law enforcement market, but also with the commercial launch of its new Intercom product. The Intercom allows for enhanced communication between soldiers and vehicle operators, and will be an important growth driver for INVISIO. Furthermore, the company is continuously testing and developing new products at the company’s R&D department in Copenhagen, seeking to broaden its product portfolio.

INVISIO’s business can be very lumpy, with large procurements and tender offers carried out at irregular intervals. As such, the company’s revenues and operating profit can vary substantially on a quarterly basis. Furthermore, visibility into the pipeline for procurements and tenders is low, as INVISIO’s customers are careful not to reveal their existence until they are made public.

SEKm 2020 2021e 2022e
Sales 532 668 890
Sales growth (%) 3,5 25,6 33,1
EBITDA 108 131 246
EBITDA margin (%) 20,3 19,7 27,7
EBIT adj 95 85 198
EBIT adj margin (%) 17,9 12,8 22,3
Pretax profit 85 78 192
EPS rep 1,34 1,25 3,16
EPS growth (%) -40,9 -6,7 153,2
EPS adj 1,34 1,25 3,16
DPS 0,85 0,7 0,84
EV/EBITDA (x) 104,7 58,5 30,7
EV/EBIT adj (x) 118,5 90 38,1
P/E (x) 187,2 134,9 53,3
P/E adj (x) 187,2 134,9 53,3
EV/sales (x) 21,3 11,5 8,5
FCF yield (%) 0,5 -1,4 2,3
Dividend yield (%) 0,3 0,4 0,5
Net IB debt/EBITDA -1,3 0,1 -0,5
Lease adj. FCF yield (%) 0,5 -1,5 2,2
Lease adj. ND/EBITDA -1,5 -0,2 -0,6
SEKm 2020 2021e 2022e
Sales 532 668 890
COGS -223 -278 -356
Gross profit 309 391 534
Other operating items -201 -259 -288
EBITDA 108 131 246
Depreciation on tangibles 0 0 0
Depreciation on intangibles -9 -10 -10
EBITA 95 85 198
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 95 85 198
Other financial items 0 0 0
Net financial items -11 -7 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 85 78 192
Tax -24 -21 -48
Net profit 61 57 144
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 61 57 144
EPS 1,34 1,25 3,16
EPS Adj 1,34 1,25 3,16
Total extraordinary items after tax 0 0 0
Tax rate (%) -27,9 -27,3 -25
Gross margin (%) 58,1 58,5 60
EBITDA margin (%) 20,3 19,7 27,7
EBITA margin (%) 17,9 12,8 22,3
EBIT margin (%) 17,9 12,8 22,3
Pretax margin (%) 16 11,7 21,6
Net margin (%) 11,5 8,5 16,2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 3,5 25,6 33,1
EBITDA growth (%) -24,2 21,6 87,3
EBIT growth (%) -28 -10,6 132
Net profit growth (%) -39,8 -7,1 153,2
EPS growth (%) -40,9 -6,7 153,2
Profitability 2020 2021 2022
ROE (%) 16,4 14,3 30,6
ROE Adj (%) 16,4 14,3 30,6
ROCE (%) 24 17,9 32,9
ROCE Adj(%) 24 17,9 32,9
ROIC (%) 28,5 18,3 35,2
ROIC Adj (%) 28,5 18,3 35,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 108 131 246
EBITDA Adj margin (%) 20,3 19,7 27,7
EBITA Adj 95 85 198
EBITA Adj margin (%) 17,9 12,8 22,3
EBIT Adj 95 85 198
EBIT Adj margin (%) 17,9 12,8 22,3
Pretax profit Adj 85 78 192
Net profit Adj 61 57 144
Net profit to shareholders Adj 61 57 144
Net Adj margin (%) 11,5 8,5 16,2
Depreciation and amortisation -13 -46 -48
Of which leasing depreciation -4 -12 -12
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 106 123 238
EBITDA lease Adj margin (%) 19,9 18,5 26,8
Leasing payments -2 -8 -8
SEKm 2020 2021e 2022e
EBITDA 108 131 246
Net financial items -11 -7 -6
Paid tax -12 -2 -5
Non-cash items 0 0 0
Cash flow before change in WC 85 122 235
Change in WC 0 -18 -26
Operating cash flow 86 104 209
CAPEX tangible fixed assets -6 -1 -1
CAPEX intangible fixed assets -19 -23 -31
Acquisitions and disposals 0 -186 0
Free cash flow 60 -106 177
Dividend paid -38 -31 -37
Share issues and buybacks 0 0 0
Other non cash items -31 4 -23
Decrease in net IB debt 16 -74 170
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 55 55
Indefinite intangible assets 0 0 0
Definite intangible assets 95 110 132
Tangible fixed assets 4 20 21
Other fixed assets 5 5 5
Fixed assets 128 304 296
Inventories 116 114 116
Receivables 114 131 140
Other current assets 0 0 0
Cash and liquid assets 158 115 241
Total assets 516 663 792
Shareholders equity 379 417 523
Minority 0 0 0
Total equity 379 417 523
Long-term debt 0 100 95
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 35 40 53
Other current liabilities 78 63 90
Total liabilities and equity 516 656 793
Net IB debt -139 16 -119
Net IB debt excl. pension debt -139 16 -119
Capital invested 240 440 403
Working capital 117 141 112
EV breakdown 2020 2021 2022
Market cap. diluted (m) 11450 7666 7666
Net IB debt Adj -139 16 -119
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 11311 7683 7547
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 106,9 113,4 122,3
Capital invested turnover (%) 220,4 216,7 223
Capital employed turnover (%) 133,9 141,1 134,5
Inventories / sales (%) 19,9 16,6 13,1
Customer advances / sales (%) 0,6 0 0
Payables / sales (%) 6,1 5,5 5,3
Working capital / sales (%) 23,1 19,3 14,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -36,7 3,9 -22,7
Net debt / market cap (%) -2,1 0,2 -1,6
Equity ratio (%) 73,5 62,9 66,1
Net IB debt adj. / equity (%) -36,7 3,9 -22,7
Current ratio (%) 342,9 346,9 346,4
EBITDA / net interest (%) 1019,5 1825,5 3970,4
Net IB debt / EBITDA (%) -128,6 12,4 -48,3
Interest cover (%) 900,7 1185,2 3193
Lease liability amortisation -2 -8 -8
Other intangible assets 95 188 183
Right-of-use asset 24 36 32
Total other fixed assets 5 5 5
Leasing liability 24 36 32
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -163 -20 -151
Net IB debt / EBITDA lease Adj (%) -153,6 -15,9 -63,3
SEKm 2020 2021e 2022e
Shares outstanding adj. 44 45 45
Fully diluted shares Adj 46 46 46
EPS 1,34 1,25 3,16
Dividend per share Adj 0,9 0,7 0,8
EPS Adj 1,34 1,25 3,16
BVPS 8,59 9,36 11,75
BVPS Adj 6,44 3,9 6,4
Net IB debt / share -3,2 0,4 -2,7
Share price 150,94 168,2 168,2
Market cap. (m) 6656 7492 7492
Valuation 2020 2021 2022
P/E 187,2 134,9 53,3
EV/sales 21,26 11,5 8,48
EV/EBITDA 104,7 58,5 30,7
EV/EBITA 118,5 90 38,1
EV/EBIT 118,5 90 38,1
Dividend yield (%) 0,3 0,4 0,5
FCF yield (%) 0,5 -1,4 2,3
P/BVPS 29,1 17,97 14,32
P/BVPS Adj 38,8 43,14 26,28
P/E Adj 187,2 134,9 53,3
EV/EBITDA Adj 104,7 58,5 30,7
EV/EBITA Adj 118,5 90 38,1
EV/EBIT Adj 118,5 90 38,1
EV/cap. employed 28,1 13,9 11,6
Investment ratios 2020 2021 2022
Capex / sales 4,8 3,6 3,6
Capex / depreciation 295,3 70,6 88,5
Capex tangibles / tangible fixed assets 153,7 3,4 4,3
Capex intangibles / definite intangibles 20,1 12,4 17
Depreciation on intangibles / definite intangibles 9,1 18,1 19,7
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) 0,5 -1,5 2,2

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Media

INVISIO - Company presentation with CEO Lars Hojgård Hansen
INVISIO - Company presentation with CEO Lars Højgård Hansen

Main shareholders - INVISIO

Main shareholders Share capital % Voting shares % Verified
SEB Fonder 9.9 % 9.9 % 30 Sep 2021
Swedbank Robur Fonder 9.7 % 9.7 % 30 Sep 2021
Novo Holdings A/S 8.9 % 8.9 % 30 Sep 2021
Arbejdsmarkedets Tillægspension (ATP) 6.5 % 6.5 % 30 Jun 2021
William Demant Fonden 5.3 % 5.3 % 30 Sep 2021
Handelsbanken Fonder 5.3 % 5.3 % 30 Sep 2021
C WorldWide Asset Management 4.6 % 4.6 % 30 Sep 2021
Fjärde AP-fonden 4.1 % 4.1 % 30 Sep 2021
Erik Selin 3.2 % 3.2 % 18 Feb 2020
Fidelity Investments (FMR) 3.0 % 3.0 % 31 Aug 2021
Source: Holdings by Modular Finance AB

Insider list - INVISIO

Name Quantity Code Date
Raymond Clarke - 5 000 SELL 7 Sep 2021
Sigge Frolov - 7 000 SELL 28 Jul 2021
Michael Söndersted + 8 000 ALTM 19 May 2021
Roger Kristiansson Skaaby + 8 000 BUY 19 May 2021
Michael Söndersted + 8 000 BUY 19 May 2021
Jan Larsen + 17 000 BUY 19 May 2021
Sigge Frolov + 17 000 ALTM 18 May 2021
Karsten Agerbeck + 8 000 BUY 18 May 2021
Charlott Ann Elisabeth Samuelsson + 495 BUY 11 May 2021
Thomas Larsson - 12 434 SELL 19 Mar 2021

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