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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 2019 2020e 2021e
Sales 514 588 746
Sales growth (%) 44,9 14,5 26,8
EBITDA 143 158 229
EBITDA margin (%) 27,8 26,9 30,7
EBIT adj 133 145 215
EBIT adj margin (%) 25,8 24,7 28,8
Pretax profit 134 144 215
EPS rep 2,26 2,44 3,7
EPS growth (%) 109 8,1 51,6
EPS adj 2,26 2,44 3,7
DPS 1,1 1,4 1,4
EV/EBITDA (x) 31,2 48 32,8
EV/EBIT adj (x) 33,6 52,2 34,9
P/E (x) 45 70,2 46,3
P/E adj (x) 45 70,2 46,3
EV/sales (x) 8,7 12,9 10,1
FCF yield (%) 2,6 1,2 1,7
Dividend yield (%) 1,1 0,8 0,8
Net IB debt/EBITDA -0,9 -1,1 -1,2
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 514 588 746
COGS -201 -222 -283
Gross profit 313 366 462
Other operating items -171 -208 -234
EBITDA 143 158 229
Depreciation on tangibles 0 0 0
Depreciation on intangibles -10 -9 -10
EBITA 133 145 215
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 133 145 215
Other financial items 0 0 0
Net financial items 2 -1 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 134 144 215
Tax -33 -34 -47
Net profit 102 111 168
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 102 111 168
EPS 2,26 2,44 3,7
EPS Adj 2,26 2,44 3,7
Total extraordinary items after tax 0 0 0
Tax rate (%) -24,2 -23,4 -22
Gross margin (%) 61 62,3 62
EBITDA margin (%) 27,8 26,9 30,7
EBITA margin (%) 25,8 24,7 28,8
EBIT margin (%) 25,8 24,7 28,8
Pretax margin (%) 26,1 24,5 28,8
Net margin (%) 19,8 18,8 22,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 44,9 14,5 26,8
EBITDA growth (%) 110,3 10,8 44,8
EBIT growth (%) 108,8 9,6 47,8
Net profit growth (%) 110,8 8,8 51,6
EPS growth (%) 109 8,1 51,6
Profitability 2019 2020 2021
ROE (%) 30,9 27,4 33,4
ROE Adj (%) 30,9 27,4 33,4
ROCE (%) 38,5 33,9 40,8
ROCE Adj(%) 38,5 33,9 40,8
ROIC (%) 43,6 44,1 59,7
ROIC Adj (%) 43,6 44,1 59,7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 143 158 229
EBITDA Adj margin (%) 27,8 26,9 30,7
EBITA Adj 133 145 215
EBITA Adj margin (%) 25,8 24,7 28,8
EBIT Adj 133 145 215
EBIT Adj margin (%) 25,8 24,7 28,8
Pretax profit Adj 134 144 215
Net profit Adj 102 111 168
Net profit to shareholders Adj 102 111 168
Net Adj margin (%) 19,8 18,8 22,5
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 143 158 229
Net financial items 2 -1 0
Paid tax -3 -3 -5
Non-cash items 0 0 0
Cash flow before change in WC 141 154 224
Change in WC 17 -15 -37
Operating cash flow 158 139 187
CAPEX tangible fixed assets -1 -1 -1
CAPEX intangible fixed assets -40 -41 -52
Acquisitions and disposals 0 0 0
Free cash flow 118 97 133
Dividend paid -31 -37 -45
Share issues and buybacks 0 0 0
Other non cash items -89 -22 -25
Decrease in net IB debt 49 56 84
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 86 118 160
Tangible fixed assets 3 4 4
Other fixed assets 4 4 4
Fixed assets 118 151 194
Inventories 96 108 127
Receivables 121 122 133
Other current assets 0 0 0
Cash and liquid assets 145 200 285
Total assets 480 582 739
Shareholders equity 366 441 563
Minority 0 0 0
Total equity 366 441 563
Long-term debt 0 0 0
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 30 35 45
Other current liabilities 58 80 106
Total liabilities and equity 480 582 739
Net IB debt -123 -179 -264
Net IB debt excl. pension debt -123 -179 -264
Capital invested 243 261 300
Working capital 129 114 110
EV breakdown 2019 2020 2021
Market cap. diluted (m) 4575 7764 7764
Net IB debt Adj -123 -179 -264
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 4452 7585 7501
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 123 110,9 113
Capital invested turnover (%) 223,1 233,4 265,9
Capital employed turnover (%) 149,1 137,2 141,5
Inventories / sales (%) 19,2 17,3 15,8
Customer advances / sales (%) 2,4 1,1 0,9
Payables / sales (%) 6,8 5,5 5,4
Working capital / sales (%) 28,5 20,7 15
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -33,7 -40,7 -46,8
Net debt / market cap (%) -3,8 -2,4 -3,5
Equity ratio (%) 76,3 75,7 76,2
Net IB debt adj. / equity (%) -33,7 -40,7 -46,8
Current ratio (%) 412 372,1 362,4
EBITDA / net interest (%) -9506,7 15805,7 0
Net IB debt / EBITDA (%) -86,5 -113,4 -115,2
Interest cover (%) -8840 14535,7 0
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 44 44 44
Fully diluted shares Adj 45 45 45
EPS 2,26 2,44 3,7
Dividend per share Adj 1,1 1,4 1,4
EPS Adj 2,26 2,44 3,7
BVPS 8,3 9,99 12,77
BVPS Adj 6,36 7,31 9,14
Net IB debt / share -2,8 -4,1 -6
Share price 74,4 171,6 171,6
Market cap. (m) 3281 7567 7567
Valuation 2019 2020 2021
P/E 45 70,2 46,3
EV/sales 8,66 12,89 10,06
EV/EBITDA 31,2 48 32,8
EV/EBITA 33,6 52,2 34,9
EV/EBIT 33,6 52,2 34,9
Dividend yield (%) 1,1 0,8 0,8
FCF yield (%) 2,6 1,2 1,7
P/BVPS 12,27 17,18 13,44
P/BVPS Adj 16,01 23,47 18,78
P/E Adj 45 70,2 46,3
EV/EBITDA Adj 31,2 48 32,8
EV/EBITA Adj 33,6 52,2 34,9
EV/EBIT Adj 33,6 52,2 34,9
EV/cap. employed 11,4 16,3 12,7
Investment ratios 2019 2020 2021
Capex / sales 7,9 7,2 7,2
Capex / depreciation 407 486,9 537,1
Capex tangibles / tangible fixed assets 35,5 31,9 33,6
Capex intangibles / definite intangibles 46,3 34,9 32,6
Depreciation on intangibles / definite intangibles 11,7 7,4 6,2
Depreciation on tangibles / tangibles 0 0 0
N/A N/A N/A

Equity research

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Media

INVISIO Communications - Company presentation with CEO Lars Højgård Hansen (in English)
INVISIO Communications - Interview with CEO Lars Højgård Hansen

Main shareholders - INVISIO

Main shareholders Share capital % Voting shares % Verified
Novo Holdings A/S 10.4 % 10.4 % 30 Jun 2020
SEB Fonder 9.9 % 9.9 % 30 Jun 2020
Swedbank Robur Fonder 9.8 % 9.8 % 31 Aug 2020
Arbejdsmarkedets Tillægspension (ATP) 7.9 % 7.9 % 30 Jun 2020
Handelsbanken Fonder 7.5 % 7.5 % 31 Aug 2020
Fjärde AP-fonden 5.2 % 5.2 % 30 Jun 2020
C WorldWide Asset Management 4.4 % 4.4 % 31 Aug 2020
Erik Selin 3.2 % 3.2 % 18 Feb 2020
AMF Försäkring & Fonder 2.0 % 2.0 % 31 Aug 2020
Allianz Global Investors 1.7 % 1.7 % 31 Jul 2020
Source: Holdings by Modular Finance AB

Insider list - INVISIO

Name Quantity Code Date
Lage Jonason - 1 666 SELL 10 Jul 2020
Lage Jonason - 50 000 SELL 7 Jul 2020
Lage Jonason - 50 000 SELL 15 Jun 2020
Lage Jonason - 40 000 SELL 25 May 2020
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

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