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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 514 602 746
Sales growth (%) 44,9 17,2 23,9
EBITDA 143 167 229
EBITDA margin (%) 27,8 27,7 30,7
EBIT adj 133 152 215
EBIT adj margin (%) 25,8 25,3 28,8
Pretax profit 134 152 215
EPS rep 2,26 2,59 3,71
EPS growth (%) 109 14,7 43,2
EPS adj 2,26 2,59 3,71
DPS 1,1 1,4 1,4
EV/EBITDA (x) 31,2 40,6 29,2
EV/EBIT adj (x) 33,6 44,4 31,1
P/E (x) 45 59,4 41,5
P/E adj (x) 45 59,4 41,5
EV/sales (x) 8,7 11,2 9
FCF yield (%) 2,6 1,4 2
Dividend yield (%) 1,1 0,9 0,9
Net IB debt/EBITDA -0,9 -1,1 -1,2
SEKm 2019 2020e 2021e
Sales 514 602 746
COGS -201 -229 -283
Gross profit 313 373 462
Other operating items -171 -206 -234
EBITDA 143 167 229
Depreciation on tangibles 0 0 0
Depreciation on intangibles -10 -10 -10
EBITA 133 152 215
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 133 152 215
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 134 152 215
Tax -33 -35 -47
Net profit 102 117 168
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 102 117 168
EPS 2,26 2,59 3,71
EPS Adj 2,26 2,59 3,71
Total extraordinary items after tax 0 0 0
Tax rate (%) -24,2 -22,9 -22
Gross margin (%) 61 61,9 62
EBITDA margin (%) 27,8 27,7 30,7
EBITA margin (%) 25,8 25,3 28,8
EBIT margin (%) 25,8 25,3 28,8
Pretax margin (%) 26,1 25,2 28,8
Net margin (%) 19,8 19,4 22,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 44,9 17,2 23,9
EBITDA growth (%) 110,3 17 37,2
EBIT growth (%) 108,8 14,9 41
Net profit growth (%) 110,8 15,2 43,2
EPS growth (%) 109 14,7 43,2
Profitability 2019 2020 2021
ROE (%) 30,9 28,1 31,7
ROE Adj (%) 30,9 28,1 31,7
ROCE (%) 38,5 34,4 38,8
ROCE Adj(%) 38,5 34,4 38,8
ROIC (%) 43,6 44,3 55,3
ROIC Adj (%) 43,6 44,3 55,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 143 167 229
EBITDA Adj margin (%) 27,8 27,7 30,7
EBITA Adj 133 152 215
EBITA Adj margin (%) 25,8 25,3 28,8
EBIT Adj 133 152 215
EBIT Adj margin (%) 25,8 25,3 28,8
Pretax profit Adj 134 152 215
Net profit Adj 102 117 168
Net profit to shareholders Adj 102 117 168
Net Adj margin (%) 19,8 19,4 22,5
SEKm 2019 2020e 2021e
EBITDA 143 167 229
Net financial items 2 -1 0
Paid tax -3 -3 -5
Non-cash items 0 0 0
Cash flow before change in WC 141 163 224
Change in WC 35 -12 12
Operating cash flow 158 141 194
CAPEX tangible fixed assets -1 -1 -1
CAPEX intangible fixed assets -40 -42 -52
Acquisitions and disposals 0 0 0
Free cash flow 118 98 140
Dividend paid -31 -37 -45
Share issues and buybacks 0 0 0
Other non cash items -89 1 -28
Decrease in net IB debt 49 57 91
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 86 117 160
Tangible fixed assets 3 4 4
Other fixed assets 4 4 4
Fixed assets 118 150 193
Inventories 96 111 127
Receivables 121 124 133
Other current assets 0 0 0
Cash and liquid assets 145 202 293
Total assets 480 587 746
Shareholders equity 366 468 590
Minority 0 0 0
Total equity 366 468 590
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 36 45
Other current liabilities 58 58 86
Total liabilities and equity 480 587 746
Net IB debt -123 -180 -272
Net IB debt excl. pension debt -123 -180 -272
Capital invested 243 287 319
Working capital 129 141 129
EV breakdown 2019 2020 2021
Market cap. diluted (m) 4575 6951 6951
Net IB debt Adj -123 -180 -272
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 6771 6679
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 123 112,8 111,9
Capital invested turnover (%) 223,1 227,1 246,2
Capital employed turnover (%) 149,1 136,1 134,6
Inventories / sales (%) 19,2 17,1 15,9
Customer advances / sales (%) 2,4 1,1 0,9
Payables / sales (%) 6,8 5,5 5,4
Working capital / sales (%) 28,5 22,4 18,1
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -33,7 -38,6 -46,1
Net debt / market cap (%) -3,8 -2,7 -4
Equity ratio (%) 76,3 79,6 79,1
Net IB debt adj. / equity (%) -33,7 -38,6 -46,1
Current ratio (%) 412 464,2 423,3
EBITDA / net interest (%) -9506,7 33362,7 0
Net IB debt / EBITDA (%) -86,5 -108,1 -118,8
Interest cover (%) -8840 30482,7 N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 44 44 44
Fully diluted shares Adj 45 45 45
EPS 2,26 2,59 3,71
Dividend per share Adj 1,1 1,4 1,4
EPS Adj 2,26 2,59 3,71
BVPS 8,3 10,61 13,39
BVPS Adj 6,36 7,94 9,77
Net IB debt / share -2,8 -4,1 -6,2
Share price 74,4 154 154
Market cap. (m) 3281 6791 6791
Valuation 2019 2020 2021
P/E 45 59,4 41,5
EV/sales 8,66 11,25 8,95
EV/EBITDA 31,2 40,6 29,2
EV/EBITA 33,6 44,4 31,1
EV/EBIT 33,6 44,4 31,1
Dividend yield (%) 1,1 0,9 0,9
FCF yield (%) 2,6 1,4 2
P/BVPS 12,27 14,52 11,51
P/BVPS Adj 16,01 19,38 15,77
P/E Adj 45 59,4 41,5
EV/EBITDA Adj 31,2 40,6 29,2
EV/EBITA Adj 33,6 44,4 31,1
EV/EBIT Adj 33,6 44,4 31,1
EV/cap. employed 11,4 13,7 10,9
Investment ratios 2019 2020 2021
Capex / sales 7,9 7,2 7,2
Capex / depreciation 407 416,7 537,1
Capex tangibles / tangible fixed assets 35,5 32,5 33,5
Capex intangibles / definite intangibles 46,3 35,9 32,7
Depreciation on intangibles / definite intangibles 11,7 8,9 6,3
Depreciation on tangibles / tangibles 0 0 0

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 11.1 % 11.1 % 31 Mar 2020
SEB Fonder 9.8 % 9.8 % 31 May 2020
Swedbank Robur Fonder 9.8 % 9.8 % 31 May 2020
Arbejdsmarkedets Tillægspension (ATP) 9.0 % 9.0 % 31 Dec 2019
Handelsbanken Fonder 8.7 % 8.7 % 31 May 2020
Fjärde AP-fonden 5.2 % 5.2 % 31 Mar 2020
C WorldWide Asset Management 4.3 % 4.3 % 31 May 2020
Erik Åfors 3.9 % 3.9 % 31 Mar 2020
Erik Selin 3.2 % 3.2 % 18 Feb 2020
AMF Försäkring & Fonder 1.9 % 1.9 % 31 May 2020
Source: Holdings by Modular Finance AB

Insider list - INVISIO

Name Quantity Code Date
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
Joakim Birgersson + 3 000 BUY 13 Mar 2020
Carsten Aagesen + 3 058 BUY 12 Mar 2020

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