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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 532 713 921
Sales growth (%) 3,5 34 29,2
EBITDA 108 190 267
EBITDA margin (%) 20,3 26,6 29
EBIT adj 95 176 253
EBIT adj margin (%) 17,9 24,6 27,5
Pretax profit 85 174 251
EPS rep 1,34 2,96 4,28
EPS growth (%) -40,9 121,5 44,6
EPS adj 1,34 2,96 4,28
DPS 0,85 0,7 0,84
EV/EBITDA (x) 104,7 48,8 34
EV/EBIT adj (x) 118,5 52,7 35,9
P/E (x) 187,2 68,8 47,6
P/E adj (x) 187,2 68,8 47,6
EV/sales (x) 21,3 13 9,9
FCF yield (%) 0,5 -0,4 2,3
Dividend yield (%) 0,3 0,3 0,4
Net IB debt/EBITDA -1,3 -0,3 -0,9
N/A N/A N/A
Lease adj. FCF yield (%) 0,5 -0,5 2,2
Lease adj. ND/EBITDA -1,5 -0,5 -1
SEKm 2020 2021e 2022e
Sales 532 713 921
COGS -223 -285 -364
Gross profit 309 428 557
Other operating items -201 -239 -290
EBITDA 108 190 267
Depreciation on tangibles 0 0 0
Depreciation on intangibles -9 -10 -10
EBITA 95 176 253
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 95 176 253
Other financial items 0 0 0
Net financial items -11 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 85 174 251
Tax -24 -38 -55
Net profit 61 135 196
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 61 135 196
EPS 1,34 2,96 4,28
EPS Adj 1,34 2,96 4,28
Total extraordinary items after tax 0 0 0
Tax rate (%) -27,9 -22 -22
Gross margin (%) 58,1 60,1 60,5
EBITDA margin (%) 20,3 26,6 29
EBITA margin (%) 17,9 24,6 27,5
EBIT margin (%) 17,9 24,6 27,5
Pretax margin (%) 16 24,4 27,3
Net margin (%) 11,5 19 21,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 3,5 34 29,2
EBITDA growth (%) -24,2 75,5 40,9
EBIT growth (%) -28 84 44,1
Net profit growth (%) -39,8 121,5 44,6
EPS growth (%) -40,9 121,5 44,6
Profitability 2020 2021 2022
ROE (%) 16,4 31,4 34,8
ROE Adj (%) 16,4 31,4 34,8
ROCE (%) 24 34,8 37
ROCE Adj(%) 24 34,8 37
ROIC (%) 28,5 41,7 47,8
ROIC Adj (%) 28,5 41,7 47,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 108 190 267
EBITDA Adj margin (%) 20,3 26,6 29
EBITA Adj 95 176 253
EBITA Adj margin (%) 17,9 24,6 27,5
EBIT Adj 95 176 253
EBIT Adj margin (%) 17,9 24,6 27,5
Pretax profit Adj 85 174 251
Net profit Adj 61 135 196
Net profit to shareholders Adj 61 135 196
Net Adj margin (%) 11,5 19 21,3
N/A N/A N/A
Depreciation and amortisation -13 -14 -14
Of which leasing depreciation -4 -4 -4
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 106 186 263
EBITDA lease Adj margin (%) 19,9 26 28,6
SEKm 2020 2021e 2022e
EBITDA 108 190 267
Net financial items -11 -2 -2
Paid tax -12 -4 -6
Non-cash items 0 0 0
Cash flow before change in WC 85 184 260
Change in WC 0 -26 -15
Operating cash flow 86 158 245
CAPEX tangible fixed assets -6 -1 -1
CAPEX intangible fixed assets -19 -25 -32
Acquisitions and disposals 0 -170 0
Free cash flow 60 -38 212
Dividend paid -38 -31 -37
Share issues and buybacks 0 0 0
Other non cash items -31 -20 -26
Decrease in net IB debt 16 -74 170
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 170 170
Indefinite intangible assets 0 0 0
Definite intangible assets 95 110 132
Tangible fixed assets 4 5 6
Other fixed assets 5 5 5
Fixed assets 128 314 337
Inventories 116 121 120
Receivables 114 128 134
Other current assets 0 0 0
Cash and liquid assets 158 184 349
Total assets 516 747 939
Shareholders equity 379 483 642
Minority 0 0 0
Total equity 379 483 642
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 43 55
Other current liabilities 78 97 122
Total liabilities and equity 516 747 939
Net IB debt -139 -65 -235
Net IB debt excl. pension debt -139 -65 -235
Capital invested 240 418 408
Working capital 117 109 76
EV breakdown 2020 2021 2022
Market cap. diluted (m) 11450 9320 9320
Net IB debt Adj -139 -65 -235
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 9255 9085
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 106,9 112,9 109,2
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 15,9 10,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -36,7 -13,5 -36,6
Net debt / market cap (%) -2,1 -0,7 -2,6
Equity ratio (%) 73,5 64,7 68,4
Net IB debt adj. / equity (%) -36,7 -13,5 -36,6
Current ratio (%) 342,9 309,9 339,4
EBITDA / net interest (%) 1019,5 9483,7 13358,4
Net IB debt / EBITDA (%) -128,6 -34,3 -87,9
Interest cover (%) 900,7 8783,7 12658,4
N/A N/A N/A
Lease liability amortisation -2 -4 -4
Other intangible assets 95 110 132
Right-of-use asset 24 24 24
Total other fixed assets 5 5 5
Leasing liability 24 24 24
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -163 -89 -259
Net IB debt / EBITDA lease Adj (%) -153,6 -48 -98,3
SEKm 2020 2021e 2022e
Shares outstanding adj. 44 44 44
Fully diluted shares Adj 46 46 46
EPS 1,34 2,96 4,28
Dividend per share Adj 0,9 0,7 0,8
EPS Adj 1,34 2,96 4,28
BVPS 8,59 10,96 14,57
BVPS Adj 6,44 4,62 7,72
Net IB debt / share -3,2 -1,5 -5,3
Share price 150,94 203,5 203,5
Market cap. (m) 6656 8974 8974
Valuation 2020 2021 2022
P/E 187,2 68,8 47,6
EV/sales 21,26 12,98 9,87
EV/EBITDA 104,7 48,8 34
EV/EBITA 118,5 52,7 35,9
EV/EBIT 118,5 52,7 35,9
Dividend yield (%) 0,3 0,3 0,4
FCF yield (%) 0,5 -0,4 2,3
P/BVPS 29,1 18,56 13,97
P/BVPS Adj 38,8 44,04 26,36
P/E Adj 187,2 68,8 47,6
EV/EBITDA Adj 104,7 48,8 34
EV/EBITA Adj 118,5 52,7 35,9
EV/EBIT Adj 118,5 52,7 35,9
EV/cap. employed 28,1 15,2 11,9
Investment ratios 2020 2021 2022
Capex / sales 4,8 3,6 3,6
Capex / depreciation 295,3 256,6 331,4
Capex tangibles / tangible fixed assets 153,7 14,8 16,1
Capex intangibles / definite intangibles 20,1 22,7 24,4
Depreciation on intangibles / definite intangibles 9,1 9,1 7,6
Depreciation on tangibles / tangibles 0 0 0
N/A N/A N/A
Lease adj. FCF yield (%) 0,5 -0,5 2,2

Equity research

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Media

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

Main shareholders - INVISIO

Main shareholders Share capital % Voting shares % Verified
SEB Fonder 10.0 % 10.0 % 31 Jan 2021
Swedbank Robur Fonder 9.8 % 9.8 % 31 Jan 2021
Novo Holdings A/S 9.1 % 9.1 % 31 Dec 2020
Arbejdsmarkedets Tillægspension (ATP) 7.9 % 7.9 % 30 Jun 2020
Handelsbanken Fonder 6.7 % 6.7 % 31 Jan 2021
C WorldWide Asset Management 4.8 % 4.8 % 28 Feb 2021
Fjärde AP-fonden 4.1 % 4.1 % 31 Dec 2020
Erik Selin 3.2 % 3.2 % 18 Feb 2020
Fidelity Investments (FMR) 2.9 % 2.9 % 31 Jan 2021
Capital Group 2.2 % 2.2 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - INVISIO

Name Quantity Code Date
Thomas Larsson - 5 088 SELL 2 Mar 2021
Lars Höjgård Hansen - 74 722 SELL 25 Feb 2021
Lars Höjgård Hansen - 100 000 SELL 16 Feb 2021
Sigge Frolov + 400 BUY 12 Jan 2021
Sigge Frolov + 500 BUY 12 Jan 2021
Sigge Frolov + 1 000 BUY 12 Jan 2021
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

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