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Eksterne analyser

INVISIO: Continues to impress - ABG

INVISIO

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

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2024 closed with record sales, EBIT and order intake
Increased TAM assumptions prompt upgrades, EBIT +27-37%
Shares trading at 33x 2025e EV/EBIT


Updated TAM enables long growth runway

The momentum is certainly strong for Invisio, in the midst of solid demand from military customers modernising their base of soldiers and equipping them with first-class communication and hearing protection products. We are impressed by the updated TAM calculations provided by the company yesterday, upgrading the estimate from SEK 14bn to 25bn with detailed assumptions and sub-sectors as underlying drivers. Estimating Invisio's market potential and penetration level has been somewhat difficult, in our view, so these new TAM estimates give more comfort into a long runway for growth. Closing 2024 at SEK 1.8bn in sales essentially means that Invisio has penetrated 7% of its TAM, and as it targets 20% annual growth, it means many years of growth in the event of a successful penetration journey. The acquisition of UltraLynx provides an exciting opportunity to modernise the solider offering outside of core products (communication and hearing protection) that we look forward to following.
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