INVISIO: ABGSC's Investor Days feedback - ABG

Reiterates strong 2023 guidance and long-term growth path
Increased military budgets & better product portfolio main drivers
28% sales CAGR and 82% EBIT CAGR 2022-25e


Clear growth trajectory ahead

Today, we hosted Invisio's CEO Lars Höjgård Hansen, at ABGSC's Investor Days. Mr Höjgård Hansen reiterated the record Q1 and an optimistic guidance for 2023 as well as a long-term runway for growth. Increased military budgets in combination with a willingness from society to reduce hearing damages for people operating in loud environments, are key drivers for growth. The TAM of SEK 14bn presented by Invisio implies that it has reached ~7% penetration on its LTM sales of close to SEK 1bn, while the TAM is likely somewhat understated given Invisio's enter into new products and the current trend of increased military budgets. With Invisio being a market leader for its niche products, the long-term runway for growth remains clear and attractive.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/invisio/Equity-research/2023/5/invisio---abgscs-investor-days-feedback/