Invisio: No announced orders in Q3 - ABG

No announced orders in Q3 puts some risk on order intake...
...but sales (+34%) and EBIT (+143%) should expand nicely y-o-y
EBIT +1%, share trading at 27.5x 2024e EV/EBIT


Q3 order intake could be at risk

Our thesis going into H2e was that Invisio has seasonally announced a solid number of larger orders, and as the momentum in the market is seemingly strong (military budgets on the rise and Racal gaining market share from Bose) we saw it as likely that there would be announced orders in Q3. However, we have not seen any and the total order intake will therefore entirely be a result of non-announced orders, which causes us to reduce our estimate on Q3 order intake to SEK 225m (SEK 250m). Given Invisio's strong backlog (Q2 order book of SEK 790m), we estimate Q3 sales of SEK 261m, up 30% organically y-o-y, for an EBIT of SEK 42m, up 143% y-o-y, and an EBIT margin of 16.2% (9.0%), which makes us believe that Q3 could still be a positive trigger.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/invisio/Equity-research/2023/10/invisio---no-announced-orders-in-q3/