INVISIO - Order momentum continues - ABG

Order momentum continues to be strong in 2022
Invisio continues its steady order announcements with today's order of SEK 40m from an existing, long-standing customer for its latest and most advanced personal system for communication and hearing protection. The order is for the new Invisio V-Series Gen II system, with new technology that filters away unwanted noise while increasing speech understanding. 2022 YTD announced orders now amount to SEK 390m, up 6x vs 70m in 2021, and the total order intake for the first 9 months 2022 was up 80% y-o-y, meaning that the underlying order intake (ex announced orders) also increased 15%. We conclude that the order momentum remains strong, and the order book was at all-time-high at Q3'22.

De-risking growth estimates for 2023
Most of the deliveries of today's order will be made in the first half of 2023, de-risking our current 31% growth estimate for 2023. Together with the SEK 58m order announced on 26 Sep that also has deliveries in H1'23, we can now feel more confident in continued strong sales growth near-term as lead-times from order to delivery from these orders are relatively short-term. This is key to scale the growing cost base from growth initiatives and hence drive EBIT margins upwards. We leave our estimates unchanged. The share trades at 58x 2023e EV/EBIT.

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