INVISIO: Q2 EBIT miss but order beat - ABG

• Q2 sales -7% vs cons, EBIT -23% vs cons
• Q2 order intake +26% vs cons and reiterates FY guidance
• EBIT estimates down ~5%, trades at 36x 2023e EV/EBIT

Q2 details
Sales SEK 270m (-8% vs ABGSCe 294m, -7% vs cons 290m). EBIT SEK 45m (-26% vs ABGSCe 61m, -23% vs cons 59m). EBIT margin 16.8% (ABGSCe 20.9%, cons 20.3%). Order intake SEK 402m (26% vs ABGSCe 320m, 26% vs cons 320m).

Strong order intake in Q2
Organic sales growth at 63% due to strong deliveries from the large order book, although below expectations, and in-line opex caused the EBIT miss. Order intake however stronger than expected. Invisio reiterates strong sales growth, order intake and profitability in 2023 as previous years R&D investments and increased military activity pays off. Also mentions that demand will remain high long-term from increased military budgets.

EBIT estimates down ~5%
Cons likely to reduce 2023e EBIT ~5% driven by the Q2 miss but off-set by the order intake beat. Share should slightly underperform the market today, as share has been strong (+41% YTD) and with current valuation of 36x 2023e EV/EBIT. Conf call at CET 10.00.

Länk till analysen i sin helhet: https://cr.abgsc.com/contentassets/1ceb15393bb74fb3a649a008cb61c84e/pdf/q2-ebit-miss-but-order-beat.pdf