Invision: Weaker than expected Q2, but solid outlook - ABG

Q2 sales -7% vs cons and EBIT SEK -8m vs cons 9m The higher activity remains, H2 sales to be better than H1 Limited sales revisions, EBIT likely down somewhat Q2 details

Sales SEK 154m (-4.2% vs ABGSC 160m and -6.6% vs cons 165m), EBITDA SEK 3m (-80.9% vs ABGSC 17m and -84.0% vs cons 21m), EBIT SEK -8m (-246.5% vs ABGSC 6m and -188.3% vs cons 9m), Net profit SEK -7m (-311.4% vs ABGSC 4m and -237.0% vs cons 5m), Order intake SEK 158m (-12.4% vs ABGSC 180m).

Positive market tailwinds remain, but sale delayed Invisio says that the recently higher activity level has continued in Q2. Recent geopolitical events should lend a tailwind to demand over the coming years. It expects higher revenues in H2 than in H1, driven by a better supply chain and on the back of continued good demand. The report was affected by non-recurring items of SEK 5m out of the increased sales & marketing activities of SEK 10m.

Limited estimate changes on sales We expect consensus to make minor estimate changes on sales, while slightly negative on EBIT given the miss isolated to the quarter. Conf call at CET 10.00.

Läs mer på ABG Sundal Collier

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/invisio/Equity-research/2022/7/invisio---weaker-than-expected-q2-but-solid-outlook/