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Invisio Communications

Research update


Invisio: Still making mincemeat of the competition

The following is an English translation of our Invisio update of February 27.

Q4 was a strong quarter, with EBIT of SEK 17m and revenue growth of 69 percent (est. SEK 23m & 78 %).

The order book fell, as expected, to SEK 137m, which means order intake rolling 12 months of SEK 307m and book to bill of 0.9. Our assessment, however, is that the pipeline contains a number of deals worth in excess of SEK 100m. Although there is a lack of clarity about when these procurements will be completed, the outcome and winner of each procurement feels ever more certain.

Given the weak order intake so far in 2017, we are downwardly revising sales and EBIT for 2017 by 8 percent and 15 percent, respectively, but our confidence in the company is unshaken. We reiterate our base case of SEK 72 per share.

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