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Catalyst Potential

It is important to look beyond the numbers and seek a likely catalysts, which could unlock value, and estimate how long it will take for the catalyst to play out. These events, or Catalyst Potential, reduce risk by narrowing the gap between price and value in a more predictable way. This is particularly important when investing in a low-quality business where time is like a ticking bomb stacked against the company.

Catalyst Potential is a Premium members feature in Redeye Universe.

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Redeye Rating

Viktor Westman

Equity Analyst

viktor.westman@redeye.se

+46854501330

Company Quality

  • 9.0
  • 9.0
  • 8.5
  • 8.0
  • 6.0

Leadership

Exclusive for members
Since 2014, Invisio has been demonstrating powerful, profitable growth after a rocky past in which the company has never before made a profit. Order inflow has clearly become more stable while average order value has increased. The management have proven that the company is being steered in the right direction and that i was the right decision not to cut back on R&D during the loss years. The CEO has been with the company since 2006 and has important experience from previous executive roles at Ericsson. The profit sharing policy that covers all employees and the low employee turnover are also evidence of good management. The company loses a point for its somewhat scanty information to the market.

Ownership

Exclusive for members

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Profit outlook

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Profitability

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Capital Strength

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Key Model Assumptions - The Bear Case

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Key Model Assumptions - The Bull Case

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Key Model Assumptions - The Base Case

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Latest price

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Fair Value Range

Last Price
Key Model Assumptions - The Bear Case
Key Model Assumptions - The Bull Case
Key Model Assumptions - The Base Case

Catalyst Potential

Impact

Timeframe

Short
Mid
Long

Company description

Invisio, which previously went under the name Nextlink, develops and sells voice communication equipment for professional users, mainly military. Its current focus has existed since 2007, but the company was founded in 1999 before an initial failed venture into the consumer market. Its strategic transition has resulted in strong growth, and in 2015 Invisio had sales of SEK 230 million and an operating profit of SEK 47 million. Read more...
Invisio, which previously went under the name Nextlink, develops and sells voice communication equipment for professional users, mainly military. Its current focus has existed since 2007, but the company was founded in 1999 before an initial failed venture into the consumer market. Its strategic transition has resulted in strong growth, and in 2015 Invisio had sales of SEK 230 million and an operating profit of SEK 47 million. Invisio has a scalable business model, partly because the company has only some 40 employees. Its model is based on the company, either itself or through distribution partners, selling advanced hardware and adaptations to local military conditions. However, its manufacturing is outsourced. Invisio’s customers are both special forces and regular armies. Orders from special forces are typically in the range SEK 2-10 million and take place on an ongoing basis. Orders from regular armies take place in connection with major procurement processes and are initially in the range SEK 10-40 million, often with subsequent follow-up orders. Invisio’s existing customers are around ten Western states, usually connected to NATO. However, the company intends to win contracts in the approximately 40 military modernisation programmes ongoing worldwide. A competitive advantage that could help Invisio in this process is its understanding of military needs along with its proximity to the world-leading Danish hearing aid industry, which means good knowledge of how the equipment should fit for the user to want to have it on for long periods. Invisio’s reference customers are also an important parameter. Since autumn 2013 the company has been selling to the US Army, but for a long time prior to that it has sold to special forces like Delta Force and the Navy Seals. One disadvantage is that the patent on which Invisio’s bone conduction microphone is based expired in 2014. Less...

TODAY

Day High
67.50
66.25
0.00
0.0%
Day Low
65.25
Day Open
66.25
Prev Close
66.25
VWAP
66.2
Volume
6K
Turnover
0.393M
Top Broker
AVA
VWAP
66.9
Avg Volume
69K
Avg Turnover
4.610M
Top Brokers
AVA/NON

52 WEEK SUMMARY

Price Range
Beta
n/a
Market Cap
2,878.5M
Total Return
17.8%
Trailing P/E
30.9
Div Yield
0.0%
Shares Outstanding
43.4M
Next Earnings Date
26 Apr
Stock Exchange
NASDAQ Stockholm

Identify and measure trend strength in stocks with our Momentum tool to identify potential entry and exit signals. The tool provides a set of the most simple but powerful indicators that identify whether a stock is under sell or buy pressure.

Relative Price Strength
Rel Price Chg 3 Months -0.4%
Rel Price Chg 12 Months 1.6%
Volume Trend
Avg Vol 10 vs 60 Days -2.4%
Price vs...
52-Week High -11.1%
50-Day Moving Average -4.2%
200-Day Moving Average -1.7%

Historic pricing of Invisio Communications

Last price: 66.25 SEK

Loading data...

Prev Close [[ prevClose|number:2 ]] SEK Change [[ changeValue|number:2 ]] %
High [[ highValue|number:2 ]] SEK Avg Daily Volume [[ avgVolume|number:0 ]] Shares
Low [[ lowValue|number:2 ]] SEK Avg Daily Turnover [[ graphAvgTurnover|number:2 ]] SEK

Management

Lars Højgård Hansen, CEO
Thomas Larsson, CFO

Executive Board

Lars Röckert, Chairman of the board
Lage Jonason
Annika Andersson
Anders Persson
Mats Warstedt
Charlotta Falvin

Last updated: 2017-02-27 Source: Redeye

Major Holders

Owner Equity Votes
 Lage Jonason 17.9%
17.9%
Patinex AG 17.3%
17.3%
 Handelsbanken Fonder 7.3%
7.3%
 Swedbank Robur Fonder 6.0%
6.0%
 Erik Åfors 4.7%
4.7%
 Karin Lindahl 2.8%
2.8%
Fjärde AP-Fonden 1.7%
1.7%
 Carl Palmstierna 1.7%
1.7%
Avanza Pension 1.5%
1.5%
 Allianz Global Investors 1.4%
1.4%

Last updated: 2017-02-27 Source: Redeye

Insider transaction summary

Total insider purchases and sales reported

Timeframe Transactions Net Shares
Last 12 Weeks

0 Purchases

+ 0

0 Sales

- 0

Last 24 Weeks

0 Purchases

+ 0

0 Sales

- 0

Most recent insider transactions

Exclusive for members
Report Date Name Position Transaction Shares Chg Est Value (SEK)
2015-12-15 Svensson, Sture ANB Sale + 23 35
2015-12-15 Svensson, Malin ANB Sale + 31 58
2015-12-15 Svensson, Kim ANB Sale + 99 136
2015-12-15 Kvist, Sture ANB Sale + 88 124
2015-12-15 Kvist, Sture ANB Sale + 51 30

Source: Millistream – FI

More
  • Profitability
  • ROE
  • ROCE
  • ROIC
  • EBITDA margin
  • EBIT margin
  • Net margin
  • Per share data (SEK)
  • EPS
  • EPS adj
  • Dividend
  • Net debt
  • Total shares
  • Valuation
  • EV (SEKm)
  • P/E
  • P/E diluted
  • P/Sales
  • EV/Sales
  • EV/EBITDA
  • EV/EBIT
  • P/BV
  • Capital structure
  • Equity ratio
  • Debt/equity ratio
  • Net debt (SEKm)
  • Capital employed (SEKm)
  • Capital turnover rate
Previous year Next year
2014
  • 157.4%
  • 61.3%
  • 95.5%
  • 19.6%
  • 17.2%
  • 22.0%
  • 1.05
  • 1.05
  • 0.00
  • -0.12
  • 42.2M
  • 2,793.2
  • 63.2
  • 63.2
  • 13.9
  • 13.9
  • 70.5
  • 80.6
  • 53.4
  • 49.6%
  • 4.1%
  • -5
  • 47
  • 1.9
2015
  • 72.3%
  • 52.2%
  • 122.1%
  • 23.0%
  • 20.6%
  • 24.8%
  • 1.35
  • 1.35
  • 0.00
  • -0.70
  • 42.2M
  • 2,769.0
  • 49.0
  • 49.0
  • 12.2
  • 12.1
  • 52.3
  • 58.5
  • 26.5
  • 74.9%
  • 0.0%
  • -29
  • 76
  • 1.6
2016
  • 58.2%
  • 57.4%
  • 120.5%
  • 29.7%
  • 27.4%
  • 27.8%
  • 2.14
  • 2.14
  • 0.00
  • -3.11
  • 42.8M
  • 2,705.2
  • 30.9
  • 30.9
  • 8.6
  • 8.2
  • 27.6
  • 29.9
  • 13.5
  • 80.3%
  • 0.0%
  • -133
  • 76
  • 1.3
2017E
  • 38.3%
  • 38.2%
  • 130.2%
  • 28.7%
  • 26.9%
  • 27.0%
  • 2.29
  • 2.29
  • 0.50
  • -5.24
  • 43.5M
  • 2,651.6
  • 29.0
  • 29.0
  • 7.8
  • 7.2
  • 25.1
  • 26.8
  • 9.3
  • 83.8%
  • 0.0%
  • -228
  • 81
  • 1.0
2018E
  • 38.0%
  • 40.0%
  • 172.2%
  • 32.0%
  • 30.3%
  • 28.8%
  • 3.16
  • 3.16
  • 1.00
  • -7.51
  • 44.1M
  • 2,592.0
  • 20.9
  • 20.9
  • 5.9
  • 5.3
  • 16.7
  • 17.6
  • 6.7
  • 85.2%
  • 0.0%
  • -331
  • 95
  • 1.0
2019E
  • 31.5%
  • 40.3%
  • 158.4%
  • 33.2%
  • 31.5%
  • 24.6%
  • 3.42
  • 3.42
  • 1.71
  • -9.72
  • 44.1M
  • 2,494.3
  • 19.4
  • 19.4
  • 4.7
  • 4.1
  • 12.2
  • 12.9
  • 5.4
  • 85.4%
  • 0.0%
  • -429
  • 105
  • 1.0
Previous year Next year
    (SEKm)
  • Net sales
  • Total operating costs
  • EBITDA
  • Depreciation
  • Amortization
  • Impairment charges
  • EBIT
  • Share in profits
  • Net financial items
  • Exchange rate dif.
  • Pre-tax profit
  • Tax
  • Net earnings
Previous year Next year
2014
  • 202
  • -162
  • 40
  • -5
  • 0
  • 0
  • 35
  • 0
  • -3
  • 0
  • 32
  • 13
  • 44
2015
  • 230
  • -177
  • 53
  • -6
  • 0
  • 0
  • 47
  • 0
  • -0
  • 0
  • 47
  • 10
  • 57
2016
  • 330
  • -232
  • 98
  • -7
  • 0
  • 0
  • 90
  • 0
  • -0
  • 0
  • 90
  • 1
  • 92
2017E
  • 8
  • 1
  • 7
  • 9
  • 4
  • 10
  • 10
  • 6
  • 10
  • 7
  • 5
  • 2
  • 2
Q1E
  • 5
  • 9
  • 5
  • 1
  • 8
  • 3
  • 10
  • 2
  • 10
  • 3
  • 6
  • 3
  • 9
Q2E
  • 0
  • 0
  • 9
  • 7
  • 6
  • 0
  • 7
  • 1
  • 8
  • 6
  • 4
  • 3
  • 7
Q3E
  • 2
  • 5
  • 6
  • 4
  • 5
  • 9
  • 0
  • 2
  • 3
  • 2
  • 4
  • 9
  • 5
Q4E
  • 5
  • 9
  • 10
  • 7
  • 6
  • 5
  • 1
  • 10
  • 2
  • 8
  • 6
  • 6
  • 4
2017E
  • 5
  • 2
  • 4
  • 8
  • 9
  • 6
  • 10
  • 10
  • 9
  • 5
  • 7
  • 3
  • 3
2018E
  • 4
  • 5
  • 8
  • 4
  • 7
  • 10
  • 8
  • 6
  • 9
  • 0
  • 4
  • 6
  • 2
Q1E
  • 1
  • 10
  • 9
  • 6
  • 0
  • 6
  • 1
  • 9
  • 8
  • 5
  • 6
  • 1
  • 6
Q2E
  • 10
  • 0
  • 9
  • 5
  • 9
  • 8
  • 1
  • 2
  • 6
  • 7
  • 9
  • 6
  • 4
Q3E
  • 6
  • 8
  • 7
  • 9
  • 2
  • 9
  • 5
  • 4
  • 4
  • 4
  • 3
  • 2
  • 9
Q4E
  • 5
  • 0
  • 6
  • 5
  • 7
  • 5
  • 7
  • 3
  • 5
  • 8
  • 4
  • 10
  • 6
2018E
  • 5
  • 0
  • 3
  • 0
  • 2
  • 1
  • 6
  • 2
  • 5
  • 3
  • 6
  • 7
  • 5
2019E
  • 3
  • 2
  • 9
  • 4
  • 6
  • 7
  • 7
  • 1
  • 4
  • 6
  • 8
  • 4
  • 7
Previous year Next year
    (SEKm)
  • Assets
  • Current assets
  • Cash in banks
  • Receivables
  • Inventories
  • Other current assets
  • Current assets
  • Fixed assets
  • Tangible assets
  • Associated comp.
  • Investments
  • Goodwill
  • Cap. exp. for dev.
  • O intangible rights
  • O non-current assets
  • Total fixed assets
  • Deferred tax assets
  • Total (assets)
  • Liabilities
  • Current liabilities
  • Short-term debt
  • Accounts payable
  • O current liabilities
  • Current liabilities
  • Long-term debt
  • O long-term liabilities
  • Convertibles
  • Total Liabilities
  • Deferred tax liab
  • Provisions
  • Shareholders' equity
  • Minority interest (BS)
  • Minority & equity
  • Total liab & SE
Previous year Next year
2014
  • 28
  • 19
  • 16
  • 6
  • 70
  • 0
  • 0
  • 0
  • 0
  • 0
  • 19
  • 1
  • 20
  • 16
  • 106
  • 0
  • 15
  • 15
  • 30
  • 23
  • 0
  • 0
  • 53
  • 0
  • 0
  • 52
  • 0
  • 52
  • 106
2015
  • 29
  • 36
  • 20
  • 8
  • 93
  • 1
  • 0
  • 0
  • 0
  • 0
  • 17
  • 1
  • 18
  • 29
  • 141
  • 0
  • 16
  • 20
  • 35
  • 0
  • 0
  • 0
  • 35
  • 0
  • 0
  • 106
  • 0
  • 106
  • 141
2016
  • 133
  • 39
  • 26
  • 6
  • 204
  • 3
  • 0
  • 0
  • 0
  • 0
  • 18
  • 1
  • 22
  • 34
  • 261
  • 0
  • 26
  • 25
  • 51
  • 0
  • 0
  • 0
  • 51
  • 0
  • 0
  • 210
  • 0
  • 210
  • 261
2017E
  • 4
  • 4
  • 10
  • 4
  • 6
  • 2
  • 7
  • 9
  • 8
  • 4
  • 1
  • 1
  • 10
  • 9
  • 8
  • 7
  • 2
  • 6
  • 7
  • 4
  • 7
  • 2
  • 5
  • 8
  • 6
  • 8
  • 10
  • 10
  • 3
2018E
  • 1
  • 9
  • 6
  • 0
  • 1
  • 0
  • 8
  • 4
  • 9
  • 4
  • 9
  • 0
  • 2
  • 3
  • 7
  • 2
  • 1
  • 10
  • 7
  • 4
  • 7
  • 5
  • 6
  • 2
  • 2
  • 10
  • 9
  • 4
  • 10
2019E
  • 1
  • 8
  • 7
  • 10
  • 2
  • 10
  • 10
  • 7
  • 0
  • 4
  • 2
  • 9
  • 8
  • 7
  • 0
  • 1
  • 9
  • 8
  • 0
  • 2
  • 9
  • 5
  • 4
  • 4
  • 2
  • 10
  • 6
  • 6
  • 6
Previous year Next year
    (SEKm)
  • Net sales
  • Total operating costs
  • Depreciations total
  • EBIT
  • Taxes on EBIT
  • NOPLAT
  • Depreciation
  • Gross cash flow
  • Change in WC
  • Gross CAPEX
  • Free cash flow
Previous year Next year
2014
  • 202
  • -162
  • -5
  • 35
  • -8
  • 27
  • 5
  • 32
  • -1
  • -7
  • 28
2015
  • 230
  • -177
  • -6
  • 47
  • 10
  • 58
  • 6
  • 63
  • -17
  • -4
  • 29
2016
  • 330
  • -232
  • -7
  • 90
  • 1
  • 92
  • 7
  • 99
  • 9
  • -12
  • 92
2017E
  • 5
  • 3
  • 0
  • 10
  • 1
  • 9
  • 4
  • 4
  • 7
  • 8
  • 6
2018E
  • 1
  • 3
  • 8
  • 9
  • 7
  • 7
  • 8
  • 9
  • 1
  • 3
  • 0
2019E
  • 7
  • 0
  • 1
  • 2
  • 9
  • 10
  • 7
  • 8
  • 7
  • 1
  • 10
Previous year Next year
More