Invisio: Reinforcements have arrived (Eng. version)

Research Update

2016-08-26

15:17

The following is an English version of our research update of August 25. Invisio showed both continued intensive development of new products and profitable growth in Q2. The company has expanded its employee count by 14 from last year, to a total of 48 at the end of Q2, mostly in R&D. Given the above, the company showed impressive scalability and an EBIT margin of 26.4 percent (expected 26.6 %), corresponding to EBIT of SEK 22.2m in Q2. After a strong 2016, we now expect Invisio to continue to bolster its order book ahead of vigorous growth in 2017, which has largely already been factored in. Q2 consolidates our positive view of Invisio. We reiterate our base case valuation of SEK 72 per share and our fair value range of SEK 28-90.

VW

Viktor Westman

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