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Third party research

INVISIO: Note the tough sales comp in Q2e - ABG

INVISIO

This is a third party research report and does not necessarily reflect our views or values

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-20% organic growth in Q2e due to last year's radio order
Global military peer estimates remain flattish YTD
Small changes to estimates, share at 43x 2025e EV/EBIT


Tough sales comp in Q2e

Invisio grew sales by 104% organically in Q2'24, driven by the third-party radio order delivery (44% excluding this). We therefore expect to see negative organic growth in Q2e of -20% (but +6% excluding the impact of last year's radio order). Compared to 9% organic growth in Q1'25 (on an easier comp), we view our estimate as a still-solid growth figure. In terms of order intake, Q1 disappointed, while Invisio announced a SEK 145m order from a European customer in Q2, with delivery in 2025. We estimate orders of SEK 375m, up 53% y-o-y and driven primarily by the announced order (-6% y-o-y excluding the order). On costs, we still expect Invisio to invest and ramp up costs in line with the longer-term growth plan. This means that on Q2e, we estimate adj. EBIT of SEK 85m, down 26% y-o-y. Compared to FactSet consensus, we find ourselves -5% on sales, -3% on EBIT and -9% on order intake.
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