Well positioned to drive strong earnings growth in 2023e
2022 for INVISIO was characterised by a strong order intake, weak deliveries in H1 before improving in H2. INVISIO reached an ATH order book of SEK 625m at the end of Q4 (4.4x times the average order book in 2019-2021) and there is therefore an optimistic outlook for 2023, for both order intake and sales growth. Strong growth was expected given the order book and an improved component shortage situation (Q4 organic growth at 79% vs ABGSCe of 45%). The optimistic outlook for order intake is a sign of continued strong demand for communication and hearing protection products for military organisations, driven by increased military budgets and a willingness to invest in soldiers. Both announced orders and order intake (excluding announced orders) grew significantly in 2022, and have started well in 2023 with two announced orders for a total of SEK 82m (40+42) to date.
