We cut sales and GM estimates On the back of the above, we cut sales by 5% for Q4’21e and by 11% for full-year 2022e, as we do not expect the improvements to become visible until H2’22e. We expect to see orders in Q1’22e and Q2’22e that will bear fruit in H2’22e. Moreover, we lower our GM by 10pp in Q4’21 and 14pp for FY’22e due to the increased component prices. We leave opex intact for Q4’21e, which results in an EBIT margin of 10%. Share is trading at EV/EBIT 58x in 2022e Invisio’s share is down 40% LTM and is currently trading at EV ... Läs mer på Introduce
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