Invisio just announced three large orders for a total value of SEK 209m. The first order from the UK Ministry of Defence of INVISIO V-Series Gen II is valued SEK 89m and deliveries will start in Q3’22. The second order, also from UK Ministry of Defence, is valued SEK 29m and deliveries are planned for Q2’22 and Q3’22. A third order of Racal products has also been announced for a value of SEK 91m. The order is under the five-year framework agreement that the company announced in January ’22 and deliveries are planned to go on until 2026.
We estimate ’22 delivery corresponds to ~18% of ‘22e sales
High activity in the market have now resulted in three large orders for Invisio, announced on the last day of Q1. Supply chain issues can have a negative impact on the planned deliveries, however, as of today, we have no reason to believe it would be delayed. If we assume the first two and 1/4 of the Racal order will be delivered in 2022, the value corresponds to 18% of ‘22e cons sales (19% of our sales estimates).
Increasing military spending will likely benefit in the long run
Moreover, we expect the current situation, with increasing military budgets especially around number of soldiers and the size of armies, have limited impact short term, but will highly likely benefit Invisio in the long run.
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