Invisio announced today that they have entered a five-year framework agreement where the end-customer is the Armed Forces of a European country. The contract concerns Racal Acoustics, the company that Invisio acquired in the beginning of 2021, and their new headset called RA4000 Magna™ with accessories. The value is approximately SEK 275 million over the agreement period, however, no volumes are guaranteed. Worth noting is that deliveries of Racal Acoustics branded products may lie further in the future than for products under the INVISIO brand. It is not unusual for the customer to request a first part-delivery within six months but not want the next delivery until 12-36 months later.
Could add 6-7% on annual sales in the next years
The framework agreement is large and stretches for a long period of time. However, there is no guaranteed volumes, and the delivery can be 12-36 months later than a first small delivery. Assuming that the company get maximum utilisation over the five years, e.g. SEK 55m per year, that would add about 6-7% to annual sales in 2022e and 2023e, even though these figures include orders like this as we expect Invisio to return to 20-25% annual growth in 2022-23e.
Share is trading at EV/EBIT of 52x-29x for ’22-’23. We expect to see higher order intake and sales in 2022e for Invisio, especially in the second half of the year. This order is in line with this view, even if the volume is not set. The share currently trades at 52-29x EV/EBIT in 2022-23e.
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