Estimates down 1-2% on sales, more on EBIT Invisio’s deliveries continue to suffer from supply chain disturbances, which resulted in a record-high backlog of SEK 482m in Q2 (+151% y-o-y). While the timing is uncertain, we expect the situation to gradually improve from here, which in turn paves the way for higher sales. We trim our sales estimates slightly following the Q2 report (-1-2% on ’22e-‘24e), while our ‘22e-‘24e EBIT estimates are cut by 9-37% on raised opex estimates.
Share at 7x EV/sales and 35x EV/adj. EBITDA 2023e Although the sales growth has been lower recently, we believe the business is delayed rather than lost. The share is trading at 7x 2023e EV/sales, which is slightly lower than the 5-year average of 8x, while the 2023e EV/adj. EBITDA of 35x is slight above the 5-year average of 29x.
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