Sales SEK 152m (-16% vs ABGSC 181m and -14% vs cons 177m), EBITDA SEK 13m (-59% vs ABGSC 30m and -58% vs cons 30m), EBIT SEK 1m (-93% vs ABGSC 18m and -93% vs cons 20m). Good order intake in line with our expectations of SEK 160m (-3.0% vs ABGSC 165m), up 27% y-o-y.
Book-to-bill >1x support 2022e
In the last four years, the fourth quarter have had the strongest sales but this quarter that trend was broken, resulted in -12% sales growth y-o-y (ABG 5%) of which -33% organic (ABG -21%). Racal was important with the contribution of 21% in Q4’21 (ABG 26%). Furthermore, the gross margin came in at 56.4%, slightly lower than our expectations of 57.0%, due to sales mix and somewhat higher component costs, something we expected to see this quarter. The EBIT margin of 0.9% (ABG 10.2%) is explained, just like noted in Q3’21, by delayed sales, cost increases due to product investments, consolidation of Racal Acoustics and increased depreciation. However, the order intake of SEK 160m was in line with our expectations (ABG SEK 165m), leading to a book-to-bill of 1.1, which strengthens our belief in stronger sales in H2'22e for Invisio.
Consensus estimates likely down somewhat
Invisio’s share is -27% YTD and is trading at EV/EBIT of 57-32x in ‘22e-‘23e on our unrevised estimates. Based on the Q4 report, we would expect consensus to slightly come down for 2022-23. There is a conference call tomorrow, 15 February, at 10.00 CET.
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