Cost surprise overshadowed strong growth in Q3
Invisio delivered yet another strong quarter, with organic sales growth at 48% y-o-y, and even though total order intake was down -11% y-o-y, it grew 56% if we exclude large announced orders in the comparable figure. This means that Invisio continues to have a steady inflow of orders supporting strong sales growth in the coming quarters. Even though the lack of announced orders in Q3 shows that the average order has been smaller, the number of orders is growing. Given that Invisio hasn't really seen stronger demand from increased military budgets, especially in Europe, we see a good trajectory for continued strong order intake, order announcements and sales growth. The opex surprise in the quarter included an extra SEK 15m bonus provision due to the fact that Invisio will perform so well in 2023, so it will pay out more variable compensation to employees. We find that as a positive opex deviation. Yet, underlying opex was somewhat higher than we expected.
