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ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath

Working down the order book

Q2 deliveries impressed, less support ahead but still good demand. 2024e adj. EBIT -17%, 2025-26e -3% to +4% on some moving parts. Momentum remains, share at 40x 2024e EV/EBIT and 41x 2025e.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath

Strong growth quarters coming up

80% of the ATH order book to be delivered within 12 months. Higher opex to cut EBIT by 5-7% in 2024e-'26e. '24e elevated due to third-party order, trades at 31.1x EV/EBIT in '25e.

ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath

Tougher comps, but good momentum

Tough comps, we expect -3% org sales growth (119% Q1'23). The Intercom order behind 2024e estimate changes, EBIT +51%. Share trading at 26x EV/EBIT 2024e, 31x 2025e.

Daniel Thorsson
  • Daniel Thorsson

INVISIO - Guiding for a strong Q4 and H1’2023

Q3 seems to be the start of a stronger period 2023-24e sales +3%, adj. EBIT +1-4% 52x ‘23e EV/EBIT at 31% ‘23e growth, 14% EBIT margin

Daniel Thorsson
  • Daniel Thorsson

INVISIO - Orders up 76% y-o-y and margins on the rise

Q3 sales grew 26% organically, +2% vs cons Guides for strong Q4 & H1 2023 from ATH order book Consensus estimates likely up ~5%

Daniel Thorsson
  • Daniel Thorsson

INVISIO - Market activity has picked up

We expect 36% order growth & 30% sales growth in Q3e EBIT margins to improve from here 44x 2023e EV/EBIT on 14% EBIT margin

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