Buy Or Sell Opportunity • May 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to kr250. The fair value is estimated to be kr313, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 49% in 2 years. Earnings are forecast to grow by 141% in the next 2 years. Recent Insider Transactions • May 17
Independent Director recently bought kr163k worth of stock On the 13th of May, Charlott Samuelsson bought around 650 shares on-market at roughly kr251 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr6.7m more in shares than they have sold in the last 12 months. Board Change • May 11
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Hannu Saastamoinen was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 30
Upcoming dividend of kr3.00 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 13 May 2026. Payout ratio is a comfortable 64% and the cash payout ratio is 75%. Trailing yield: 1.1%. Lower than top quartile of Swedish dividend payers (4.2%). Higher than average of industry peers (0.5%). Reported Earnings • Apr 12
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: kr4.72 (down from kr6.72 in FY 2024). Revenue: kr1.74b (down 3.9% from FY 2024). Net income: kr218.1m (down 29% from FY 2024). Profit margin: 13% (down from 17% in FY 2024). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.1% to kr269. The fair value is estimated to be kr338, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 30%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Announcement • Apr 01
Invisio AB (publ), Annual General Meeting, May 06, 2026 Invisio AB (publ), Annual General Meeting, May 06, 2026, at 16:00 W. Europe Standard Time. Location: iva konferenscenter, grev turegatan 16, stockholm, Sweden Buy Or Sell Opportunity • Mar 20
Now 20% undervalued Over the last 90 days, the stock has risen 1.5% to kr263. The fair value is estimated to be kr329, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 30%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Buy Or Sell Opportunity • Mar 05
Now 22% undervalued Over the last 90 days, the stock has risen 12% to kr298. The fair value is estimated to be kr381, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 30%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Reported Earnings • Feb 16
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: kr4.72 (down from kr6.72 in FY 2024). Revenue: kr1.74b (down 3.9% from FY 2024). Net income: kr218.1m (down 29% from FY 2024). Profit margin: 13% (down from 17% in FY 2024). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Feb 14
Invisio AB (publ) announces Annual dividend, payable on May 13, 2026 Invisio AB (publ) announced Annual dividend of SEK 3.0000 per share payable on May 13, 2026, ex-date on May 07, 2026 and record date on May 08, 2026. New Risk • Feb 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to kr322, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 24x in the Aerospace & Defense industry in Sweden. Total returns to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr434 per share. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr265, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 25x in the Aerospace & Defense industry in Sweden. Total returns to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr411 per share. Recent Insider Transactions • Nov 28
Chief Financial Officer recently bought kr2.9m worth of stock On the 26th of November, Thomas Larsson bought around 12k shares on-market at roughly kr243 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Thomas has been a net seller over the last 12 months, reducing personal holdings by kr194m. Major Estimate Revision • Oct 30
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr1.68b to kr1.65b. EPS estimate also fell from kr4.99 per share to kr3.96 per share. Net income forecast to grow 61% next year vs 39% growth forecast for Aerospace & Defense industry in Sweden. Consensus price target broadly unchanged at kr351. Share price was steady at kr307 over the past week. Buy Or Sell Opportunity • Oct 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.6% to kr313. The fair value is estimated to be kr393, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 45%. Revenue is forecast to grow by 51% in 2 years. Earnings are forecast to grow by 129% in the next 2 years. Reported Earnings • Oct 24
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: kr0.091 loss per share (down from kr0.85 profit in 3Q 2024). Revenue: kr291.3m (down 17% from 3Q 2024). Net loss: kr4.20m (down 111% from profit in 3Q 2024). Revenue missed analyst estimates by 26%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Oct 08
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr1.84b to kr1.78b. EPS estimate also fell from kr5.84 per share to kr5.20 per share. Net income forecast to grow 22% next year vs 30% growth forecast for Aerospace & Defense industry in Sweden. Consensus price target down from kr368 to kr359. Share price was steady at kr311 over the past week. Announcement • Sep 04
Invisio Announces Launch of New T30 Headset INVISIO is announcing a brand-new headset offering unlimited versatility in the field, with zero compromise to sound quality, hearing protection and situational awareness. The new headset is suited for both dismounted and mounted operations. This means customers and end-users can now rely on one headset to serve their needs across a range of environments from training to missions, dismounted and mounted. The versatility of the T30 is a development in tactical communications, as it removes the necessity for different headsets for different situations and reduces the need for additional equipment, training and costs. T30 leverages INVISIO's expertise in this field, delivering market-leading hearing protection of 30 dB SNR /33 dB NRSA20 combining passive hearing protection with active noise reduction. The T30 also provides headset embedded INVISIO audio, delivering unrivalled sound quality and Automatic RX Volume Adjustment, adjusting radio volume in line with surrounding noise, along with VOX Capability enabling voice activated transmission. Along with uncompromised audio quality, it delivers versatile connectivity to personnel in the field, connecting with INVISIO control units as well as the specially designed and ultra-light Push-to-Talk P30. The P30 adds flexibility for the wearer, as it can be mounted in a left, right and center orientation. Additionally, two P30s can be connected simultaneously, providing the user with a very flexible dual-radio setup. The headset can also be connected directly to digital devices such as smartphones and laptops, offering rich audio sound and power from these devices. The T30 offers the capability of connecting external microphones through its U-173 plug, allowing easy integration with equipment such as gas masks. Automatic smart detection ensures the external microphone gets priority over the boom microphone. The Redundancy Tx feature will allow voice pick-up from the hear-through microphones in case the boom arm is lost or defective. Versatile power modes mean the T30 can operate as a stand-alone headset, powered by a single AA battery (up to 110 hours battery life), or draw power from a connected device. The headset transitions between power modes without operational disruptions. Users can easily swap between wearing styles in two minutes, without using tools, providing added versatility. On top of this, the headset is water and humidity repellent, submersible down to two meters for two hours. The INVISIO T30 in highlights: Market-leading hearing protection of 30dB SNR /33 dBNRSA20. 360-degree situational awareness with sound localization down to 9 degrees. Headset-embedded INVISIO Audio, adaptive volume control and VOX capability. Multiple powering modes- through control units, digital devices, radios and AA batteries. Right and left boom microphone configuration. 2 meters for 2 hours submersibility. The product is expected to be available for shipment within the coming 6 months, subject to regions and variants. The T30 will be presented at DSEI September 9-12 in London, booth number S13-510. New Risk • Jul 22
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: kr1.9m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 20
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: kr0.69 (down from kr1.62 in 2Q 2024). Revenue: kr426.9m (down 23% from 2Q 2024). Net income: kr31.4m (down 57% from 2Q 2024). Profit margin: 7.4% (down from 13% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 52%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 10
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 6.9% to kr387. The fair value is estimated to be kr315, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 74%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 58% in the next 2 years. Recent Insider Transactions • May 22
Insider recently sold kr1.9m worth of stock On the 19th of May, Carsten Aagesen sold around 5k shares on-market at roughly kr371 per share. This transaction amounted to 71% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth kr362m. Insiders have been net sellers, collectively disposing of kr375m more than they bought in the last 12 months. Announcement • May 07
Invisio AB (publ) Approves Dividend for 2024, Payable Around 13 May 2025 Invisio AB (publ) at its Annual General Meeting held on 6 May 2025, approved dividend of SEK 2.30 per share for 2024. As record date the AGM approved 8 May 2025. The dividend is estimated to be paid to the shareholders around 13 May 2025. Announcement • May 06
Invisio AB (publ) to Report Fiscal Year 2025 Results on Feb 12, 2026 Invisio AB (publ) announced that they will report fiscal year 2025 results on Feb 12, 2026 Upcoming Dividend • Apr 30
Upcoming dividend of kr2.30 per share Eligible shareholders must have bought the stock before 07 May 2025. Payment date: 13 May 2025. Payout ratio is a comfortable 34% but the company is paying out more than the cash it is generating. Trailing yield: 0.6%. Lower than top quartile of Swedish dividend payers (4.1%). In line with average of industry peers (0.5%). Reported Earnings • Apr 09
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: kr6.72 (up from kr3.91 in FY 2023). Revenue: kr1.81b (up 46% from FY 2023). Net income: kr306.4m (up 72% from FY 2023). Profit margin: 17% (up from 14% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.4%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 09
Now 21% undervalued Over the last 90 days, the stock has risen 30% to kr354. The fair value is estimated to be kr445, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 81%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Declared Dividend • Apr 06
Dividend increased to kr2.30 Dividend of kr2.30 is 77% higher than last year. Ex-date: 7th May 2025 Payment date: 13th May 2025 Dividend yield will be 0.6%, which is lower than the industry average of 1.6%. Payout Ratios Payout ratio: 34%. Cash payout ratio: 130%. Announcement • Apr 01
Invisio AB (publ), Annual General Meeting, May 06, 2025 Invisio AB (publ), Annual General Meeting, May 06, 2025, at 16:00 W. Europe Standard Time. Location: at iva konferenscenter, grev turegatan 16, stockholm Sweden Recent Insider Transactions • Mar 14
President & CEO recently sold kr362m worth of stock On the 12th of March, Lars Hansen sold around 860k shares on-market at roughly kr421 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lars has been a net seller over the last 12 months, reducing personal holdings by kr161m. Buy Or Sell Opportunity • Mar 03
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 40% to kr409. The fair value is estimated to be kr327, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 81%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Reported Earnings • Feb 15
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: kr6.72 (up from kr3.91 in FY 2023). Revenue: kr1.81b (up 46% from FY 2023). Net income: kr306.4m (up 72% from FY 2023). Profit margin: 17% (up from 14% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.1%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 14
Price target increased by 11% to kr326 Up from kr295, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of kr342. Stock is up 64% over the past year. The company is forecast to post earnings per share of kr5.33 for next year compared to kr3.91 last year. Price Target Changed • Feb 11
Price target increased by 8.0% to kr303 Up from kr280, the current price target is an average from 4 analysts. New target price is 9.7% below last closing price of kr335. Stock is up 55% over the past year. The company is forecast to post earnings per share of kr5.33 for next year compared to kr3.91 last year. Announcement • Feb 06
Invisio AB (publ) to Report Fiscal Year 2024 Results on Feb 13, 2025 Invisio AB (publ) announced that they will report fiscal year 2024 results at 2:00 PM, Central European Standard Time on Feb 13, 2025 Buy Or Sell Opportunity • Jan 21
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to kr324. The fair value is estimated to be kr250, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has grown by 78%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 94% in the next 2 years. Recent Insider Transactions • Nov 14
Chief Financial Officer recently sold kr5.8m worth of stock On the 12th of November, Thomas Larsson sold around 19k shares on-market at roughly kr299 per share. This transaction amounted to 7.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth kr13m. This was Thomas' only on-market trade for the last 12 months. Buy Or Sell Opportunity • Nov 08
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to kr283. The fair value is estimated to be kr235, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has grown by 79%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 75% in the next 2 years. Recent Insider Transactions • Oct 30
President & CEO recently sold kr13m worth of stock On the 24th of October, Lars Hansen sold around 50k shares on-market at roughly kr265 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Lars' only on-market trade for the last 12 months. Reported Earnings • Oct 25
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: kr0.85 (down from kr0.88 in 3Q 2023). Revenue: kr351.7m (up 13% from 3Q 2023). Net income: kr38.9m (down 3.2% from 3Q 2023). Profit margin: 11% (down from 13% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 7.6%. Earnings per share (EPS) also missed analyst estimates by 35%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.1% to kr247. The fair value is estimated to be kr203, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 76%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 66% in the next 2 years. Recent Insider Transactions • Jul 24
Senior Vice President of Operations recently sold kr1.4m worth of stock On the 19th of July, Joakim Birgersson sold around 5k shares on-market at roughly kr285 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth kr2.7m. Joakim has been a net seller over the last 12 months, reducing personal holdings by kr3.2m. Reported Earnings • Jul 22
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: kr1.62 (up from kr0.60 in 2Q 2023). Revenue: kr552.7m (up 105% from 2Q 2023). Net income: kr73.9m (up 171% from 2Q 2023). Profit margin: 13% (up from 10% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) also surpassed analyst estimates by 3.5%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jun 18
Invisio AB (publ) Announces Seamless Wireless Comms Capability to Their Intercom System Invisio AB (publ) announced plans to add wireless comms capability to its intercom system, providing unlimited mobility in the field whilst maintaining unrivalled situational awareness. The wireless capability, INVISIO Link™, is expected to be released first half of 2025, and augments the INVISIO Intercom system by bridging the gap between dismounted and mounted users through seamless wireless communications. It follows the recent release of the INVISIO Control™ app, which provides the ability to tailor and adjust the intercom system pre-mission or on the go. The solution adds a dongle to the existing INVISIO body worn kit along with a base station to the INVISIO Intercom System. Both products are lightweight and small, ensuring portability, ease of use and installation. INVISIO Link™ offers the following key attributes: Tailored connectivity: INVISIO Link™ means users are wirelessly connected to tailored user and group communication. Unlimited mobility: No tangled cords give users free mobility in platforms and their proximity. Seamless comms: INVISIO Link™ provides seamless transitions between mounted and dismounted scenarios as well as wired and wireless. It also allows auto-connect for easy use in the field. Uncompromised wireless quality: INVISIO Link™ provides uncompromised speech intelligibility along with strong connectivity, also in challenging environments. Secure & lightweight: The new wireless solution is unparalleled in size and weight, with a body-worn INVISIO Link™ dongle weighing just 70g. AES 256 encryption ensures the system remains secure, and detectability can be adjusted thanks to adjustable transmitting power. Mount anywhere: INVISIO Link™ can be installed anywhere, either as a fixed installation, on molle webbing or in a bag. Weighing just 270g and measuring 78 x 100 x 30mm, the INVISIO Link™ station has a small footprint that ensures ease of use, with the option for an external antenna for specially challenging RF installations. Recent Insider Transactions • May 10
Senior Vice President of Operations recently sold kr2.7m worth of stock On the 7th of May, Joakim Birgersson sold around 12k shares on-market at roughly kr227 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Joakim has been a net seller over the last 12 months, reducing personal holdings by kr1.8m. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: kr0.79 (vs kr1.33 in 1Q 2023) First quarter 2024 results: EPS: kr0.79 (down from kr1.33 in 1Q 2023). Revenue: kr308.2m (down 1.0% from 1Q 2023). Net income: kr35.9m (down 40% from 1Q 2023). Profit margin: 12% (down from 19% in 1Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Apr 24
Consensus revenue estimates increase by 16% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from kr1.41b to kr1.63b. EPS estimate increased from kr4.95 to kr5.81 per share. Net income forecast to grow 41% next year vs 26% growth forecast for Aerospace & Defense industry in Sweden. Consensus price target up from kr243 to kr250. Share price was steady at kr247 over the past week. Reported Earnings • Apr 13
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: kr3.91 (up from kr0.99 in FY 2022). Revenue: kr1.24b (up 60% from FY 2022). Net income: kr178.4m (up 301% from FY 2022). Profit margin: 14% (up from 5.7% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Aerospace & Defense industry in Sweden. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Feb 19
Insider recently sold kr2.1m worth of stock On the 13th of February, Carsten Aagesen sold around 10k shares on-market at roughly kr213 per share. This transaction amounted to 59% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr29m more than they bought in the last 12 months. 
