Invisio AB (publ) (IVSO.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-70.5%

SEK 63.31

vs SEK 214.60 price

Levered DCF

SEK 227.59

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

15.68

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	55.72×	41×	49.36×	166.26×	496.36×	179.86×	44.26×	51.83×
P/B	10.35×	12.21×	12.22×	14.47×	17.4×	29.1×	12.26×	8.53×
P/S	6.99×	6.95×	7.11×	9.52×	12.25×	20.72×	8.74×	7.03×
EV / EBITDA	31.13×	26.65×	30.18×	62.71×	139.16×	99.19×	30.22×	35.41×
Gross margin	58.4%	55.7%	60.3%	58.0%	57.4%	58.1%	61.0%	56.4%
Operating margin	17.8%	22.3%	19.6%	8.4%	4.2%	17.9%	25.8%	17.9%
Net margin	12.6%	17.0%	14.4%	5.7%	2.4%	11.5%	19.8%	13.6%
Current ratio	3.56×	3.24×	2.77×	2.63×	2.73×	4.01×	4.25×	4.46×
Debt / equity	0.06×	0.04×	0.05×	0.18×	0.29×	0.06×	0.07×	0×
Interest coverage	17.25×	804.6×	24.79×	9.59×	10.38×	7.82×	265.2×	635×
Dividend yield	0.9%	0.5%	0.4%	0.4%	0.4%	0.3%	0.7%	1.1%
Payout ratio	48.1%	19.4%	17.7%	70.1%	213.1%	61.3%	30.4%	55.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.6%	29.8%	24.8%	8.7%	3.5%	16.2%	27.8%	16.5%
Return on invested capital	17.8%	27.3%	22.5%	7.3%	2.7%	16.2%	25.2%	16.3%
Return on assets	13.6%	21.5%	16.9%	5.6%	2.1%	11.9%	21.2%	13.6%
Free cash flow yield	1.5%	1.2%	1.7%	0.1%	1.0%	0.5%	2.6%	-1.1%
Earnings yield	1.8%	2.4%	2.0%	0.6%	0.2%	0.6%	2.3%	1.9%
Enterprise value	SEK 11.8B	SEK 12.4B	SEK 8.6B	SEK 7.3B	SEK 7.3B	SEK 10.9B	SEK 4.4B	SEK 2.4B
Net debt / EBITDA	-0.86×	-0.44×	-0.66×	-0.32×	-0.3×	-1.22×	-0.82×	-0.91×
Cash conversion cycle (days)	178	167	162	180	180	202	199	258