Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Inission

Inission

Inission is an electronic manufacturing and services (EMS) company primarily operational in the Nordics. The company offers contract manufacturing services ranging from initial product design and prototyping to volume and aftermarket production. As part of its strategy, Inission aims to grow through a combination of organic growth and acquisitions of other EMS companies. Inission has a history of successfully acquiring other companies and improving their efficiency, while maintaining a fairly decentralised organisation in order to remain close to customers.

Sustainability information

As a contract manufacturer, key risks affecting Inission include key customers leaving the company, as well as cyclical customers' demand decreasing during general economic downturns. Inission has a relatively diversified customer base, but many of its customers are cyclical. The profitability of the company is also sensitive to large swings in material prices and foreign exchange rates.

SEKm 2024 2025e 2026e
Sales 2150 2142 2424
Sales growth (%) -2,1 -0,4 13,2
EBITDA 212 213 246
EBITDA margin (%) 9,8 9,9 10,2
EBIT adj. 131 125 157
EBIT adj. margin (%) 6,1 5,9 6,5
Pretax profit 92 84 129
EPS 3,27 2,93 4,46
EPS growth (%) -26,8 -10,4 52,2
EPS adj. 3,57 3,24 4,62
DPS 1 0,87 1,34
EV/EBITDA (x) 6,4 6,4 5,4
EV/EBIT adj. (x) 10,4 10,9 8,4
P/E (x) 11,7 13,1 8,6
P/E adj. (x) 10,8 11,9 8,3
EV/sales (x) 0,63 0,64 0,54
FCF yield (%) -5 5,3 12,7
Le. adj. FCF yld. (%) -9,5 2 8,9
Dividend yield (%) 2,6 2,3 3,5
Net IB debt/EBITDA (x) 2,4 2,3 1,8
Le. adj. ND/EBITDA (x) 1,6 1,5 1
SEKm 2024 2025e 2026e
Sales 2150 2142 2424
COGS -1220 -1210 -1376
Gross profit 930 932 1048
Other operating items -718 -719 -802
EBITDA 212 213 246
Depreciation and amortisation -87 -88 -86
of which leasing depreciation -36 -37 -35
EBITA 125 125 161
EO Items -10 -4 0
Impairment and PPA amortisation -3 -4 -4
EBIT 122 121 157
Net financial items -30 -37 -28
Pretax profit 92 84 129
Tax -19 -19 -27
Net profit 73 66 102
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 73 66 102
EPS 3,27 2,93 4,46
EPS adj. 3,57 3,24 4,62
Total extraordinary items after tax -8 -3 0
Leasing payments -48 -39 -41
Tax rate (%) 20,4 22,1 21
Gross margin (%) 43,2 43,5 43,3
EBITDA margin (%) 9,8 9,9 10,2
EBITA margin (%) 5,8 5,8 6,6
EBIT margin (%) 5,7 5,7 6,5
Pre-tax margin (%) 4,3 3,9 5,3
Net margin (%) 3,4 3,1 4,2
Sales growth (%) -2,1 -0,4 13,2
EBITDA growth (%) -13,2 0,5 15,8
EBITA growth (%) -23 -0,1 28,6
EBIT growth (%) -23,5 -0,4 29,4
Net profit growth (%) -23,7 -10 54,4
EPS growth (%) -26,8 -10,4 52,2
Profitability N/A N/A N/A
ROE (%) 11,4 9,2 12,7
ROE adj. (%) 13,2 10,2 13,1
ROCE (%) 11 9,8 11,3
ROCE adj. (%) 12,1 10,4 11,6
ROIC (%) 8,8 8 10
ROIC adj. (%) 9,5 8,3 10
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 252 279 307
EBITA adj. 135 129 161
EBITDA adj. margin (%) 10,8 11,3 11,8
EBITA adj. margin (%) 6,3 6 6,6
EBITDA lease adj. 204 221 241
EBIT adj. 131 125 157
EBITDA lease adj. margin (%) 8,7 8,9 9,3
EBIT adj. margin (%) 6,1 5,9 6,5
Pretax profit Adj. 132 146 166
Net profit Adj. 106 116 131
Net profit to shareholders adj. 106 116 131
Net adj. margin (%) 4,5 4,7 5,1
SEKm 2024 2025e 2026e
Goodwill 216 292 292
EBITDA 212 213 246
Other intangible assets 102 92 90
Net financial items -30 -37 -28
Tangible fixed assets 105 101 97
Paid tax -22 -24 -27
Right-of-use asset 236 227 241
Non-cash items -10 -6 0
Total other fixed assets 26 26 26
Cash flow before change in WC 149 146 191
Fixed assets 685 737 745
Change in working capital -142 35 -32
Operating cash flow 7 181 159
Inventories 558 569 606
Capex tangible fixed assets -29 -32 -30
Receivables 397 407 436
Capex intangible fixed assets -15 -14 -18
Other current assets 36 22 24
Acquisitions and Disposals -6 -89 0
Cash and liquid assets 39 106 164
Free cash flow -43 46 111
Total assets 1715 1842 1976
Dividend paid -16 -22 -20
Shareholders equity 667 759 841
Share issues and buybacks 0 22 0
Minority 2 2 2
Leasing liability amortisation -38 -29 -33
Total equity 670 762 844
Other non-cash items -109 -33 -31
Long-term debt 76 91 91
Pension debt 7 5 5
Convertible debt 0 0 0
Leasing liability 233 219 235
Total other long-term liabilities 66 66 66
Short-term debt 231 274 274
Accounts payable 226 245 267
Other current liabilities 206 178 194
Total liabilities and equity 1715 1842 1976
Net IB debt 508 484 441
Net IB debt excl. pension debt 502 478 436
Net IB debt excl. leasing 275 265 206
Capital employed 1217 1351 1449
Capital invested 1178 1245 1285
Working capital 559 574 606
Market cap. diluted (m) 851 875 875
Net IB debt adj. 508 484 441
Market value of minority 2 2 2
Reversal of shares and participations 0 0 0
EV 1361 1361 1318
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 131 120,5 127
Working capital/sales (%) 23,9 26,5 24,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 75,9 63,5 52,3
Net debt / market cap (%) 59,7 55,2 50,4
Equity ratio (%) 39,1 41,4 42,7
Net IB debt adj. / equity (%) 75,9 63,5 52,3
Current ratio 1,55 1,58 1,68
EBITDA/net interest 6,2 5,5 8,7
Net IB debt/EBITDA (x) 2,4 2,3 1,8
Net IB debt/EBITDA lease adj. (x) 1,6 1,5 1
Interest coverage 3,5 3,1 5,4
SEKm 2024 2025e 2026e
Shares outstanding adj. 22 23 23
Diluted shares adj. 22 23 23
EPS 3,27 2,93 4,46
Dividend per share 1 0,87 1,34
EPS adj. 3,57 3,24 4,62
BVPS 30,12 33,31 36,91
BVPS adj. 15,77 16,48 20,16
Net IB debt/share 22,94 21,21 19,35
Share price 38,4 38,4 38,4
Market cap. (m) 851 875 875
P/E (x) 11,7 13,1 8,6
EV/sales (x) 0,63 0,64 0,54
EV/EBITDA (x) 6,4 6,4 5,4
EV/EBITA (x) 10,9 10,9 8,2
EV/EBIT (x) 11,2 11,2 8,4
Dividend yield (%) 2,6 2,3 3,5
FCF yield (%) -5 5,3 12,7
Le. adj. FCF yld. (%) -9,5 2 8,9
P/BVPS (x) 1,28 1,15 1,04
P/BVPS adj. (x) 2,43 2,33 1,9
P/E adj. (x) 10,8 11,9 8,3
EV/EBITDA adj. (x) 6 5,2 4,4
EV/EBITA adj. (x) 10,1 10,6 8,2
EV/EBIT adj. (x) 10,4 10,9 8,4
EV/CE (x) 1,1 1 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 2 2,2 2
Capex/depreciation 0,9 0,9 1
Capex tangibles / tangible fixed assets 45 22,9 25,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 9 11 12
Depreciation on tangibles / tangibles 23,51 28,86 31,35

Equity research

Read earlier research

Media

Inission - Company presentation with CEO Fredrik Berghel
Inission - Fireside chat with CEO Fredrik Berghel

Main shareholders - Inission

Main shareholders Share capital % Voting shares % Verified
Olle Hulteberg 23.8 % 31.8 % 26 Jun 2025
Fredrik Berghel 21.5 % 19.9 % 26 Jun 2025
Lars Wingefors AB 7.7 % 13.8 % 26 Jun 2025
Alma Bareisyte 2.3 % 11.9 % 26 Jun 2025
Avanza Pension 7.7 % 3.9 % 26 Jun 2025
Kyösti Kakkonen 3.1 % 1.6 % 31 Dec 2024
eQ Asset Management Oy 2.6 % 1.3 % 30 Jun 2025
Arunas Antanas Vizgaitis 2.0 % 1.0 % 1 Jul 2025
Björn Eriksson 1.9 % 1.0 % 26 Jun 2025
Fondita Fund Management 1.9 % 0.9 % 26 Jun 2025
Source: Holdings by Modular Finance AB