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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 2143 2420
Sales growth (%) -2,1 -0,3 12,9
EBITDA 212 207 254
EBITDA margin (%) 9,8 9,6 10,5
EBIT adj. 131 121 154
EBIT adj. margin (%) 6,1 5,7 6,4
Pretax profit 92 82 127
EPS 3,27 2,75 4,4
EPS growth (%) -26,8 -15,8 59,7
EPS adj. 3,57 3,06 4,54
DPS 1 0,81 1,32
EV/EBITDA (x) 6,3 6,2 4,9
EV/EBIT adj. (x) 10,1 10,6 8
P/E (x) 11,3 13,4 8,4
P/E adj. (x) 10,4 12,1 8,1
EV/sales (x) 0,62 0,6 0,51
FCF yield (%) -5,2 9,1 14,4
Le. adj. FCF yld. (%) -9,8 5,3 10,5
Dividend yield (%) 2,7 2,2 3,6
Net IB debt/EBITDA (x) 2,4 2,1 1,5
Le. adj. ND/EBITDA (x) 1,6 1,3 0,7
SEKm 2024 2025e 2026e
Sales 2150 2143 2420
COGS -1220 -1214 -1365
Gross profit 930 930 1055
Other operating items -718 -723 -801
EBITDA 212 207 254
Depreciation and amortisation -87 -87 -96
of which leasing depreciation -36 -36 -33
EBITA 125 120 158
EO Items -10 -5 0
Impairment and PPA amortisation -3 -3 -3
EBIT 122 116 154
Net financial items -30 -34 -27
Pretax profit 92 82 127
Tax -19 -20 -27
Net profit 73 62 100
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 73 62 100
EPS 3,27 2,75 4,4
EPS adj. 3,57 3,06 4,54
Total extraordinary items after tax -8 -4 0
Leasing payments -48 -42 -41
Tax rate (%) 20,4 24,6 21
Gross margin (%) 43,2 43,4 43,6
EBITDA margin (%) 9,8 9,6 10,5
EBITA margin (%) 5,8 5,6 6,5
EBIT margin (%) 5,7 5,4 6,4
Pre-tax margin (%) 4,3 3,8 5,2
Net margin (%) 3,4 2,9 4,1
Sales growth (%) -2,1 -0,3 12,9
EBITDA growth (%) -13,2 -2,2 22,7
EBITA growth (%) -23 -4,3 31,7
EBIT growth (%) -23,5 -4,4 32,6
Net profit growth (%) -23,7 -15,3 61,9
EPS growth (%) -26,8 -15,8 59,7
Profitability N/A N/A N/A
ROE (%) 11,4 8,7 12,6
ROE adj. (%) 13,2 9,6 13
ROCE (%) 11 9,5 11,2
ROCE adj. (%) 12,1 10,1 11,4
ROIC (%) 8,8 7,6 10,2
ROIC adj. (%) 9,5 7,9 10,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 252 279 307
EBITA adj. 135 125 158
EBITDA adj. margin (%) 10,8 11,3 11,8
EBITA adj. margin (%) 6,3 5,8 6,5
EBITDA lease adj. 204 221 241
EBIT adj. 131 121 154
EBITDA lease adj. margin (%) 8,7 8,9 9,3
EBIT adj. margin (%) 6,1 5,7 6,4
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 216 224 224
EBITDA 212 207 254
Other intangible assets 102 103 100
Net financial items -30 -34 -27
Tangible fixed assets 105 130 116
Paid tax -22 -29 -27
Right-of-use asset 236 218 233
Non-cash items -10 -5 0
Total other fixed assets 26 26 26
Cash flow before change in WC 149 139 200
Fixed assets 685 702 699
Change in working capital -142 58 -30
Operating cash flow 7 197 170
Inventories 558 569 605
Capex tangible fixed assets -29 -26 -30
Receivables 397 407 436
Capex intangible fixed assets -15 -14 -18
Other current assets 36 22 24
Acquisitions and Disposals -6 -81 0
Cash and liquid assets 39 146 216
Free cash flow -43 75 121
Total assets 1715 1847 1980
Dividend paid -16 -22 -19
Shareholders equity 667 757 839
Share issues and buybacks 0 22 0
Minority 2 2 2
Leasing liability amortisation -38 -31 -33
Total equity 670 759 841
Other non-cash items -109 -33 -31
Long-term debt 76 91 91
Pension debt 7 6 6
Convertible debt 0 0 0
Leasing liability 233 218 233
Total other long-term liabilities 66 67 67
Short-term debt 231 274 274
Accounts payable 226 246 266
Other current liabilities 206 186 201
Total liabilities and equity 1715 1847 1980
Net IB debt 508 443 389
Net IB debt excl. pension debt 502 437 383
Net IB debt excl. leasing 275 226 156
Capital employed 1217 1348 1446
Capital invested 1178 1203 1230
Working capital 559 567 597
Market cap. diluted (m) 820 843 843
Net IB debt adj. 508 443 389
Market value of minority 2 2 2
Reversal of shares and participations 0 0 0
EV 1330 1289 1234
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 131 120,4 126,5
Working capital/sales (%) 23,9 26,3 24,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 75,9 58,4 46,2
Net debt / market cap (%) 62 52,6 46,1
Equity ratio (%) 39,1 41,1 42,5
Net IB debt adj. / equity (%) 75,9 58,4 46,2
Current ratio 1,55 1,62 1,73
EBITDA/net interest 6,2 5,6 9,3
Net IB debt/EBITDA (x) 2,4 2,1 1,5
Net IB debt/EBITDA lease adj. (x) 1,6 1,3 0,7
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 2,75 4,4
Dividend per share 1 0,81 1,32
EPS adj. 3,57 3,06 4,54
BVPS 30,12 33,21 36,8
BVPS adj. 15,77 18,84 22,59
Net IB debt/share 22,94 19,44 17,06
Share price 37 37 37
Market cap. (m) 820 843 843
P/E (x) 11,3 13,4 8,4
EV/sales (x) 0,6 0,6 0,5
EV/EBITDA (x) 6,3 6,2 4,9
EV/EBITA (x) 10,6 10,8 7,8
EV/EBIT (x) 10,9 11,1 8
Dividend yield (%) 2,7 2,2 3,6
FCF yield (%) -5,2 9,1 14,4
Le. adj. FCF yld. (%) -9,8 5,3 10,5
P/BVPS (x) 1,23 1,11 1,01
P/BVPS adj. (x) 2,35 1,96 1,64
P/E adj. (x) 10,4 12,1 8,1
EV/EBITDA adj. (x) 6 5,2 4,4
EV/EBITA adj. (x) 9,9 10,3 7,8
EV/EBIT adj. (x) 10,1 10,6 8
EV/CE (x) 1,1 1 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 2 1,9 2
Capex/depreciation 0,9 0,8 0,8
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

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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 2.5 % 1.3 % 31 Aug 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 % 30 Jun 2025
Source: Holdings by Modular Finance AB