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Inission

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Financials

SEKm 2025 2026e 2027e
Sales 2206,2 2587,62 2829,81
Sales growth (%) 2,6 17,3 9,4
EBITDA 200 271 302
EBITDA margin (%) 9,1 10,5 10,7
EBIT adj. 129 174 205
EBIT adj. margin (%) 5,8 6,7 7,3
Pretax profit 50 153 180
EPS 1,33 5,37 6,16
EPS growth (%) -59,3 N/A 14,7
EPS adj. 3,05 5,6 6,28
DPS N/A N/A N/A
Dividend per share 0,6 1,61 1,85
EV/EBITDA (x) 10,2 7,5 6,8
EV/EBIT adj. (x) 16 11,7 10
P/E (x) 51,28 12,69 11,06
P/E adj. (x) 22,3 12,2 10,9
EV/sales (x) 0,93 0,79 0,73
FCF yield (%) 4,9 7 7,7
Le. adj. FCF yld. (%) 2,6 4,4 5,3
Dividend yield (%) 0,9 2,4 2,7
Net IB debt/EBITDA (x) 2,4 1,7 1,6
Le. adj. ND/EBITDA (x) 1,4 0,9 0,8
SEKm 2025 2026e 2027e
Sales 2206,2 2587,62 2829,81
COGS -1226 -1421 -1560
Gross profit 980 1167 1270
Other operating items -780 -896 -968
EBITDA 200 271 302
Depreciation and amortisation -89 -94 -93
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -43 -43 -46
EBITA 111,1 177,49 208,78
EO Items N/A N/A N/A
Operating EO items -23 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -5 -4 -4
EBIT 105,9 173,99 205,28
Net financial items -56 -21 -25
Pretax profit 50 153 180
Tax -20 -29 -38
Net profit 31 124 142
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 30 124 142
EPS 1,33 5,37 6,16
EPS adj. 3,05 5,6 6,28
Total extraordinary items after tax -13 1 1
Leasing payments -44 -47 -48
Tax rate (%) 38,8 19 21
Gross margin (%) 44,4 45,1 44,9
EBITDA margin (%) 9,1 10,5 10,7
EBITA margin (%) 5 6,9 7,4
EBIT margin (%) 4,8 6,7 7,3
Pre-tax margin (%) 2,3 5,9 6,4
Net margin (%) 1,4 4,8 5
Sales growth (%) 2,6 17,3 9,4
EBITDA growth (%) -5,3 35,3 11,5
EBITA growth (%) -11,1 59,8 17,6
EBIT growth (%) -13 64,3 18
Net profit growth (%) -58 304,9 14,4
EPS growth (%) -59,3 N/A 14,7
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 4,4 16,3 16,2
ROE adj. (%) 7 16,6 16,5
ROCE (%) 5,9 13 14,3
ROCE adj. (%) 8,2 13,3 14,5
ROIC (%) 5,8 11,6 12,2
ROIC adj. (%) 6,9 11,6 12,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 223 271 302
EBITDA adj. margin (%) 10,1 10,5 10,7
EBITDA lease adj. 179 224 254
EBITDA lease adj. margin (%) 8,1 8,7 9
EBITA adj. 134 177 209
EBITA adj. margin (%) 6,1 6,9 7,4
EBIT adj. 129 174 205
EBIT adj. margin (%) 5,8 6,7 7,3
Pretax profit Adj. 78 157 184
Net profit Adj. 48 126 145
Net profit to shareholders adj. 48 126 145
Net adj. margin (%) 2,2 4,9 5,1
SEKm 2025 2026e 2027e
Goodwill 220 227 227
EBITDA 200 271 302
Other intangible assets 100 96 97
Net financial items -56 -21 -25
Tangible fixed assets 101 94 98
Paid tax -18 -33 -38
Right-of-use asset 233 277 288
Non-cash items 30 6 0
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 24 24 24
Cash flow before change in WC 157 223 239
Fixed assets 677 719 735
Change in working capital 22 -72 -61
Operating cash flow 179 152 179
Inventories 579 673 707
Capex tangible fixed assets -25 -27 -35
Receivables 416 466 509
Capex intangible fixed assets -15 -14 -21
Other current assets 40 26 28
Acquisitions and Disposals -64 0 0
Cash and liquid assets 49 95 98
Free cash flow 75 110 122
Total assets 1760 1978 2078
Dividend paid -22 -14 -37
Shareholders equity 696 827 932
Share issues and buybacks 1 -3 0
Minority 3 0 0
Leasing liability amortisation -35 -41 -39
Total equity 698 827 932
Other non-cash items N/A N/A N/A
Other changes in net debt 12 -44 -18
Long-term debt 69 73 73
Pension debt 9 9 9
Convertible debt 0 0 0
Leasing liability 224 261 278
Total other long-term liabilities 66 70 28
Short-term debt 225 218 218
Accounts payable 271 311 311
Other current liabilities 198 210 230
Total liabilities and equity 1760 1978 2078
Net IB debt 477 465 479
Net IB debt excl. pension debt 468 456 471
Net IB debt excl. leasing 254 204 201
Capital employed 1225 1387 1510
Capital invested 1176 1292 1412
Working capital 565 644 704
Market cap. diluted (m) 1571 1574 1574
Net IB debt adj. 477 465 479
Market value of minority 3 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2051 2038 2052
Total assets turnover (%) 127 138,4 139,5
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 25,5 23,3 23,8
Year N/A N/A N/A
Net debt/equity (%) 68,4 56,2 51,4
Net debt / market cap (%) 30,4 29,5 30,5
Equity ratio (%) 39,7 41,8 44,9
Net IB debt adj. / equity (%) 68,4 56,2 51,4
Current ratio 1,56 1,7 1,77
EBITDA/net interest 10,5 17,5 12
Net IB debt/EBITDA (x) 2,4 1,7 1,6
Net IB debt/EBITDA lease adj. (x) 1,4 0,9 0,8
Interest coverage 5,2 11 7,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 1,33 5,37 6,16
Dividend per share 0,6 1,61 1,85
EPS adj. 3,05 5,6 6,28
BVPS 30,19 35,85 40,41
BVPS adj. 16,31 21,86 26,36
Net IB debt/share 20,72 20,14 20,77
Share price 68,2 68,2 68,2
Market cap. (m) 1571 1574 1574
P/E (x) 51,28 12,69 11,06
EV/sales (x) 0,93 0,79 0,73
EV/EBITDA (x) 10,2 7,5 6,8
EV/EBITA (x) 18,5 11,5 9,8
EV/EBIT (x) 19,4 11,7 10
Dividend yield (%) 0,9 2,4 2,7
FCF yield (%) 4,9 7 7,7
Le. adj. FCF yld. (%) 2,6 4,4 5,3
P/BVPS (x) 2,26 1,9 1,69
P/BVPS adj. (x) 4,18 3,12 2,59
P/E adj. (x) 22,3 12,2 10,9
EV/EBITDA adj. (x) 9,2 7,5 6,8
EV/EBITA adj. (x) 15,3 11,5 9,8
EV/EBIT adj. (x) 16 11,7 10
EV/CE (x) 1,7 1,5 1,4
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1,8 -1,6 -2
Capex/depreciation 0,9 0,8 1,2
Capex tangibles / tangible fixed assets 25 28,7 35,9
Capex intangibles / definite intangibles 14,7 15,1 21,9
Depreciation on intang / def. intang 16 18 17
Depreciation on tangibles / tangibles 29,22 35,09 31,55

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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10,0

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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0,7

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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1,7