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Inission

Inission

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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 growth strategy, Inission focuses on acquiring other EMS companies and improving their efficiency, but maintains a fairly decentralised organisation in order to remain close to customers.

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.

Financials

SEKm 2022 2023e 2024e
Sales 1921 2245 2357
Sales growth (%) 49,7 16,8 5
EBITDA 170 211 236
EBITDA margin (%) 8,8 9,4 10
EBIT adj. 87 122 138
EBIT adj. margin (%) 4,6 5,4 5,9
Pretax profit 63 88 109
EPS 2,91 3,62 4,46
EPS growth (%) -165,3 24,5 23,2
EPS adj. 2,91 3,62 4,46
DPS 0 1,09 1,34
EV/EBITDA (x) 8,8 6,8 6,2
EV/EBIT adj. (x) 17,1 11,8 10,6
P/E (x) 18 14,5 11,8
P/E adj. (x) 18 14,5 11,8
EV/sales (x) 0,78 0,64 0,62
FCF yield (%) 0 0 0
Le. adj. FCF yld. (%) 0 0 0
Dividend yield (%) 0 2,1 2,6
Net IB debt/EBITDA (x) 2,9 2 1,9
Le. adj. ND/EBITDA (x) 2 1,1 1
SEKm 2022 2023e 2024e
Sales 1921 2245 2357
COGS -1255 -1392 -1442
Gross profit 666 853 914
Other operating items -497 -642 -679
EBITDA 170 211 236
Depreciation and amortisation -82 -89 -97
of which leasing depreciation -35 -47 -53
EBITA 87 122 138
EO Items 0 0 0
Impairment and PPA amortisation -7 -13 -13
EBIT 87 122 138
Net financial items -24 -33 -29
Pretax profit 63 88 109
Tax -14 -19 -23
Net profit 50 70 86
Minority interest 7 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 56 70 86
EPS 2,91 3,62 4,46
EPS adj. 2,91 3,62 4,46
Total extraordinary items after tax 0 0 0
Leasing payments -35 -47 -53
Tax rate (%) 21,7 21 21
Gross margin (%) 34,7 38 38,8
EBITDA margin (%) 8,8 9,4 10
EBITA margin (%) 4,6 5,4 5,9
EBIT margin (%) 4,6 5,4 5,9
Pre-tax margin (%) 3,3 3,9 4,6
Net margin (%) 2,6 3,1 3,7
Sales growth (%) 49,7 16,8 5
EBITDA growth (%) 257,8 24,2 11,7
EBITA growth (%) -526,9 39,2 13,5
EBIT growth (%) -526,9 39,2 13,5
Net profit growth (%) -217,3 41 23,2
EPS growth (%) -165,3 24,5 23,2
Profitability N/A N/A N/A
ROE (%) 16,2 15,3 16,4
ROE adj. (%) 18,3 18,1 18,8
ROCE (%) 10,8 13 13,5
ROCE adj. (%) 11,6 14,3 14,7
ROIC (%) 8,3 10,6 11,4
ROIC adj. (%) 8,3 10,6 11,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 170 211 236
EBITDA adj. margin (%) 8,8 9,4 10
EBITDA lease adj. 134 164 183
EBITDA lease adj. margin (%) 7 7,3 7,8
EBITA adj. 87 122 138
EBITA adj. margin (%) 4,6 5,4 5,9
EBIT adj. 87 122 138
EBIT adj. margin (%) 4,6 5,4 5,9
Pretax profit Adj. 70 101 122
Net profit Adj. 57 83 99
Net profit to shareholders adj. 63 83 99
Net adj. margin (%) 3 3,7 4,2
SEKm 2022 2023e 2024e
Goodwill 179 179 179
EBITDA 170 211 236
Other intangible assets 106 104 102
Net financial items -24 -33 -29
Tangible fixed assets 87 94 101
Paid tax -3 -19 -23
Right-of-use asset 225 233 239
Non-cash items 111 0 0
Total other fixed assets 23 23 142
Cash flow before change in WC 253 159 184
Fixed assets 619 633 763
Change in working capital -183 1 48
Operating cash flow 71 161 232
Inventories 642 651 613
Capex tangible fixed assets -25 -47 -49
Receivables 288 337 354
Capex intangible fixed assets 0 0 0
Other current assets 16 45 47
Acquisitions and Disposals -19 0 0
Cash and liquid assets 15 96 102
Free cash flow 27 113 182
Total assets 1580 1761 1878
Dividend paid -5 0 -21
Shareholders equity 423 493 558
Share issues and buybacks 0 0 0
Minority 1 1 1
Leasing liability amortisation -35 -32 -37
Total equity 424 494 559
Other non-cash items -234 -24 -141
Long-term debt 76 82 82
Pension debt 7 7 7
Convertible debt N/A N/A N/A
Leasing liability 220 244 266
Total other long-term liabilities 166 166 166
Short-term debt 198 191 191
Accounts payable 344 382 401
Other current liabilities 152 202 212
Total liabilities and equity 1587 1768 1885
Net IB debt 485 428 444
Net IB debt excl. pension debt 478 421 437
Net IB debt excl. leasing 266 184 178
Capital employed 924 1018 1106
Capital invested 903 915 997
Working capital 450 449 401
Market cap. diluted (m) 1013 1013 1013
Net IB debt adj. 485 428 444
Market value of minority 1 1 1
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1499 1442 1458
Total assets turnover (%) 136,7 134,4 129,5
Working capital/sales (%) 18,7 20 18
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 114,4 86,6 79,4
Net debt / market cap (%) 47,9 42,2 43,9
Equity ratio (%) 26,9 28,1 29,8
Net IB debt adj. / equity (%) 114,4 86,6 79,4
Current ratio 1,39 1,46 1,39
EBITDA/net interest 7 6,3 8,1
Net IB debt/EBITDA (x) 2,9 2 1,9
Net IB debt/EBITDA lease adj. (x) 2 1,1 1
Interest coverage 3,2 3,3 4,2
SEKm 2022 2023e 2024e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 2,91 3,62 4,46
Dividend per share 0 1,09 1,34
EPS adj. 2,91 3,62 4,46
BVPS 21,89 25,5 28,87
BVPS adj. 7,17 10,89 14,36
Net IB debt/share 25,11 22,14 22,98
Share price 52,4 52,4 52,4
Market cap. (m) 1013 1013 1013
P/E (x) 18 14,5 11,8
EV/sales (x) 0,78 0,64 0,62
EV/EBITDA (x) 8,8 6,8 6,2
EV/EBITA (x) 17,1 11,8 10,6
EV/EBIT (x) 17,1 11,8 10,6
Dividend yield (%) 0 2,1 2,6
FCF yield (%) 0 0 0
Le. adj. FCF yld. (%) 0 0 0
P/BVPS (x) 2,39 2,05 1,81
P/BVPS adj. (x) 7,3 4,81 3,65
P/E adj. (x) 18 14,5 11,8
EV/EBITDA adj. (x) 8,8 6,8 6,2
EV/EBITA adj. (x) 17,1 11,8 10,6
EV/EBIT adj. (x) 17,1 11,8 10,6
EV/CE (x) 1,6 1,4 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 1,3 2,1 2,1
Capex/depreciation 0,5 1,1 1,1
Capex tangibles / tangible fixed assets 28,8 50,2 49,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 3 2 2
Depreciation on tangibles / tangibles 50,35 42,77 42,41

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Media

Inission - Company presentation with CEO Fredrik Berghel

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Olle Hulteberg 26.5 % 33.5 % 28 Dec 2022
Fredrik Berghel 24.4 % 23.4 % 28 Dec 2022
Lars Wingefors AB 8.6 % 14.5 % 28 Dec 2022
Alma Bareisyte 2.1 % 10.1 % 28 Dec 2022
Avanza Pension 8.7 % 4.2 % 28 Dec 2022
Handelsbanken Fonder 4.5 % 2.2 % 28 Feb 2023
Björn Eriksson 2.6 % 1.2 % 28 Dec 2022
JCE Group 1.6 % 0.8 % 28 Dec 2022
HC Capital Advisors GmbH 1.1 % 0.5 % 30 Jun 2022
Nordnet Pensionsförsäkring 0.8 % 0.4 % 28 Dec 2022
Source: Holdings by Modular Finance AB