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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 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.

Financials

SEKm 2025 2026e 2027e
Sales 2206,3 2420,82 2544,55
Sales growth (%) 2,6 9,7 5,1
EBITDA 200 256 278
EBITDA margin (%) 9,1 10,6 10,9
EBIT adj. 124 154 177
EBIT adj. margin (%) 5,6 6,4 7
Pretax profit 50 130 153
EPS 1,33 4,44 5,26
EPS growth (%) -59,2 N/A 18,4
EPS adj. 2,9 4,81 5,63
DPS N/A N/A N/A
Dividend per share 0,6 1,33 1,58
EV/EBITDA (x) 9,3 7 6,4
EV/EBIT adj. (x) 15 11,7 10
P/E (x) 44,66 13,42 11,33
P/E adj. (x) 20,5 12,4 10,6
EV/sales (x) 0,84 0,74 0,7
FCF yield (%) 4,1 8,5 10,2
Le. adj. FCF yld. (%) 1,5 5,9 7,6
Dividend yield (%) 1 2,2 2,6
Net IB debt/EBITDA (x) 2,4 1,7 1,5
Le. adj. ND/EBITDA (x) 1,5 0,9 0,7
SEKm 2025 2026e 2027e
Sales 2206,3 2420,82 2544,55
COGS -1226 -1345 -1409
Gross profit 980 1075 1135
Other operating items -780 -820 -858
EBITDA 200 256 278
Depreciation and amortisation -89 -91 -90
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -37 -38 -40
EBITA 111 164,63 188,22
EO Items N/A N/A N/A
Operating EO items -18 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -5 -11 -11
EBIT 105,8 153,83 177,42
Net financial items -56 -24 -24
Pretax profit 50 130 153
Tax -20 -27 -32
Net profit 30 102 121
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 30 102 121
EPS 1,33 4,44 5,26
EPS adj. 2,9 4,81 5,63
Total extraordinary items after tax -9 2 2
Leasing payments -53 -45 -44
Tax rate (%) 39,3 21 21
Gross margin (%) 44,4 44,4 44,6
EBITDA margin (%) 9,1 10,6 10,9
EBITA margin (%) 5 6,8 7,4
EBIT margin (%) 4,8 6,4 7
Pre-tax margin (%) 2,3 5,3 6
Net margin (%) 1,4 4,2 4,8
Sales growth (%) 2,6 9,7 5,1
EBITDA growth (%) -5,3 27,7 8,7
EBITA growth (%) -11,2 48,3 14,3
EBIT growth (%) -13,1 45,4 15,3
Net profit growth (%) -58,5 237,7 18,4
EPS growth (%) -59,2 N/A 18,4
Profitability N/A N/A N/A
ROE (%) 4,3 13,8 14,6
ROE adj. (%) 6,4 15 15,6
ROCE (%) 9,8 12,1 13
ROCE adj. (%) 11,6 13 13,8
ROIC (%) 5,7 10,9 11,9
ROIC adj. (%) 6,6 10,9 11,9
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 218 256 278
EBITDA adj. margin (%) 9,9 10,6 10,9
EBITDA lease adj. 165 211 234
EBITDA lease adj. margin (%) 7,5 8,7 9,2
EBITA adj. 129 165 188
EBITA adj. margin (%) 5,8 6,8 7,4
EBIT adj. 124 154 177
EBIT adj. margin (%) 5,6 6,4 7
Pretax profit Adj. 73 140 164
Net profit Adj. 44 111 130
Net profit to shareholders adj. 43 111 130
Net adj. margin (%) 2 4,6 5,1
SEKm 2025 2026e 2027e
Goodwill 220 220 220
EBITDA 200 256 278
Other intangible assets 100 89 80
Net financial items -56 -24 -24
Tangible fixed assets 101 96 96
Paid tax -18 -27 -32
Right-of-use asset 233 243 254
Non-cash items 30 0 0
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 24 24 24
Cash flow before change in WC 156 204 222
Fixed assets 677 672 673
Change in working capital 22 -38 -31
Operating cash flow 178 166 191
Inventories 579 605 636
Capex tangible fixed assets -25 -30 -32
Receivables 416 436 458
Capex intangible fixed assets -14 -18 -19
Other current assets 40 24 25
Acquisitions and Disposals -85 0 0
Cash and liquid assets 49 115 147
Free cash flow 54 117 140
Total assets 1760 1853 1940
Dividend paid -22 -14 -31
Shareholders equity 695 783 874
Share issues and buybacks 23 0 0
Minority 3 3 3
Leasing liability amortisation -35 -37 -35
Total equity 698 786 877
Other non-cash items N/A N/A N/A
Other changes in net debt 11 -12 -16
Long-term debt 69 73 73
Pension debt 9 9 9
Convertible debt 0 0 0
Leasing liability 224 235 251
Total other long-term liabilities 66 66 23
Short-term debt 225 220 220
Accounts payable 271 266 280
Other current liabilities 198 196 206
Total liabilities and equity 1760 1853 1940
Net IB debt 478 423 407
Net IB debt excl. pension debt 469 414 398
Net IB debt excl. leasing 254 188 156
Capital employed 1225 1325 1431
Capital invested 1176 1209 1284
Working capital 565 603 634
Market cap. diluted (m) 1373 1373 1373
Net IB debt adj. 478 423 407
Market value of minority 3 3 3
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1853 1799 1783
Total assets turnover (%) 127 134 134,2
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 25,5 24,1 24,3
Year N/A N/A N/A
Net debt/equity (%) 68,4 53,8 46,5
Net debt / market cap (%) 34,8 30,8 29,7
Equity ratio (%) 39,7 42,4 45,2
Net IB debt adj. / equity (%) 68,4 53,8 46,5
Current ratio 1,56 1,73 1,79
EBITDA/net interest 3,2 10,5 11,6
Net IB debt/EBITDA (x) 2,4 1,7 1,5
Net IB debt/EBITDA lease adj. (x) 1,5 0,9 0,7
Interest coverage 1,7 6,6 7,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 1,33 4,44 5,26
Dividend per share 0,6 1,33 1,58
EPS adj. 2,9 4,81 5,63
BVPS 30,18 34,01 37,93
BVPS adj. 16,29 20,58 24,93
Net IB debt/share 20,74 18,36 17,68
Share price 59,6 59,6 59,6
Market cap. (m) 1373 1373 1373
P/E (x) 44,66 13,42 11,33
EV/sales (x) 0,84 0,74 0,7
EV/EBITDA (x) 9,3 7 6,4
EV/EBITA (x) 16,7 10,9 9,5
EV/EBIT (x) 17,5 11,7 10
Dividend yield (%) 1 2,2 2,6
FCF yield (%) 4,1 8,5 10,2
Le. adj. FCF yld. (%) 1,5 5,9 7,6
P/BVPS (x) 1,97 1,75 1,57
P/BVPS adj. (x) 3,66 2,9 2,39
P/E adj. (x) 20,5 12,4 10,6
EV/EBITDA adj. (x) 8,5 7 6,4
EV/EBITA adj. (x) 14,4 10,9 9,5
EV/EBIT adj. (x) 15 11,7 10
EV/CE (x) 1,5 1,4 1,2
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1,8 -2 -2
Capex/depreciation 0,7 0,9 1
Capex tangibles / tangible fixed assets 25 31,6 33,1
Capex intangibles / definite intangibles 13,6 20,3 23,9
Depreciation on intang / def. intang 19 20 22
Depreciation on tangibles / tangibles 33,83 36,51 32,94

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Media

Inission - Company presentation with President & CEO Fredrik Berghel
Inission - Company presentation with CEO Fredrik Berghel

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Main shareholders - Inission

Main shareholders Share capital % Voting shares % Verified
Olle Hulteberg 21.4 % 30.4 % 26 Feb 2026
Fredrik Berghel 20.7 % 19.5 % 23 Dec 2025
Lars Wingefors AB 7.4 % 13.5 % 23 Dec 2025
Alma Bareisyte 2.3 % 11.6 % 23 Dec 2025
Avanza Pension 5.0 % 2.6 % 26 Feb 2026
Kyösti Kakkonen 3.1 % 1.6 % 31 Dec 2024
eQ Asset Management Oy 2.5 % 1.3 % 28 Feb 2026
Nordnet Pensionsförsäkring 2.4 % 1.2 % 23 Dec 2025
Björn Eriksson 2.2 % 1.1 % 23 Dec 2025
Arunas Antanas Vizgaitis 2.0 % 1.0 % 26 Sep 2025
Source: Holdings by Modular Finance AB