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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 2152 2417
Sales growth (%) -2,1 0,1 12,3
EBITDA 212 208 253
EBITDA margin (%) 9,8 9,7 10,5
EBIT adj. 131 121 154
EBIT adj. margin (%) 6,1 5,6 6,4
Pretax profit 92 82 127
EPS 3,27 2,74 4,41
EPS growth (%) -26,8 -16,1 60,7
EPS adj. 3,57 3,05 4,55
DPS 1 0,81 1,32
EV/EBITDA (x) 6,7 6,6 5,2
EV/EBIT adj. (x) 10,8 11,5 8,6
P/E (x) 12,6 15 9,3
P/E adj. (x) 11,5 13,5 9
EV/sales (x) 0,66 0,64 0,55
FCF yield (%) -4,7 8,1 13,2
Le. adj. FCF yld. (%) -8,8 4,7 9,7
Dividend yield (%) 2,4 2 3,2
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 2152 2417
COGS -1220 -1215 -1358
Gross profit 930 937 1059
Other operating items -718 -728 -806
EBITDA 212 208 253
Depreciation and amortisation -87 -89 -95
of which leasing depreciation -36 -36 -37
EBITA 125 119 158
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 62 101
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 73 62 101
EPS 3,27 2,74 4,41
EPS adj. 3,57 3,05 4,55
Total extraordinary items after tax -8 -4 0
Leasing payments -48 -42 -41
Tax rate (%) 20,4 24,6 21
Gross margin (%) 43,2 43,5 43,8
EBITDA margin (%) 9,8 9,7 10,5
EBITA margin (%) 5,8 5,5 6,5
EBIT margin (%) 5,7 5,4 6,4
Pre-tax margin (%) 4,3 3,8 5,3
Net margin (%) 3,4 2,9 4,2
Sales growth (%) -2,1 0,1 12,3
EBITDA growth (%) -13,2 -1,4 21,4
EBITA growth (%) -23 -4,6 32,1
EBIT growth (%) -23,5 -4,7 33
Net profit growth (%) -23,7 -15,6 63
EPS growth (%) -26,8 -16,1 60,7
Profitability N/A N/A N/A
ROE (%) 11,4 8,6 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. 135 124 158
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 5,6 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 212 208 253
Other intangible assets 102 103 100
Net financial items -30 -34 -27
Tangible fixed assets 105 128 119
Paid tax -22 -29 -27
Right-of-use asset 236 218 230
Non-cash items -10 -5 0
Total other fixed assets 26 26 26
Cash flow before change in WC 149 141 199
Fixed assets 685 700 698
Change in working capital -142 56 -27
Operating cash flow 7 196 172
Inventories 558 572 604
Capex tangible fixed assets -29 -27 -30
Receivables 397 409 435
Capex intangible fixed assets -15 -14 -18
Other current assets 36 22 24
Acquisitions and Disposals -6 -81 0
Cash and liquid assets 39 145 218
Free cash flow -43 75 124
Total assets 1715 1848 1979
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 226 247 266
Other current liabilities 206 187 201
Total liabilities and equity 1715 1848 1979
Net IB debt 508 444 387
Net IB debt excl. pension debt 502 438 381
Net IB debt excl. leasing 275 226 154
Capital employed 1217 1348 1446
Capital invested 1178 1203 1228
Working capital 559 570 597
Market cap. diluted (m) 913 939 939
Net IB debt adj. 508 444 387
Market value of minority 2 2 2
Reversal of shares and participations 0 0 0
EV 1423 1385 1328
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 131 120,8 126,3
Working capital/sales (%) 23,9 26,2 24,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 75,9 58,5 46
Net debt / market cap (%) 55,7 47,3 41,2
Equity ratio (%) 39,1 41,1 42,5
Net IB debt adj. / equity (%) 75,9 58,5 46
Current ratio 1,55 1,62 1,73
EBITDA/net interest 6,2 5,7 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 5,5
SEKm 2024 2025e 2026e
Shares outstanding adj. 22 23 23
Diluted shares adj. 22 23 23
EPS 3,27 2,74 4,41
Dividend per share 1 0,81 1,32
EPS adj. 3,57 3,05 4,55
BVPS 30,12 33,2 36,8
BVPS adj. 15,77 18,83 22,59
Net IB debt/share 22,94 19,48 16,98
Share price 41,2 41,2 41,2
Market cap. (m) 913 939 939
P/E (x) 12,6 15 9,3
EV/sales (x) 0,7 0,6 0,5
EV/EBITDA (x) 6,7 6,6 5,2
EV/EBITA (x) 11,4 11,6 8,4
EV/EBIT (x) 11,7 11,9 8,6
Dividend yield (%) 2,4 2 3,2
FCF yield (%) -4,7 8,1 13,2
Le. adj. FCF yld. (%) -8,8 4,7 9,7
P/BVPS (x) 1,37 1,24 1,12
P/BVPS adj. (x) 2,61 2,19 1,82
P/E adj. (x) 11,5 13,5 9
EV/EBITDA adj. (x) 6 5,2 4,4
EV/EBITA adj. (x) 10,6 11,2 8,4
EV/EBIT adj. (x) 10,8 11,5 8,6
EV/CE (x) 1,2 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 23.2 % 31.3 % 26 Sep 2025
Fredrik Berghel 20.9 % 19.6 % 26 Sep 2025
Lars Wingefors AB 7.4 % 13.5 % 26 Sep 2025
Alma Bareisyte 2.3 % 11.7 % 26 Sep 2025
Avanza Pension 7.0 % 3.6 % 26 Sep 2025
Kyösti Kakkonen 3.1 % 1.6 % 31 Dec 2024
eQ Asset Management Oy 2.5 % 1.3 % 30 Sep 2025
Björn Eriksson 2.1 % 1.1 % 26 Sep 2025
Nordnet Pensionsförsäkring 2.0 % 1.0 % 26 Sep 2025
Arunas Antanas Vizgaitis 2.0 % 1.0 % 26 Sep 2025
Source: Holdings by Modular Finance AB