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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 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.

SEKm 2022 2023e 2024e
Sales 1589 1934 1980
Sales growth (%) 58,3 21,7 2,4
EBITDA 178 114 133
EBITDA margin (%) 11,2 5,9 6,7
EBIT adj. 85 72 86
EBIT adj. margin (%) 5,3 3,7 4,3
Pretax profit 103 6 24
EPS 4,56 0,24 0,95
EPS growth (%) -1025,3 -94,7 291,2
EPS adj. 2,93 2,17 2,84
DPS 0,68 0,07 0,29
EV/EBITDA (x) 5,7 9,6 7,8
EV/EBIT adj. (x) 12 15,2 12,1
P/E (x) 7,9 148,7 38
P/E adj. (x) 12,3 16,6 12,7
EV/sales (x) 0,64 0,57 0,52
FCF yield (%) 0 0 0
Le. adj. FCF yld. (%) 0 0 0
Dividend yield (%) 1,9 0,2 0,8
Net IB debt/EBITDA (x) 1,6 3,3 2,4
Le. adj. ND/EBITDA (x) 2,5 3,3 2,4
SEKm 2022 2023e 2024e
Sales 1589 1934 1980
COGS -1053 -1189 -1202
Gross profit 535 744 778
Other operating items -357 -630 -646
EBITDA 178 114 133
Depreciation and amortisation -32 -42 -47
of which leasing depreciation 0 0 0
EBITA 146 72 86
EO Items 61 0 0
Impairment and PPA amortisation -40 -62 -61
EBIT 113 23 38
Net financial items -10 -17 -14
Pretax profit 103 6 24
Tax -12 -1 -5
Net profit 91 5 19
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 91 5 19
EPS 4,56 0,24 0,95
EPS adj. 2,93 2,17 2,84
Total extraordinary items after tax 61 0 0
Leasing payments 0 0 0
Tax rate (%) 12 21 21
Gross margin (%) 33,7 38,5 39,3
EBITDA margin (%) 11,2 5,9 6,7
EBITA margin (%) 9,2 3,7 4,3
EBIT margin (%) 7,1 1,2 1,9
Pre-tax margin (%) 6,5 0,3 1,2
Net margin (%) 5,7 0,3 1
Sales growth (%) 58,3 21,7 2,4
EBITDA growth (%) 413,4 -35,9 16,3
EBITA growth (%) 670 -50,8 19,4
EBIT growth (%) N/A -79,6 64,7
Net profit growth (%) -1124,2 -94,7 291,2
EPS growth (%) -1025,3 -94,7 291,2
Profitability N/A N/A N/A
ROE (%) 21,8 0,9 3,3
ROE adj. (%) 16,7 11,8 14
ROCE (%) 19 3 4,6
ROCE adj. (%) 15,6 9,9 11,2
ROIC (%) 20,2 3,1 5,1
ROIC adj. (%) 15,1 9,7 11,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 117 114 133
EBITDA adj. margin (%) 7,3 5,9 6,7
EBITDA lease adj. 117 114 133
EBITDA lease adj. margin (%) 7,3 5,9 6,7
EBITA adj. 85 72 86
EBITA adj. margin (%) 5,3 3,7 4,3
EBIT adj. 85 72 86
EBIT adj. margin (%) 5,3 3,7 4,3
Pretax profit Adj. 82 68 85
Net profit Adj. 69 66 80
Net profit to shareholders adj. 69 66 80
Net adj. margin (%) 4,4 3,4 4
SEKm 2022 2023e 2024e
Goodwill 196 147 99
EBITDA 178 114 133
Other intangible assets 56 43 30
Net financial items -10 -17 -14
Tangible fixed assets 116 127 134
Paid tax -12 -1 -5
Right-of-use asset 0 0 0
Non-cash items -60 0 0
Total other fixed assets 216 216 216
Cash flow before change in WC 95 96 113
Fixed assets 583 533 480
Change in working capital -27 -122 -10
Operating cash flow 68 -26 103
Inventories 657 561 515
Capex tangible fixed assets -8 -41 -42
Receivables 237 290 297
Capex intangible fixed assets 0 0 0
Other current assets 33 39 40
Acquisitions and Disposals -96 0 0
Cash and liquid assets 1 0 10
Free cash flow -36 -67 62
Total assets 1511 1422 1342
Dividend paid -5 -14 -1
Shareholders equity 569 560 578
Share issues and buybacks 59 0 0
Minority 1 1 1
Leasing liability amortisation 0 0 0
Total equity 570 561 578
Other non-cash items -178 0 0
Long-term debt 88 112 97
Pension debt 0 0 0
Convertible debt N/A N/A N/A
Leasing liability 0 0 0
Total other long-term liabilities 24 24 24
Short-term debt 205 261 226
Accounts payable 356 290 238
Other current liabilities 268 174 178
Total liabilities and equity 1511 1422 1342
Net IB debt 292 373 313
Net IB debt excl. pension debt 292 373 313
Net IB debt excl. leasing 292 373 313
Capital employed 863 934 902
Capital invested 862 934 891
Working capital 303 425 436
Market cap. diluted (m) 721 721 721
Net IB debt adj. 292 373 313
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 1014 1095 1035
Total assets turnover (%) 144,9 131,8 143,3
Working capital/sales (%) 18,2 18,8 21,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 51,3 66,5 54,1
Net debt / market cap (%) 40,5 51,7 43,4
Equity ratio (%) 37,7 39,4 43,1
Net IB debt adj. / equity (%) 51,3 66,5 54,1
Current ratio 1,12 1,23 1,34
EBITDA/net interest 17,7 6,7 9,4
Net IB debt/EBITDA (x) 1,6 3,3 2,4
Net IB debt/EBITDA lease adj. (x) 2,5 3,3 2,4
Interest coverage 9,3 3,6 5
SEKm 2022 2023e 2024e
Shares outstanding adj. 20 20 20
Diluted shares adj. 20 20 20
EPS 4,56 0,24 0,95
Dividend per share 0,68 0,07 0,29
EPS adj. 2,93 2,17 2,84
BVPS 28,56 28,12 29
BVPS adj. 15,94 18,59 22,51
Net IB debt/share 14,68 18,73 15,7
Share price 36,2 36,2 36,2
Market cap. (m) 721 721 721
P/E (x) 7,9 148,7 38
EV/sales (x) 0,64 0,57 0,52
EV/EBITDA (x) 5,7 9,6 7,8
EV/EBITA (x) 6,9 15,2 12,1
EV/EBIT (x) 9 47,3 27,1
Dividend yield (%) 1,9 0,2 0,8
FCF yield (%) 0 0 0
Le. adj. FCF yld. (%) 0 0 0
P/BVPS (x) 1,27 1,29 1,25
P/BVPS adj. (x) 2,27 1,95 1,61
P/E adj. (x) 12,3 16,6 12,7
EV/EBITDA adj. (x) 8,7 9,6 7,8
EV/EBITA adj. (x) 12 15,2 12,1
EV/EBIT adj. (x) 12 15,2 12,1
EV/CE (x) 1,2 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 0,5 2,1 2,1
Capex/depreciation 0,2 1 0,9
Capex tangibles / tangible fixed assets 6,9 32 30,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 15 30 43
Depreciation on tangibles / tangibles 20,29 23,11 25,27

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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 4.6 % 2.2 % 31 Dec 2022
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