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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 2152 2174 2282
Sales growth (%) -2 1 5
EBITDA 218 236 255
EBITDA margin (%) 10,1 10,9 11,2
EBIT adj. 128 145 162
EBIT adj. margin (%) 6 6,7 7,1
Pretax profit 94 118 136
EPS 3,43 4,21 4,83
EPS growth (%) -23,3 22,7 14,8
EPS adj. 3,59 4,36 4,99
DPS 0,7 1,05 1,45
EV/EBITDA (x) 5,9 5,1 4,5
EV/EBIT adj. (x) 9,9 8,3 7,2
P/E (x) 11 9 7,8
P/E adj. (x) 10,6 8,7 7,6
EV/sales (x) 0,59 0,56 0,51
FCF yield (%) 11,7 17,5 16,8
Le. adj. FCF yld. (%) 7,4 13,3 12
Dividend yield (%) 1,9 2,8 3,8
Net IB debt/EBITDA (x) 2 1,5 1,2
Le. adj. ND/EBITDA (x) 1,1 0,5 0,1
SEKm 2024 2025e 2026e
Sales 2152 2174 2282
COGS -1228 -1255 -1322
Gross profit 924 919 960
Other operating items -706 -682 -705
EBITDA 218 236 255
Depreciation and amortisation -86 -88 -89
of which leasing depreciation -38 -39 -40
EBITA 132 149 165
EO Items 0 0 0
Impairment and PPA amortisation -3 -3 -3
EBIT 128 145 162
Net financial items -34 -27 -26
Pretax profit 94 118 136
Tax -18 -25 -28
Net profit 76 93 107
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 76 93 107
EPS 3,43 4,21 4,83
EPS adj. 3,59 4,36 4,99
Total extraordinary items after tax 0 0 0
Leasing payments -43 -44 -50
Tax rate (%) 19,1 21 21
Gross margin (%) 42,9 42,3 42,1
EBITDA margin (%) 10,1 10,9 11,2
EBITA margin (%) 6,1 6,8 7,2
EBIT margin (%) 6 6,7 7,1
Pre-tax margin (%) 4,4 5,4 5,9
Net margin (%) 3,5 4,3 4,7
Sales growth (%) -2 1 5
EBITDA growth (%) -10,6 8,6 7,7
EBITA growth (%) -18,9 12,7 11,2
EBIT growth (%) -19,3 13,1 11,5
Net profit growth (%) -20,3 22,1 14,8
EPS growth (%) -23,3 22,7 14,8
Profitability N/A N/A N/A
ROE (%) 12 13,2 13,6
ROE adj. (%) 12,5 13,7 14,1
ROCE (%) 10,9 11,4 11,7
ROCE adj. (%) 11,2 11,6 12
ROIC (%) 9,8 10,6 11,6
ROIC adj. (%) 9,8 10,6 11,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 252 279 307
EBITA adj. 132 149 165
EBITDA adj. margin (%) 10,8 11,3 11,8
EBITA adj. margin (%) 6,1 6,8 7,2
EBITDA lease adj. 204 221 241
EBIT adj. 128 145 162
EBITDA lease adj. margin (%) 8,7 8,9 9,3
EBIT adj. margin (%) 6 6,7 7,1
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
EBITDA 218 236 255
Goodwill 198 198 198
Other intangible assets 111 95 80
Net financial items -34 -27 -26
Paid tax -15 -25 -28
Tangible fixed assets 100 96 93
Non-cash items -5 0 0
Right-of-use asset 243 269 297
Cash flow before change in WC 164 185 200
Total other fixed assets 28 28 28
Change in working capital -20 -5 -25
Fixed assets 680 687 697
Operating cash flow 143 179 175
Inventories 581 587 616
Capex tangible fixed assets -20 -22 -23
Receivables 301 304 319
Capex intangible fixed assets -19 -11 -11
Other current assets 22 22 23
Acquisitions and Disposals -6 0 0
Cash and liquid assets 145 241 319
Free cash flow 98 147 141
Total assets 1729 1841 1974
Dividend paid -15 -16 -23
Shareholders equity 666 743 827
Share issues and buybacks 0 0 0
Minority 2 2 2
Leasing liability amortisation -37 -36 -40
Total equity 668 746 829
Other non-cash items -109 -33 -31
Long-term debt 100 100 100
Pension debt 7 7 7
Convertible debt 0 0 0
Leasing liability 237 267 295
Total other long-term liabilities 62 62 62
Short-term debt 234 234 234
Accounts payable 237 239 251
Other current liabilities 185 187 195
Total liabilities and equity 1729 1841 1974
Net IB debt 432 366 317
Net IB debt excl. pension debt 426 360 311
Net IB debt excl. leasing 195 100 22
Capital employed 1246 1353 1465
Capital invested 1100 1112 1147
Working capital 482 487 512
Market cap. diluted (m) 840 840 840
Net IB debt adj. 432 366 317
Market value of minority 2 2 2
Reversal of shares and participations -1 -1 -1
EV 1273 1207 1158
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 130,5 121,8 119,7
Working capital/sales (%) 22,1 22,3 21,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 64,7 49,1 38,3
Net debt / market cap (%) 51,5 43,6 37,8
Equity ratio (%) 38,6 40,5 42
Net IB debt adj. / equity (%) 64,7 49,1 38,3
Current ratio 1,6 1,75 1,88
EBITDA/net interest 6,5 8,7 9,7
Net IB debt/EBITDA (x) 2 1,5 1,2
Net IB debt/EBITDA lease adj. (x) 1,1 0,5 0,1
Interest coverage 3,8 5,1 5,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 22 22 22
Diluted shares adj. 22 22 22
EPS 3,43 4,21 4,83
Dividend per share 0,7 1,05 1,45
EPS adj. 3,59 4,36 4,99
BVPS 30,05 33,55 37,33
BVPS adj. 16,11 20,32 24,78
Net IB debt/share 19,51 16,53 14,33
Share price 37,9 37,9 37,9
Market cap. (m) 840 840 840
P/E (x) 11 9 7,8
EV/sales (x) 0,59 0,56 0,51
EV/EBITDA (x) 5,9 5,1 4,5
EV/EBITA (x) 9,7 8,1 7
EV/EBIT (x) 9,9 8,3 7,2
Dividend yield (%) 1,9 2,8 3,8
FCF yield (%) 11,7 17,5 16,8
Le. adj. FCF yld. (%) 7,4 13,3 12
P/BVPS (x) 1,26 1,13 1,02
P/BVPS adj. (x) 2,35 1,87 1,53
P/E adj. (x) 10,6 8,7 7,6
EV/EBITDA adj. (x) 6 5,2 4,4
EV/EBITA adj. (x) 9,7 8,1 7
EV/EBIT adj. (x) 9,9 8,3 7,2
EV/CE (x) 1 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 1,8 1,5 1,5
Capex/depreciation 0,8 0,7 0,7
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 23.8 % 31.8 % 23 Dec 2024
Fredrik Berghel 21.5 % 19.9 % 23 Dec 2024
Lars Wingefors AB 7.7 % 13.8 % 23 Dec 2024
Alma Bareisyte 2.3 % 11.9 % 23 Dec 2024
Avanza Pension 9.7 % 4.9 % 23 Dec 2024
Handelsbanken Fonder 3.2 % 1.6 % 31 Dec 2024
eQ Asset Management Oy 2.2 % 1.1 % 31 Dec 2024
Nordnet Pensionsförsäkring 2.1 % 1.1 % 23 Dec 2024
Rausanne Oy 1.9 % 1.0 % 31 Dec 2023
Fondita Fund Management 1.8 % 0.9 % 23 Dec 2024
Source: Holdings by Modular Finance AB