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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 2023 2024e 2025e
Sales 2195 2348 2477
Sales growth (%) 14,3 6,9 5,5
EBITDA 244 252 279
EBITDA margin (%) 11,1 10,8 11,3
EBIT adj. 163 167 180
EBIT adj. margin (%) 7,4 7,1 7,3
Pretax profit 116 132 146
EPS 4,47 4,79 5,22
EPS growth (%) 53,6 7,2 9,1
EPS adj. 4,68 4,79 5,22
DPS 0,7 1,44 1,57
EV/EBITDA (x) 6 6 5,2
EV/EBIT adj. (x) 9 9,1 8
P/E (x) 10,8 10,1 9,2
P/E adj. (x) 10,3 10,1 9,2
EV/sales (x) 0,67 0,65 0,58
FCF yield (%) 5,5 5,1 17,6
Le. adj. FCF yld. (%) 1,9 1,6 13,6
Dividend yield (%) 1,4 3 3,2
Net IB debt/EBITDA (x) 1,6 1,8 1,3
Le. adj. ND/EBITDA (x) 0,7 0,8 0,3
SEKm 2023 2024e 2025e
Sales 2195 2348 2477
COGS -1313 -1404 -1474
Gross profit 883 944 1003
Other operating items -639 -691 -725
EBITDA 244 252 279
Depreciation and amortisation -85 -85 -99
of which leasing depreciation -36 -49 -57
EBITA 159 167 180
EO Items -5 0 0
Impairment and PPA amortisation 0 0 0
EBIT 159 167 180
Net financial items -43 -35 -34
Pretax profit 116 132 146
Tax -20 -26 -30
Net profit 96 106 116
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 95 106 116
EPS 4,47 4,79 5,22
EPS adj. 4,68 4,79 5,22
Total extraordinary items after tax -4 0 0
Leasing payments -36 -49 -57
Tax rate (%) 17,3 19,5 20,6
Gross margin (%) 40,2 40,2 40,5
EBITDA margin (%) 11,1 10,8 11,3
EBITA margin (%) 7,2 7,1 7,3
EBIT margin (%) 7,2 7,1 7,3
Pre-tax margin (%) 5,3 5,6 5,9
Net margin (%) 4,4 4,5 4,7
Sales growth (%) 14,3 6,9 5,5
EBITDA growth (%) 43,4 3,6 10,4
EBITA growth (%) 81,8 5,1 7,8
EBIT growth (%) 81,8 5,1 7,8
Net profit growth (%) 93,2 10,7 9,1
EPS growth (%) 53,6 7,2 9,1
Profitability N/A N/A N/A
ROE (%) 18,5 16,2 15,5
ROE adj. (%) 19,3 16,2 15,5
ROCE (%) 16,4 15,3 14,3
ROCE adj. (%) 16,9 15,3 14,3
ROIC (%) 13,8 12,5 12,4
ROIC adj. (%) 14,2 12,5 12,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 248 252 279
EBITDA adj. margin (%) 11,3 10,8 11,3
EBITDA lease adj. 212 204 221
EBITDA lease adj. margin (%) 9,6 8,7 8,9
EBITA adj. 163 167 180
EBITA adj. margin (%) 7,4 7,1 7,3
EBIT adj. 163 167 180
EBIT adj. margin (%) 7,4 7,1 7,3
Pretax profit Adj. 120 132 146
Net profit Adj. 99 106 116
Net profit to shareholders adj. 99 106 116
Net adj. margin (%) 4,5 4,5 4,7
SEKm 2023 2024e 2025e
EBITDA 244 252 279
Goodwill 178 223 223
Other intangible assets 103 102 92
Net financial items -43 -35 -34
Paid tax -29 -23 -30
Tangible fixed assets 81 115 108
Non-cash items -132 9 1
Right-of-use asset 250 283 300
Cash flow before change in WC 39 203 215
Total other fixed assets 24 28 28
Change in working capital 62 -93 -3
Fixed assets 636 751 752
Operating cash flow 101 111 213
Inventories 620 657 669
Capex tangible fixed assets -45 -52 -25
Receivables 264 317 334
Capex intangible fixed assets 0 0 0
Other current assets 5 12 13
Acquisitions and Disposals 0 -4 0
Cash and liquid assets 42 81 194
Free cash flow 56 55 188
Total assets 1567 1818 1962
Dividend paid 0 -15 -32
Shareholders equity 603 703 787
Share issues and buybacks 96 0 0
Minority 2 2 2
Leasing liability amortisation -36 -38 -42
Total equity 605 705 789
Other non-cash items 109 -109 -33
Long-term debt 85 75 75
Pension debt 6 0 0
Convertible debt 0 0 0
Leasing liability 244 280 312
Total other long-term liabilities 23 78 78
Short-term debt 104 175 175
Accounts payable 254 305 322
Other current liabilities 247 200 211
Total liabilities and equity 1567 1818 1962
Net IB debt 396 450 369
Net IB debt excl. pension debt 391 450 369
Net IB debt excl. leasing 153 170 57
Capital employed 1043 1235 1352
Capital invested 1001 1155 1158
Working capital 388 481 484
Market cap. diluted (m) 1069 1069 1069
Net IB debt adj. 396 450 369
Market value of minority 2 2 2
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1467 1521 1440
Total assets turnover (%) 139,5 138,7 131,1
Working capital/sales (%) 19,1 18,5 19,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 65,5 63,8 46,8
Net debt / market cap (%) 37,1 42,1 34,5
Equity ratio (%) 38,6 38,8 40,2
Net IB debt adj. / equity (%) 65,5 63,8 46,8
Current ratio 1,54 1,57 1,71
EBITDA/net interest 5,6 7,1 8,1
Net IB debt/EBITDA (x) 1,6 1,8 1,3
Net IB debt/EBITDA lease adj. (x) 0,7 0,8 0,3
Interest coverage 3,5 4,1 4,7
SEKm 2023 2024e 2025e
Shares outstanding adj. 22 22 22
Diluted shares adj. 22 22 22
EPS 4,47 4,79 5,22
Dividend per share 0,7 1,44 1,57
EPS adj. 4,68 4,79 5,22
BVPS 27,25 31,76 35,55
BVPS adj. 14,56 17,07 21,31
Net IB debt/share 17,9 20,33 16,68
Share price 48,3 48,3 48,3
Market cap. (m) 1069 1069 1069
P/E (x) 10,8 10,1 9,2
EV/sales (x) 0,67 0,65 0,58
EV/EBITDA (x) 6 6 5,2
EV/EBITA (x) 9,2 9,1 8
EV/EBIT (x) 9,2 9,1 8
Dividend yield (%) 1,4 3 3,2
FCF yield (%) 5,5 5,1 17,6
Le. adj. FCF yld. (%) 1,9 1,6 13,6
P/BVPS (x) 1,77 1,52 1,36
P/BVPS adj. (x) 3,32 2,83 2,27
P/E adj. (x) 10,3 10,1 9,2
EV/EBITDA adj. (x) 5,9 6 5,2
EV/EBITA adj. (x) 9 9,1 8
EV/EBIT adj. (x) 9 9,1 8
EV/CE (x) 1,4 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 2 2,2 1
Capex/depreciation 0,9 1,4 0,6
Capex tangibles / tangible fixed assets 54,8 45 22,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 24 9 11
Depreciation on tangibles / tangibles 28,92 23,51 28,86

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Media

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

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Olle Hulteberg 23.9 % 31.8 % 26 Mar 2024
Fredrik Berghel 21.5 % 19.9 % 26 Mar 2024
Lars Wingefors AB 7.7 % 13.8 % 26 Mar 2024
Alma Bareisyte 2.3 % 11.9 % 26 Mar 2024
Avanza Pension 9.8 % 4.9 % 26 Mar 2024
Handelsbanken Fonder 3.2 % 1.6 % 30 Apr 2024
eQ Asset Management Oy 2.2 % 1.1 % 30 Apr 2024
Rausanne Oy 2.1 % 1.0 % 31 Dec 2022
Björn Eriksson 1.8 % 0.9 % 26 Mar 2024
Fondita Fund Management 1.8 % 0.9 % 26 Mar 2024
Source: Holdings by Modular Finance AB