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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 2453,25 2585,93
Sales growth (%) 2,6 11,2 5,4
EBITDA 200 258 281
EBITDA margin (%) 9,1 10,5 10,9
EBIT adj. 124 156 180
EBIT adj. margin (%) 5,6 6,4 7
Pretax profit 50 131 156
EPS 1,33 4,51 5,35
EPS growth (%) -59,2 N/A 18,6
EPS adj. 2,9 4,88 5,72
DPS N/A N/A N/A
Dividend per share 0,6 1,35 1,6
EV/EBITDA (x) 9,8 7,4 6,8
EV/EBIT adj. (x) 15,9 12,3 10,5
P/E (x) 48,11 14,24 12
P/E adj. (x) 22,1 13,2 11,2
EV/sales (x) 0,89 0,78 0,73
FCF yield (%) 3,8 7,5 9,4
Le. adj. FCF yld. (%) 1,3 5 7
Dividend yield (%) 0,9 2,1 2,5
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 2453,25 2585,93
COGS -1226 -1365 -1433
Gross profit 980 1089 1153
Other operating items -780 -831 -871
EBITDA 200 258 281
Depreciation and amortisation -89 -91 -90
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -37 -38 -40
EBITA 111 166,72 191,22
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 105,8 155,92 180,42
Net financial items -56 -24 -24
Pretax profit 50 131 156
Tax -20 -28 -33
Net profit 30 104 123
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 30 104 123
EPS 1,33 4,51 5,35
EPS adj. 2,9 4,88 5,72
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 10,5 10,9
EBITA margin (%) 5 6,8 7,4
EBIT margin (%) 4,8 6,4 7
Pre-tax margin (%) 2,3 5,4 6
Net margin (%) 1,4 4,2 4,8
Sales growth (%) 2,6 11,2 5,4
EBITDA growth (%) -5,3 28,7 9,1
EBITA growth (%) -11,2 50,2 14,7
EBIT growth (%) -13,1 47,4 15,7
Net profit growth (%) -58,5 242,8 18,6
EPS growth (%) -59,2 N/A 18,6
Profitability N/A N/A N/A
ROE (%) 4,3 14 14,8
ROE adj. (%) 6,4 15,2 15,9
ROCE (%) 9,8 12,3 13,2
ROCE adj. (%) 11,6 13,1 14
ROIC (%) 5,7 11 12
ROIC adj. (%) 6,6 11 12
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 218 258 281
EBITDA adj. margin (%) 9,9 10,5 10,9
EBITDA lease adj. 165 213 237
EBITDA lease adj. margin (%) 7,5 8,7 9,2
EBITA adj. 129 167 191
EBITA adj. margin (%) 5,8 6,8 7,4
EBIT adj. 124 156 180
EBIT adj. margin (%) 5,6 6,4 7
Pretax profit Adj. 73 142 167
Net profit Adj. 44 112 132
Net profit to shareholders adj. 43 112 132
Net adj. margin (%) 2 4,6 5,1
SEKm 2025 2026e 2027e
Goodwill 220 220 220
EBITDA 200 258 281
Other intangible assets 100 89 80
Net financial items -56 -24 -24
Tangible fixed assets 101 96 97
Paid tax -18 -28 -33
Right-of-use asset 233 244 256
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 156 206 224
Fixed assets 677 673 676
Change in working capital 22 -46 -33
Operating cash flow 178 159 191
Inventories 579 613 646
Capex tangible fixed assets -25 -31 -32
Receivables 416 442 465
Capex intangible fixed assets -14 -18 -19
Other current assets 40 25 26
Acquisitions and Disposals -85 0 0
Cash and liquid assets 49 108 138
Free cash flow 54 110 139
Total assets 1760 1861 1952
Dividend paid -22 -14 -31
Shareholders equity 695 785 877
Share issues and buybacks 23 0 0
Minority 3 3 3
Leasing liability amortisation -35 -37 -35
Total equity 698 788 880
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 224 236 252
Total other long-term liabilities 66 66 23
Short-term debt 225 220 220
Accounts payable 271 270 284
Other current liabilities 198 198 209
Total liabilities and equity 1760 1861 1952
Net IB debt 478 431 417
Net IB debt excl. pension debt 469 422 408
Net IB debt excl. leasing 254 195 165
Capital employed 1225 1327 1435
Capital invested 1176 1219 1297
Working capital 565 611 644
Market cap. diluted (m) 1479 1479 1479
Net IB debt adj. 478 431 417
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 1959 1912 1899
Total assets turnover (%) 127 135,5 135,6
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 25,5 24 24,3
Year N/A N/A N/A
Net debt/equity (%) 68,4 54,7 47,4
Net debt / market cap (%) 32,3 29,1 28,2
Equity ratio (%) 39,7 42,3 45,1
Net IB debt adj. / equity (%) 68,4 54,7 47,4
Current ratio 1,56 1,72 1,79
EBITDA/net interest 3,2 10,6 11,5
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 6,7 7,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 1,33 4,51 5,35
Dividend per share 0,6 1,35 1,6
EPS adj. 2,9 4,88 5,72
BVPS 30,18 34,08 38,07
BVPS adj. 16,29 20,64 25,04
Net IB debt/share 20,74 18,7 18,11
Share price 64,2 64,2 64,2
Market cap. (m) 1479 1479 1479
P/E (x) 48,11 14,24 12
EV/sales (x) 0,89 0,78 0,73
EV/EBITDA (x) 9,8 7,4 6,8
EV/EBITA (x) 17,7 11,5 9,9
EV/EBIT (x) 18,5 12,3 10,5
Dividend yield (%) 0,9 2,1 2,5
FCF yield (%) 3,8 7,5 9,4
Le. adj. FCF yld. (%) 1,3 5 7
P/BVPS (x) 2,13 1,88 1,69
P/BVPS adj. (x) 3,94 3,11 2,56
P/E adj. (x) 22,1 13,2 11,2
EV/EBITDA adj. (x) 9 7,4 6,8
EV/EBITA adj. (x) 15,2 11,5 9,9
EV/EBIT adj. (x) 15,9 12,3 10,5
EV/CE (x) 1,6 1,4 1,3
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 31,9 33,4
Capex intangibles / definite intangibles 13,6 20,6 24,2
Depreciation on intang / def. intang 19 20 22
Depreciation on tangibles / tangibles 33,83 36,36 32,81

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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 % 27 Mar 2026
Fredrik Berghel 20.7 % 19.5 % 27 Mar 2026
Lars Wingefors AB 7.4 % 13.5 % 27 Mar 2026
Alma Bareisyte 2.3 % 11.6 % 27 Mar 2026
Avanza Pension 4.7 % 2.4 % 27 Mar 2026
Kyösti Kakkonen 3.1 % 1.6 % 31 Dec 2024
Björn Eriksson 2.4 % 1.3 % 27 Mar 2026
eQ Asset Management Oy 2.4 % 1.2 % 31 Mar 2026
Arunas Antanas Vizgaitis 1.9 % 1.0 % 27 Mar 2026
Fondita Fund Management 1.9 % 1.0 % 27 Mar 2026
Source: Holdings by Modular Finance AB