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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 2025 2026e 2027e
Sales 2206,2 2587,62 2829,81
Sales growth (%) 2,6 17,3 9,4
EBITDA 200 271 302
EBITDA margin (%) 9,1 10,5 10,7
EBIT adj. 129 174 205
EBIT adj. margin (%) 5,8 6,7 7,3
Pretax profit 50 153 180
EPS 1,33 5,37 6,16
EPS growth (%) -59,3 N/A 14,7
EPS adj. 3,05 5,6 6,28
DPS N/A N/A N/A
Dividend per share 0,6 1,61 1,85
EV/EBITDA (x) 10,8 7,9 7,2
EV/EBIT adj. (x) 16,9 12,4 10,6
P/E (x) 55,04 13,62 11,88
P/E adj. (x) 24 13,1 11,6
EV/sales (x) 0,98 0,83 0,77
FCF yield (%) 4,6 6,5 7,2
Le. adj. FCF yld. (%) 2,4 4,1 4,9
Dividend yield (%) 0,8 2,2 2,5
Net IB debt/EBITDA (x) 2,4 1,7 1,6
Le. adj. ND/EBITDA (x) 1,4 0,9 0,8
SEKm 2025 2026e 2027e
Sales 2206,2 2587,62 2829,81
COGS -1226 -1421 -1560
Gross profit 980 1167 1270
Other operating items -780 -896 -968
EBITDA 200 271 302
Depreciation and amortisation -89 -94 -93
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -43 -43 -46
EBITA 111,1 177,49 208,78
EO Items N/A N/A N/A
Operating EO items -23 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -5 -4 -4
EBIT 105,9 173,99 205,28
Net financial items -56 -21 -25
Pretax profit 50 153 180
Tax -20 -29 -38
Net profit 31 124 142
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 30 124 142
EPS 1,33 5,37 6,16
EPS adj. 3,05 5,6 6,28
Total extraordinary items after tax -13 1 1
Leasing payments -44 -47 -48
Tax rate (%) 38,8 19 21
Gross margin (%) 44,4 45,1 44,9
EBITDA margin (%) 9,1 10,5 10,7
EBITA margin (%) 5 6,9 7,4
EBIT margin (%) 4,8 6,7 7,3
Pre-tax margin (%) 2,3 5,9 6,4
Net margin (%) 1,4 4,8 5
Sales growth (%) 2,6 17,3 9,4
EBITDA growth (%) -5,3 35,3 11,5
EBITA growth (%) -11,1 59,8 17,6
EBIT growth (%) -13 64,3 18
Net profit growth (%) -58 304,9 14,4
EPS growth (%) -59,3 N/A 14,7
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 4,4 16,3 16,2
ROE adj. (%) 7 16,6 16,5
ROCE (%) 5,9 13 14,3
ROCE adj. (%) 8,2 13,3 14,5
ROIC (%) 5,8 11,6 12,2
ROIC adj. (%) 6,9 11,6 12,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 223 271 302
EBITDA adj. margin (%) 10,1 10,5 10,7
EBITDA lease adj. 179 224 254
EBITDA lease adj. margin (%) 8,1 8,7 9
EBITA adj. 134 177 209
EBITA adj. margin (%) 6,1 6,9 7,4
EBIT adj. 129 174 205
EBIT adj. margin (%) 5,8 6,7 7,3
Pretax profit Adj. 78 157 184
Net profit Adj. 48 126 145
Net profit to shareholders adj. 48 126 145
Net adj. margin (%) 2,2 4,9 5,1
SEKm 2025 2026e 2027e
Goodwill 220 227 227
EBITDA 200 271 302
Other intangible assets 100 96 97
Net financial items -56 -21 -25
Tangible fixed assets 101 94 98
Paid tax -18 -33 -38
Right-of-use asset 233 277 288
Non-cash items 30 6 0
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 24 24 24
Cash flow before change in WC 157 223 239
Fixed assets 677 719 735
Change in working capital 22 -72 -61
Operating cash flow 179 152 179
Inventories 579 673 707
Capex tangible fixed assets -25 -27 -35
Receivables 416 466 509
Capex intangible fixed assets -15 -14 -21
Other current assets 40 26 28
Acquisitions and Disposals -64 0 0
Cash and liquid assets 49 95 98
Free cash flow 75 110 122
Total assets 1760 1978 2078
Dividend paid -22 -14 -37
Shareholders equity 696 827 932
Share issues and buybacks 1 -3 0
Minority 3 0 0
Leasing liability amortisation -35 -41 -39
Total equity 698 827 932
Other non-cash items N/A N/A N/A
Other changes in net debt 12 -44 -18
Long-term debt 69 73 73
Pension debt 9 9 9
Convertible debt 0 0 0
Leasing liability 224 261 278
Total other long-term liabilities 66 70 28
Short-term debt 225 218 218
Accounts payable 271 311 311
Other current liabilities 198 210 230
Total liabilities and equity 1760 1978 2078
Net IB debt 477 465 479
Net IB debt excl. pension debt 468 456 471
Net IB debt excl. leasing 254 204 201
Capital employed 1225 1387 1510
Capital invested 1176 1292 1412
Working capital 565 644 704
Market cap. diluted (m) 1686 1689 1689
Net IB debt adj. 477 465 479
Market value of minority 3 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2166 2153 2168
Total assets turnover (%) 127 138,4 139,5
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 25,5 23,3 23,8
Year N/A N/A N/A
Net debt/equity (%) 68,4 56,2 51,4
Net debt / market cap (%) 28,3 27,5 28,4
Equity ratio (%) 39,7 41,8 44,9
Net IB debt adj. / equity (%) 68,4 56,2 51,4
Current ratio 1,56 1,7 1,77
EBITDA/net interest 10,5 17,5 12
Net IB debt/EBITDA (x) 2,4 1,7 1,6
Net IB debt/EBITDA lease adj. (x) 1,4 0,9 0,8
Interest coverage 5,2 11 7,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 1,33 5,37 6,16
Dividend per share 0,6 1,61 1,85
EPS adj. 3,05 5,6 6,28
BVPS 30,19 35,85 40,41
BVPS adj. 16,31 21,86 26,36
Net IB debt/share 20,72 20,14 20,77
Share price 73,2 73,2 73,2
Market cap. (m) 1686 1689 1689
P/E (x) 55,04 13,62 11,88
EV/sales (x) 0,98 0,83 0,77
EV/EBITDA (x) 10,8 7,9 7,2
EV/EBITA (x) 19,5 12,1 10,4
EV/EBIT (x) 20,5 12,4 10,6
Dividend yield (%) 0,8 2,2 2,5
FCF yield (%) 4,6 6,5 7,2
Le. adj. FCF yld. (%) 2,4 4,1 4,9
P/BVPS (x) 2,42 2,04 1,81
P/BVPS adj. (x) 4,49 3,35 2,78
P/E adj. (x) 24 13,1 11,6
EV/EBITDA adj. (x) 9,7 7,9 7,2
EV/EBITA adj. (x) 16,2 12,1 10,4
EV/EBIT adj. (x) 16,9 12,4 10,6
EV/CE (x) 1,8 1,6 1,4
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1,8 -1,6 -2
Capex/depreciation 0,9 0,8 1,2
Capex tangibles / tangible fixed assets 25 28,7 35,9
Capex intangibles / definite intangibles 14,7 15,1 21,9
Depreciation on intang / def. intang 16 18 17
Depreciation on tangibles / tangibles 29,22 35,09 31,55

Equity research

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Media

Inission - Company presentation with CEO Fredrik Berghel & CFO John Granlund
Inission - Company presentation with President & CEO Fredrik Berghel

Main shareholders - Inission

Main shareholders Share capital % Voting shares % Verified
Olle Hulteberg 21.4 % 30.4 % 26 Jun 2026
Fredrik Berghel 20.6 % 19.5 % 26 Jun 2026
Lars Wingefors AB 7.4 % 13.5 % 26 Jun 2026
Alma Bareisyte 2.3 % 11.6 % 26 Jun 2026
Avanza Pension 3.7 % 1.9 % 26 Jun 2026
Kyösti Kakkonen 3.1 % 1.6 % 31 Dec 2024
eQ Asset Management Oy 2.4 % 1.2 % 31 Jul 2026
Björn Eriksson 2.0 % 1.0 % 26 Jun 2026
Arunas Antanas Vizgaitis 1.9 % 1.0 % 26 Jun 2026
Fondita Fund Management 1.9 % 1.0 % 26 Jun 2026
Source: Holdings by Modular Finance AB