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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 2599,01 2865,3
Sales growth (%) 2,6 17,8 10,2
EBITDA 200 270 302
EBITDA margin (%) 9,1 10,4 10,6
EBIT adj. 129 173 206
EBIT adj. margin (%) 5,8 6,7 7,2
Pretax profit 50 152 180
EPS 1,33 5,35 6,18
EPS growth (%) -59,3 N/A 15,5
EPS adj. 3,05 5,58 6,3
DPS N/A N/A N/A
Dividend per share 0,6 1,61 1,85
EV/EBITDA (x) 10,6 8 7,2
EV/EBIT adj. (x) 16,6 12,5 10,6
P/E (x) 55,08 13,69 11,85
P/E adj. (x) 24 13,1 11,6
EV/sales (x) 0,96 0,83 0,76
FCF yield (%) 4,6 6,3 6,4
Le. adj. FCF yld. (%) 2,4 3,9 3,5
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 0,9
SEKm 2025 2026e 2027e
Sales 2206,3 2599,01 2865,3
COGS -1226 -1484 -1680
Gross profit 980 1115 1186
Other operating items -780 -845 -883
EBITDA 200 270 302
Depreciation and amortisation -89 -94 -93
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -43 -43 -46
EBITA 111,1 176,34 209,06
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 105,9 172,84 205,56
Net financial items -56 -21 -25
Pretax profit 50 152 180
Tax -20 -29 -38
Net profit 31 123 142
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 30 123 142
EPS 1,33 5,35 6,18
EPS adj. 3,05 5,58 6,3
Total extraordinary items after tax -14 0 0
Leasing payments -43 -43 -46
Tax rate (%) 39 19 21
Gross margin (%) 44,4 42,9 41,4
EBITDA margin (%) 9,1 10,4 10,6
EBITA margin (%) 5 6,8 7,3
EBIT margin (%) 4,8 6,7 7,2
Pre-tax margin (%) 2,3 5,9 6,3
Net margin (%) 1,4 4,7 5
Sales growth (%) 2,6 17,8 10,2
EBITDA growth (%) -5,2 34,8 12
EBITA growth (%) -11 58,7 18,6
EBIT growth (%) -12,9 63,2 18,9
Net profit growth (%) -58,1 303 15,5
EPS growth (%) -59,3 N/A 15,5
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 4,4 16,2 16,2
ROE adj. (%) 7,2 16,7 16,6
ROCE (%) 8,7 13,3 14,3
ROCE adj. (%) 10,9 13,5 14,6
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. 223 270 302
EBITDA adj. margin (%) 10,1 10,4 10,6
EBITDA lease adj. 180 227 257
EBITDA lease adj. margin (%) 8,1 8,7 9
EBITA adj. 134 176 209
EBITA adj. margin (%) 6,1 6,8 7,3
EBIT adj. 129 173 206
EBIT adj. margin (%) 5,8 6,7 7,2
Pretax profit Adj. 78 156 184
Net profit Adj. 50 127 146
Net profit to shareholders adj. 49 127 146
Net adj. margin (%) 2,2 4,9 5,1
SEKm 2025 2026e 2027e
Goodwill 220 227 227
EBITDA 200 270 302
Other intangible assets 100 97 99
Net financial items -56 -21 -25
Tangible fixed assets 101 92 95
Paid tax -18 -33 -38
Right-of-use asset 233 275 286
Non-cash items -7 10 0
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 24 24 24
Cash flow before change in WC 120 226 239
Fixed assets 677 715 731
Change in working capital 59 -78 -67
Operating cash flow 179 148 173
Inventories 579 676 716
Capex tangible fixed assets -25 -27 -43
Receivables 416 468 516
Capex intangible fixed assets -15 -15 -21
Other current assets 40 26 29
Acquisitions and Disposals -64 0 0
Cash and liquid assets 49 91 71
Free cash flow 75 106 108
Total assets 1761 1976 2063
Dividend paid -22 -14 -37
Shareholders equity 696 826 932
Share issues and buybacks 0 1 -3
Minority 3 0 0
Leasing liability amortisation -35 -41 -49
Total equity 699 826 932
Other non-cash items N/A N/A N/A
Other changes in net debt 13 -44 3
Long-term debt 69 73 73
Pension debt 9 9 9
Convertible debt 0 0 0
Leasing liability 224 257 257
Total other long-term liabilities 66 70 28
Short-term debt 225 218 218
Accounts payable 271 312 315
Other current liabilities 198 211 233
Total liabilities and equity 1761 1976 2063
Net IB debt 477 465 485
Net IB debt excl. pension debt 468 456 477
Net IB debt excl. leasing 254 208 229
Capital employed 1225 1382 1488
Capital invested 1176 1291 1417
Working capital 565 646 713
Market cap. diluted (m) 1647 1689 1689
Net IB debt adj. 477 465 485
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 2127 2154 2174
Total assets turnover (%) 127 139,1 141,9
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 25,5 23,3 23,7
Year N/A N/A N/A
Net debt/equity (%) 68,3 56,3 52,1
Net debt / market cap (%) 29 27,5 28,7
Equity ratio (%) 39,7 41,8 45,2
Net IB debt adj. / equity (%) 68,3 56,3 52,1
Current ratio 1,56 1,7 1,74
EBITDA/net interest 3,6 13,1 12
Net IB debt/EBITDA (x) 2,4 1,7 1,6
Net IB debt/EBITDA lease adj. (x) 1,4 0,9 0,9
Interest coverage 2 8,6 8,3
SEKm 2025 2026e 2027e
Shares outstanding adj. 22 23 23
Diluted shares adj. 22 23 23
EPS 1,33 5,35 6,18
Dividend per share 0,6 1,61 1,85
EPS adj. 3,05 5,58 6,3
BVPS 30,92 35,81 40,37
BVPS adj. 16,7 21,76 26,23
Net IB debt/share 21,22 20,15 21,03
Share price 73,2 73,2 73,2
Market cap. (m) 1647 1689 1689
P/E (x) 55,08 13,69 11,85
EV/sales (x) 0,96 0,83 0,76
EV/EBITDA (x) 10,6 8 7,2
EV/EBITA (x) 19,1 12,2 10,4
EV/EBIT (x) 20,1 12,5 10,6
Dividend yield (%) 0,8 2,2 2,5
FCF yield (%) 4,6 6,3 6,4
Le. adj. FCF yld. (%) 2,4 3,9 3,5
P/BVPS (x) 2,37 2,04 1,81
P/BVPS adj. (x) 4,38 3,36 2,79
P/E adj. (x) 24 13,1 11,6
EV/EBITDA adj. (x) 9,5 8 7,2
EV/EBITA adj. (x) 15,9 12,2 10,4
EV/EBIT adj. (x) 16,6 12,5 10,6
EV/CE (x) 1,7 1,6 1,5
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1,8 -1,6 -2,3
Capex/depreciation 0,9 0,8 1,4
Capex tangibles / tangible fixed assets 25 29,5 45,5
Capex intangibles / definite intangibles 14,7 15 21,6
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 45,53 55,13 50,38

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

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Main shareholders - Inission

Main shareholders Share capital % Voting shares % Verified
Olle Hulteberg 21.4 % 30.4 % 28 Sep 2026
Fredrik Berghel 20.6 % 19.5 % 28 Sep 2026
Lars Wingefors AB 7.4 % 13.5 % 28 Sep 2026
Alma Bareisyte 2.3 % 11.6 % 28 Sep 2026
Avanza Pension 4.0 % 2.1 % 28 Sep 2026
Björn Eriksson 2.5 % 1.3 % 28 Sep 2026
eQ Asset Management Oy 2.4 % 1.2 % 30 Sep 2026
Ciel AS 1.9 % 1.0 % 28 Sep 2026
Arunas Antanas Vizgaitis 1.9 % 1.0 % 28 Sep 2026
Fondita Fund Management 1.8 % 0.9 % 28 Sep 2026
Source: Holdings by Modular Finance AB