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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 2649,91 2816,95
Sales growth (%) 2,6 20,1 6,3
EBITDA 200 267 298
EBITDA margin (%) 9,1 10,1 10,6
EBIT adj. 129 167 195
EBIT adj. margin (%) 5,8 6,3 6,9
Pretax profit 50 146 171
EPS 1,33 5,01 5,84
EPS growth (%) -59,3 N/A 16,6
EPS adj. 3,05 5,32 6,15
DPS N/A N/A N/A
Dividend per share 0,6 1,5 1,75
EV/EBITDA (x) 10,1 7,6 6,8
EV/EBIT adj. (x) 15,7 12,2 10,4
P/E (x) 50,38 13,37 11,47
P/E adj. (x) 22 12,6 10,9
EV/sales (x) 0,92 0,77 0,72
FCF yield (%) 5 5,2 9,1
Le. adj. FCF yld. (%) 2,7 2,5 6,5
Dividend yield (%) 0,9 2,2 2,6
Net IB debt/EBITDA (x) 2,4 1,8 1,6
Le. adj. ND/EBITDA (x) 1,4 1 0,8
SEKm 2025 2026e 2027e
Sales 2206,2 2649,91 2816,95
COGS -1226 -1486 -1572
Gross profit 980 1164 1245
Other operating items -780 -897 -946
EBITDA 200 267 298
Depreciation and amortisation -89 -92 -94
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -43 -40 -45
EBITA 111,1 175,42 203,9
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 -9 -9
EBIT 105,9 166,52 195
Net financial items -56 -21 -24
Pretax profit 50 146 171
Tax -20 -30 -36
Net profit 31 116 135
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 30 116 135
EPS 1,33 5,01 5,84
EPS adj. 3,05 5,32 6,15
Total extraordinary items after tax -13 2 2
Leasing payments -44 -50 -49
Tax rate (%) 38,8 20,3 21
Gross margin (%) 44,4 43,9 44,2
EBITDA margin (%) 9,1 10,1 10,6
EBITA margin (%) 5 6,6 7,2
EBIT margin (%) 4,8 6,3 6,9
Pre-tax margin (%) 2,3 5,5 6,1
Net margin (%) 1,4 4,4 4,8
Sales growth (%) 2,6 20,1 6,3
EBITDA growth (%) -5,3 33,3 11,7
EBITA growth (%) -11,1 57,9 16,2
EBIT growth (%) -13 57,2 17,1
Net profit growth (%) -58 277,9 16,2
EPS growth (%) -59,3 N/A 16,6
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 4,4 15,4 15,7
ROE adj. (%) 7 16,3 16,5
ROCE (%) 5,9 12,8 13,9
ROCE adj. (%) 8,2 13,5 14,5
ROIC (%) 5,8 11,3 12
ROIC adj. (%) 6,9 11,3 12
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 223 267 298
EBITDA adj. margin (%) 10,1 10,1 10,6
EBITDA lease adj. 179 217 250
EBITDA lease adj. margin (%) 8,1 8,2 8,9
EBITA adj. 134 175 204
EBITA adj. margin (%) 6,1 6,6 7,2
EBIT adj. 129 167 195
EBIT adj. margin (%) 5,8 6,3 6,9
Pretax profit Adj. 78 154 180
Net profit Adj. 48 123 142
Net profit to shareholders adj. 48 123 142
Net adj. margin (%) 2,2 4,6 5
SEKm 2025 2026e 2027e
Goodwill 220 224 224
EBITDA 200 267 298
Other intangible assets 100 92 87
Net financial items -56 -21 -24
Tangible fixed assets 101 97 100
Paid tax -18 -31 -36
Right-of-use asset 233 275 286
Non-cash items 30 1 0
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 24 24 24
Cash flow before change in WC 157 216 238
Fixed assets 677 712 721
Change in working capital 22 -89 -42
Operating cash flow 179 127 196
Inventories 579 662 704
Capex tangible fixed assets -25 -28 -35
Receivables 416 477 507
Capex intangible fixed assets -15 -18 -21
Other current assets 40 26 28
Acquisitions and Disposals -64 0 0
Cash and liquid assets 49 49 73
Free cash flow 75 81 140
Total assets 1760 1927 2034
Dividend paid -22 -14 -35
Shareholders equity 696 811 911
Share issues and buybacks 1 0 0
Minority 3 3 3
Leasing liability amortisation -35 -42 -39
Total equity 698 814 915
Other non-cash items N/A N/A N/A
Other changes in net debt 12 -35 -17
Long-term debt 69 66 66
Pension debt 9 8 8
Convertible debt 0 0 0
Leasing liability 224 261 279
Total other long-term liabilities 66 69 27
Short-term debt 225 198 198
Accounts payable 271 291 310
Other current liabilities 198 218 231
Total liabilities and equity 1760 1927 2034
Net IB debt 477 485 479
Net IB debt excl. pension debt 468 476 470
Net IB debt excl. leasing 254 223 200
Capital employed 1225 1349 1466
Capital invested 1176 1299 1393
Working capital 565 657 699
Market cap. diluted (m) 1544 1546 1546
Net IB debt adj. 477 485 479
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 2024 2034 2027
Total assets turnover (%) 127 143,7 142,2
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 25,5 23,1 24,1
Year N/A N/A N/A
Net debt/equity (%) 68,4 59,5 52,3
Net debt / market cap (%) 30,9 31,4 31
Equity ratio (%) 39,7 42,3 45
Net IB debt adj. / equity (%) 68,4 59,5 52,3
Current ratio 1,56 1,72 1,78
EBITDA/net interest 10,5 14 12,2
Net IB debt/EBITDA (x) 2,4 1,8 1,6
Net IB debt/EBITDA lease adj. (x) 1,4 1 0,8
Interest coverage 5,2 9 8,2
SEKm 2025 2026e 2027e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 1,33 5,01 5,84
Dividend per share 0,6 1,5 1,75
EPS adj. 3,05 5,32 6,15
BVPS 30,19 35,16 39,5
BVPS adj. 16,31 21,44 25,99
Net IB debt/share 20,72 21,01 20,74
Share price 67 67 67
Market cap. (m) 1544 1546 1546
P/E (x) 50,38 13,37 11,47
EV/sales (x) 0,92 0,77 0,72
EV/EBITDA (x) 10,1 7,6 6,8
EV/EBITA (x) 18,2 11,6 9,9
EV/EBIT (x) 19,1 12,2 10,4
Dividend yield (%) 0,9 2,2 2,6
FCF yield (%) 5 5,2 9,1
Le. adj. FCF yld. (%) 2,7 2,5 6,5
P/BVPS (x) 2,22 1,91 1,7
P/BVPS adj. (x) 4,11 3,12 2,58
P/E adj. (x) 22 12,6 10,9
EV/EBITDA adj. (x) 9,1 7,6 6,8
EV/EBITA adj. (x) 15,1 11,6 9,9
EV/EBIT adj. (x) 15,7 12,2 10,4
EV/CE (x) 1,7 1,5 1,4
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1,8 -1,7 -2
Capex/depreciation 0,9 0,9 1,1
Capex tangibles / tangible fixed assets 25 29,1 35,1
Capex intangibles / definite intangibles 14,7 19,3 24,2
Depreciation on intang / def. intang 16 19 20
Depreciation on tangibles / tangibles 29,22 34,99 31,94

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 % 30 Jun 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