Inission operates in the industrial sector. The company is a full-service supplier of manufacturing and logistics services within advanced industrial electronics. The company offers services that cover development, material supply, manufacturing, logistics and life cycle warranty. Customers are found in several industries. The head office is located in Karlstad.
* Orders grow 25%, sales 14%, adj. EBITA margin up 0.8pp* Enedo still struggling, but profit from Q1; good momentum in Inission* 34% adj. EPS CAGR in '25e-'27e supported by R12m b-t-b of 1.18xClear improvements in Q3Inission's Q3 demonstrated both q-...
* Orders +8%, sales +1%, adj. EBITA -9% vs. ABGSCe* Sees recovery amongst customers, Enedo profitable from Q1* 14% organic growth and margin expansion in Inission segmentQ3 resultsOrders were up 24% y-o-y and 8% above our estimate, continuing to show...
* Return to growth in Q3 driven by both M&A and organic recovery* Enedo headwinds should be more than offset by Inission* We believe R12m EBITA bottomed in Q2, trading 40% below peers Q3 expectations For Q3, we forecast sales of SEK 524m, up 12% y-o-...
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* Enedo drove the 6% Q2 adj. EBITA miss while Inission beat by 4%* 1.16x R12m book-to-bill supports y-o-y growth from here* Enedo only ~10% of our valuation; trading 40% below peer P/EEnedo drove somewhat softer Q2Q2 fell somewhat short of our expectations...
- Sales to improve q-o-q, but still down y-o-y, growth in H2e - Raise '25e-'27e adj. EBITA by 3-6%, driven by Selteka acquisition - Acquisition accretive, leverage at 2.7x makes further M&A unlikely Q2 expectations We forecast SEK 520m in sales for Q2...
Sales 9% below us, but partly temporary; orders grew 61% Mixed outlook, reiterates guidance, but cites more uncertainty Cut '25e EBITA 7%, but leave '26e-'27e intact as order book +24% Sales weakness seems partly temporary Sales were weaker than we expected...
Q1e sales flat q-o-q, slight margin improvement to 5.6% adj. EBITA '25e-'27e adj. EBITA down ~7% on FX and slightly slower cost cuts '25e adj. EBITA now in line with guidance; P/E 9-7x, peers 13-11x Q1 expectations For Q1 we expect sales in line with...
Surprisingly strong orders support view that cycle has bottomed Soft guidance, but we think company is being conservative Keep '25e adj. EBITA 11% above guidance, P/E 35% below peers Q4 results Sales were in line with our expectations, down 4% y-o-y ...
Orders +41%, sales +0%, adj. EBITA +12% vs. ABGSCe High NRIs lower quality of beat, but orders indicate cycle bottom '25e guidance a bit soft, but likely conservative, we are 13% above Q4 results Order intake came in at SEK 761m (+41% vs. ABGSCe 540m...
Q4e sales -4% y-o-y (-11% org.), adj. EBITA margin 4.6% (6.5%) Q4 to suffer from demand weakness, but orders to keep improving Demand to stabilise in H1, pick-up in H2, cost reductions effect in H1 Q4 expectations We make no significant changes to our...
Sales -3%, EBITA +1% vs. ABGSCe, book-to-bill 0.99x Expects decline to decelerate from here, return to growth in H2'25 Cash flow weak partly due to transition away from invoice factoring Q3 results Sales came in at SEK 468m (-2.7% vs. ABGSCe 481m), -...
Q3e sales -7% y-o-y (-12% org.), adj. EBITA 5.4% (8.8%) Accelerated demand headwinds, cost reductions lag volumes Demand recovery in Q2-Q3'25e, but margins better in H1'25e Q3 expectations The EMS industry is facing accelerated demand headwinds as evidenced...
Weak Q2 margin of 5.0% (7.3%), but book-to-bill improved to 0.81 We cut '24e-'26e EBITA by 5%, '24 targets look challenging New bank terms soften EPS cuts (3-1%), lower interest, higher NWC Q2: Margin suffers as costs lag, but book-to-bill improved Sales...
Sales +2%, but EBITA -24% vs. ABGSCe, driven by personnel costs Slower cost reductions than we had thought, should catch up in H2 Book-to-bill has recovered to 0.81 from Q4'23 low of 0.59 Q2 results Sales came in at SEK 570m (+1.8% vs. ABGSCe 560m), ...
Q2e: EMS industry under pressure; Inission should fare relatively well '24 sales target challenging without further M&A, but margin doable 1.0x le. adj. ND/EBITDA: M&A possible, and market looks favourable Q2e: Weakening demand within Nordic EMS space...
Q1 EBITA +16% y-o-y while peers decline, 8.9% (7.9%) margin Strong start in weakened market increases our full-year confidence Order situation improving, but M&A a more likely growth driver in '24e Q1: Stands out among peers Inission reported Q1 sales...