Inission

* 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-...

* 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...

* Orders -10%, sales +3%, adj. EBITA -6% vs. ABGSCe* Enedo drove EBITA miss, Inission beat; Enedo b-t-b reassuring 1.3x* Reiterate FY-margin target, Inission stabilised, Enedo growth in H1'26Q2 resultsOrders were up 22% y-o-y but 10% below our estimate...

- 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...