contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


inission-enedo-the-culprit-of-weaker-q2-ebita-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

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.

Inission

* 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...

* 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, however note that we did not have the y-o-y comp until it was reported this quarter. Sales fell 6% y-o-y and were 3% above our estimate. With a margin of 4.8%, 0.4pp below our estimate, EBITA adj. was 6% below our estimate. EBITA included non-recurring items with a negative margin impact of 0.3pp (main market listing process). The miss on EBITA was entirely driven by weaker performance in Enedo, while Inission beat our expectations. Enedo's book-to-bill at 1.3x was however reassuring. Lease adj. FCF was 24m, bringing the R12m figure to 28m, i.e. 76% of net income, which was stronger than we had estimated. There is a conference call at 09:00 CET: webcastEstimate changesThe Q2 numbers in isolation imply EBITA adj. comes down 1%. Management views the organic growth outlook for H2 as uncertain, but expects that Enedo will keep shrinking while Inission has troughed already. Both segments are expected to be back to growth in H1'26 however, a view supported by Enedo's book-to-bill of 1.4x in H1. Management believes that the planned cost reductions should ensure the 6% FY-margin target is reached even if volumes remain at current levels.Company valuationOver the past three months, the share has returned +11%, compared to the Nordic EMS peer median of +23% and the +6% of the OMX Stockholm Allshare. The share is currently trading at 12x-7.4x '25e-'27e P/E, compared to its 10-year historical median of 13x-8.9x and peers at 19x-13x.