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Third party research

Inission: Outperforming peers in tough times - ABG

Inission

This is a third party research report and does not necessarily reflect our views or values

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Sales-2% and adj. EBITA +11% vs. ABGSCe
Stunning 9.7% margin performance in Inission segment
'24e guidance maintained, order situation improved q-o-q


Q1 results

Sales came in at SEK 581m (-2% vs. ABGSC 594m), +3% y-o-y (-2% organic). EBITA was 52m (+11% vs. ABGSC 47m), and adj. EBITA was 52m (+11% vs. ABGSC 47m) for a margin of +9% (ABGSC +8%). We find the margin performance particularly impressive considering the current tough market in the EMS-industry, and how it has affected peers. Adj. net income was 37m (+23% vs. ABGSC 30m) for a margin of +6% (ABGSC +5%). The company produced lease adj. FCF of -33m, which was negatively affected by the repayment of SEK 82m in COVID-related tax relief.
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