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Eksterne analyser

Inission: Impressive resilience in weakened market - ABG

Inission

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

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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 of SEK 581m, up 3% y-o-y, driven by 4% M&A growth, meaning that organic performance was down slightly but still held steady in a weakened market. Impressively, the company managed an 8.9% EBITA margin, up 1.0pt y-o-y, in an environment where most peers reported declining margins. The company attributes this to good cost control, lower material costs and sell-through, as well as the underlying work on improving profitability. Lease-adjusted FCF was weighed down by the SEK 82m repayment of pandemic-related tax relief, and thus came in at SEK -33m, but adjusted for this financing-type flow reported as a working capital change, FCF was also strong.
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