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-q2-likely-marked-the-r12m-ebita-trough-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

* 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 ...

* 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, with adj. EBITA 6% below. This was driven by a weaker Enedo segment, while the Inission segment beat by 4%. Enedo is still suffering from its more concentrated customer base, with key customers destocking. Orders were 10% below our estimate, although we note that this still marked a 22% y-o-y rise and a fairly healthy book-to-bill of 1.0x. Estimating orders has been tricky, as the company only recently started reporting it, and we remain in the dark on both volatility and potential seasonality. Given the strong R12m book-to-bill of 1.16x and the y-o-y increase, we do not read too much into the miss vs. our estimate.Orders support y-o-y improvements from hereWhile Enedo's worsened profitability in Q2 could be considered worrisome, we note that its strong H1 book-to-bill of 1.4x, coupled with lower costs from permanent personnel reductions set to kick in at the end of Q3, suggest that better times lie ahead. While a return to y-o-y growth will likely have to wait until Q1'26e for Enedo, we believe we should see sequential improvement from here, as does management. Inission, on the other hand, is likely to see additional improvements in H2'25e, with organic growth &gt;10% supported by R12m orders, and margin improvements as a result of this. For these reasons, we only decrease our '25e-'27e adj. EBITA by 3-2%, putting our '25e adj. EBITA 5% below the company's EBITA guidance.Trading 40% below peers on P/EEnedo's weakness is currently the main difference between Inission and peers, and has likely been a significant factor behind Inission currently trading 40% below peers on P/E. We note, however, that Enedo only contributes ~10% of Inission's value in our valuation, and that sequential operational improvements lie ahead.