Inission: 2022 shaping up to be a better year for earnings - Nordea

Inission delivered a solid Q4 report, with sales up 3% y/y and adjusted EBIT up 30%. The loss from Enedo was larger than anticipated, however, due to restructuring costs. For 2022, we expect 46% adjusted EBIT growth, driven by 19% sales growth and a 5.4% adjusted EBIT margin (up 1 pp y/y). We raise our 2022-24 sales estimates by 1% and adjusted EBIT by 1-7%. We update our DCF-based fair value range to SEK 27-39 (31-45). The lower end of the range represents a 13.8% WACC and a 0.8 pp drop in the already muted EBIT margin. The upper end represents a 10.7% WACC. Inission's valuation is now 5x 2023E EV/EBIT, versus peers at 9x on average. Marketing material commissioned by Inission.

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