Inission: Extremely strong 41% organic growth - ABG

41% organic sales growth, adj. EBITA margin 5%
First report using IFRS affects goodwill and leasing
Sales estimates up 6% on numbers alone


Q4 results

Sales came in at SEK 589m (+24% vs. ABGSC 474m), +105% y-o-y (+41% organic). EBITA was 28m (+47% vs. ABGSC 19m), and adj. EBITA was 28m (+47% vs. ABGSC 19m) for a margin of +5% (ABGSC +4%). Adj. net income was 15m (+22% vs. ABGSC 13m) for a margin of +3% (ABGSC +3%). The company produced lease adj. FCF of -26m, -483% y-o-y, in line with expectations. Management highlights continued strong order intake, '23 looking very promising. Transition to IFRS affects accounting of goodwill and leasing. Goodwill is now SEK 179m (prev. 220m), the company reports right-of-use assets of SEK 225m. Enedo is now consolidated from Q2'21 (prev. Q3'22). Effect on EBITA requires closer look.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/inission/Equity-research/2023/3/inission---extremely-strong-41-organic-growth/