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Inission reported all-time high sales in Q2, but still 8% below our estimate, as we had expected a bigger impact from the COVID-19-related orders communicated during the quarter. We expect these orders to continue contributing to sales in Q3. The EBIT margin was much stronger than expected at 6%, driven by reduced raw material costs due to a beneficial product mix. As a result of this, we raise 2020E-22E EBIT by 14-18%. During H2, we expect Norwegian production will contribute to an improved margin after completing the reorganisation at Lökken. We update our DCF-based fair value range to SEK 118-146 (116-134).
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