Inission delivered a mixed report with sales of SEK 279m (+5% vs our estimates) and adjusted EBIT of SEK 11m (-22% vs our estimate). The highlights of the report were the stronger than expected organic growth (-4% excluding sale of materials) and a better than expected raw materials to sales ratio of 58.5% (adjusted for changes in inventory). The negative deviation was driven by cost for external personnel and higher than expected D&A. We expect the share to underperform today and negative revisions of around 4-6%.
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