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We expect a solid Q2 for Inission, albeit still hampered by headwinds related to costs and supply. We forecast Q2 sales of 31% y/y (23% organic) and adjusted EBIT of 84% y/y. Inission is increasing its ownership in Enedo to 80%, hoping to boost synergies. We include Enedo's net debt (SEK 137m) in our estimates, bringing Inission's net debt/EBITDA to 2.9x 2022E (3.3x if the remaining 20% stake is paid in cash). We lower adjusted EBIT by 1% for 2022E, but raise it by 1-4% for 2023E-24E. We lower adjusted EPS by 9-11% for 2022E-24E due to the share issuance and interest payments. We update our DCF-based fair value range to SEK 31-43 (30-41). The lower end represents a 10.9% WACC (upper end: 9.6%) and a 1 pp drop in the EBIT margin. Inission trades at a 2023E EV/EBIT of 10x versus 11x for peers. Marketing material commissioned by Inission.
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