Q2e: Weakening demand within Nordic EMS space
All five Nordic EMS peers have already reported Q2 results, with organic sales declines ranging from 8 to 20% and operating margin contractions ranging from 0.2pp to 2.9pp. For Inission, we forecast sales of SEK 560m (-0.4% y-o-y, -3.5% organically) and an EBITA margin of 6.8% (7.3%). There is a clear weakening demand trend in the EMS space, but for Inission the pace of the decline has been less dramatic than for some peers (likely at least in part due to fewer small hyper-growth companies among its customers). This, in combination with relatively easy Q2 sales comps in the Inission segment, informs our smaller organic sales decline est. compared to peers.
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