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Inission presented a mixed Q1 2021 report with sales 4% below our estimates and adjusted EBIT of SEK 7.9m, SEK 3m above our forecast. We believe the market is currently challenging due to component shortages and weaker demand from customers in the medtech industry, but we argue that Inission is likely using the situation to streamline its operations, which should allow a higher margin once demand returns. The company's comment that demand normalised towards the end of the quarter offers an encouraging sign, which could imply potential upside to our estimates. We currently expect negative organic growth for Q2-Q3 2021E. Following the report, we raise our DCF-based fair value range to SEK 103-126 (98-121).
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