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Inission: Supply chain issues likely to taper off next year - Nordea

Inission delivered a mixed bag in Q2, with sales in line with our estimates but adjusted EBIT SEK 2m below, due to higher opex. Enedo's loss was also slightly larger than expected. We expect the global component issues to continue to impact Inission in H2 as it did in Q2. Following the report, we make only minor estimate changes of 1-3% for 2021-23 EBIT, as short-term headwinds are partly mitigated by a favourable mix. Inission is currently trading at 2022E P/E of 13x and EV/EBIT of 10x (adjusted).

Inission delivered a mixed bag in Q2, with sales in line with our estimates but adjusted EBIT SEK 2m below, due to higher opex. Enedo's loss was also slightly larger than expected. We expect the global component issues to continue to impact Inission in H2 as it did in Q2. Following the report, we make only minor estimate changes of 1-3% for 2021-23 EBIT, as short-term headwinds are partly mitigated by a favourable mix. Inission is currently trading at 2022E P/E of 13x and EV/EBIT of 10x (adjusted).
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