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Inission delivered a strong Q1, with sales up 42% y/y and adjusted EBIT growth of ~150%, significantly above our expectations due to lower opex. While Inission lowered its medium-term guidance due to supply issues, we still see long-term potential from structural trends such as electrification and re-shoring. We raise our adjusted EBIT estimates by 7-25% due to the strong margin and now expect a 12% sales CAGR and 31% adjusted EBIT CAGR for 2021-24E. We update our DCF-based fair value range to SEK 30-41 (30-39). The lower end represents a 12% WACC (upper end: 10%) and a 0.5x pp drop in the EBIT margin. Inission is trading at a 2023E P/E of 8.9x and 2023E EV/EBIT of 7.6x, below peers at 11x and 10x, respectively. Marketing material commissioned by Inission.
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