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Inission: Weaker orders, sales to remain intact - ABG

Sales -3% and adj. EBITA -6% vs. ABGSCe
Inission outperforms while Enedo underperforms vs. our ests.
'24 targets: (2.4bn sales, >7% adj. EBITA margin), in line with ests.


Q4 results

Sales came in at SEK 554m (-3% vs. ABGSC 574m), -6% y-o-y (-6% organic, +2% adjusted for elevated material sales in comps). EBITA was 31m (-6% vs. ABGSC 33m), and adj. EBITA was 31m (-6% vs. ABGSC 33m) for a margin of +6% (ABGSC +6%). Adj. net income was 14m (-24% vs. ABGSC 18m) for a margin of +2% (ABGSC +3%). The company produced lease adj. FCF of 17m, +168% y-o-y. Inission outperformed while Enedo underperformed vs. our estimates.
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