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Inission: What doesn't kill you makes you stronger - Nordea

We expect Inission to present a Q2 still hampered by component shortages and tough y/y comparables, with net sales down 9% y/y and adjusted EBIT down 29% y/y. We expect sales and margins to expand in 2022E due to an improving mix in the short and medium term, and Enedo potentially giving a boost to our estimates. We raise our DCF-based fair value range to SEK 36-44 (34- 42) following minor 2021E-23E sales changes due to ongoing short-term headwinds and 1-13% higher EBIT from more favourable mix. Marketing material commissioned by Inission.

We expect Inission to present a Q2 still hampered by component shortages and tough y/y comparables, with net sales down 9% y/y and adjusted EBIT down 29% y/y. We expect sales and margins to expand in 2022E due to an improving mix in the short and medium term, and Enedo potentially giving a boost to our estimates. We raise our DCF-based fair value range to SEK 36-44 (34- 42) following minor 2021E-23E sales changes due to ongoing short-term headwinds and 1-13% higher EBIT from more favourable mix. Marketing material commissioned by Inission.
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