Inission AB (publ) (INISS-B.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+107.1%

SEK 144.94

vs SEK 70.00 price

Levered DCF

SEK 197.92

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.92

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	38.03×	10.73×	11.01×	11×	-68.78×	21.58×	14.57×	8.33×
P/B	1.62×	1.16×	1.74×	1.46×	2.3×	2.18×	3.84×	2.26×
P/S	0.51×	0.36×	0.48×	0.32×	0.61×	0.55×	0.55×	0.34×
EV / EBITDA	8.36×	6.08×	5.85×	6.45×	15.66×	8.1×	9.17×	7.95×
Gross margin	44.4%	43.2%	40.2%	38.3%	43.0%	40.6%	40.0%	38.2%
Operating margin	4.4%	5.7%	7.2%	4.6%	1.1%	4.5%	5.6%	5.5%
Net margin	1.4%	3.4%	4.3%	2.9%	-0.9%	2.6%	3.8%	4.1%
Current ratio	1.47×	1.46×	1.45×	1.32×	1.56×	2.24×	1.62×	1.51×
Debt / equity	0.74×	0.81×	0.72×	1.19×	0.5×	0.16×	0.7×	1.27×
Interest coverage	2.17×	3.21×	3.5×	3.07×	0.56×	4.7×	7.75×	9.66×
Dividend yield	2.0%	2.0%	0.0%	0.9%	0.0%	0.0%	1.4%	0.0%
Payout ratio	74.2%	21.4%	0.0%	9.7%	0.0%	0.0%	19.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.3%	10.8%	15.8%	13.3%	-3.4%	10.1%	26.3%	27.2%
Return on invested capital	4.6%	7.5%	12.3%	6.3%	-71.4%	9.3%	14.8%	10.7%
Return on assets	1.7%	4.2%	6.1%	3.6%	-1.3%	5.2%	7.8%	6.2%
Free cash flow yield	13.6%	-4.7%	5.3%	7.4%	-4.3%	9.7%	14.2%	12.0%
Earnings yield	2.6%	9.3%	9.1%	9.1%	-1.5%	4.6%	6.9%	12.0%
Enterprise value	SEK 1.6B	SEK 1.3B	SEK 1.4B	SEK 1.1B	SEK 712M	SEK 586.1M	SEK 641.1M	SEK 390.1M
Net debt / EBITDA	2.45×	2.39×	1.59×	2.85×	2.28×	-0.01×	1.4×	2.86×
Cash conversion cycle (days)	162	170	146	146	124	124	157	199