Inwido AB (publ) (INWI.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

Inwido AB (publ), through its subsidiaries, develops, manufactures, and sells windows and doors.The company operates through four segments: e-Commerce, Scandinavia, Eastern Europe, and Western Europe.It offers wood, aluminum, and glass products, as well as fittings and coatings; and related accessories and services.

The company provides its products through various channels, including direct sales, installers, retailers, middlemen, manufacturers of prefabricated homes, and small and large building companies, as well as through e-commerce channels.It operates in Denmark, Estonia, Finland, Ireland, Lithuania, Norway, Poland, Romania, the United Kingdom, Sweden, and Germany.Inwido AB (publ) was founded in 1811 and is based in Malmö, Sweden.

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1.b. Last Insights on INWI

Inwido AB faces challenges, including a dip in sales and margins, as noted in its Q3 2025 earnings call. Despite a robust order backlog and strategic acquisitions, regional demand fluctuations impact the company. With European markets experiencing modest growth, Inwido's ability to navigate economic shifts is crucial. The company's recent earnings release highlights its efforts to strengthen its market position, but a comprehensive assessment of its short-term prospects requires consideration of these ongoing challenges.

1.c. Company Highlights

Last Price	146.2
Change Percentage	-0.20%
Open	147
Previous Close	146.5
Market Cap ( Millions)	8475
Volume	57077
Year High	221.6
Year Low	135.1
M A 50	155.67
M A 200	186.36

FCF Yield	7.91%
Dividend Yield	3.76%
ROE	9.66%
Debt / Equity	37.31%
Net Debt / EBIDTA	105.32%
Price To Book	1.53
Price Earnings Ratio	15.95
Price To FCF	12.64
Price To sales	0.94
EV / EBITDA	7.86

2. Transcript Summary

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3. NewsRoom

Inwido AB (FRA:5IW) Q3 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...

Oct -21

Source:

European Hidden Treasures To Watch This October 2025

Oct -03

Source:

3 Undiscovered European Gems with Promising Potential

Aug -25

Source:

Exploring NCC Group And 2 Other Undervalued European Small Caps With Insider Buying

Aug -07

Source:

Floridienne And 2 Other Undiscovered Gems with Strong Fundamentals

Jul -24

Source:

Inwido AB (FRA:5IW) Q2 2025 Earnings Call Highlights: Record Order Book and Strategic Stability ...

Jul -16

Source:

Exploring European Undervalued Small Caps With Insider Action In July 2025

Jul -09

Source:

Inwido AB (LTS:0QXM) Q4 2024 Earnings Call Highlights: Strong Order Growth and Strategic ...

Feb -05

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.95%)

6. Segments

Scandinavia

Expected Growth: 3%

Inwido AB's 3% growth in Scandinavia is driven by increasing demand for energy-efficient windows, government incentives for sustainable renovations, and a growing trend towards urbanization. Additionally, the company's strong brand recognition, wide distribution network, and strategic partnerships with builders and architects contribute to its market share expansion.

Eastern Europe

Expected Growth: 5%

Inwido AB's 5% growth in Eastern Europe is driven by increasing demand for energy-efficient windows, government incentives for sustainable building, and a growing middle class with rising disposable income. Additionally, the region's recovering construction industry and Inwido's strong local presence also contribute to this growth.

Western Europe

Expected Growth: 4%

Inwido AB's 4% growth in Western Europe is driven by increasing demand for energy-efficient windows, government incentives for sustainable renovations, and a growing trend towards urbanization. Additionally, the region's aging population and rising disposable incomes are contributing to a greater focus on home improvement, further boosting demand for Inwido's products.

E-commerce

Expected Growth: 6%

Inwido AB's 6% e-commerce growth is driven by increasing online penetration, strategic partnerships, and an expanded product portfolio. Additionally, investments in digital marketing, user experience enhancements, and efficient logistics contribute to the growth. Furthermore, the company's focus on sustainability and eco-friendly products resonates with environmentally conscious consumers, driving sales.

Group-wide, Eliminations and Other

Expected Growth: 3%

For Inwido AB (publ), Group-wide growth drivers include increasing demand for sustainable windows and doors, strategic acquisitions, and operational efficiency improvements. Eliminations are driven by inter-company transactions and consolidations. Other growth drivers include expansion into new markets, innovative product offerings, and a strong brand portfolio, contributing to a 3% growth rate.

7. Detailed Products

Windows

Inwido AB offers a wide range of windows, including wooden, aluminum, and PVC windows, designed for energy efficiency, durability, and aesthetic appeal.

Doors

Inwido AB provides a variety of doors, including entrance doors, interior doors, and balcony doors, made from materials such as wood, aluminum, and PVC.

Balcony Doors

Inwido AB offers balcony doors designed for energy efficiency, durability, and aesthetic appeal, suitable for residential and commercial buildings.

Roof Windows

Inwido AB provides roof windows designed for energy efficiency, durability, and aesthetic appeal, suitable for residential and commercial buildings.

Solar Shading Systems

Inwido AB offers solar shading systems designed to reduce energy consumption, improve indoor climate, and enhance aesthetic appeal.

Facade Systems

Inwido AB provides facade systems designed for energy efficiency, durability, and aesthetic appeal, suitable for residential and commercial buildings.

8. Inwido AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Inwido AB (publ) operates in the window and door industry, where substitutes are limited. However, there is a growing trend towards sustainable and energy-efficient solutions, which could lead to the development of new substitutes.

Bargaining Power Of Customers

Inwido AB (publ) has a diverse customer base, including builders, architects, and homeowners. While customers have some bargaining power, the company's strong brand reputation and wide range of products mitigate this power.

Bargaining Power Of Suppliers

Inwido AB (publ) relies on a network of suppliers for raw materials and components. While the company has some bargaining power due to its size, suppliers also have some power due to the specialized nature of the industry.

Threat Of New Entrants

The window and door industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This limits the threat of new entrants and allows Inwido AB (publ) to maintain its market position.

Intensity Of Rivalry

The window and door industry is highly competitive, with several established players competing for market share. Inwido AB (publ) must continually innovate and improve its products and services to maintain its competitive edge.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	25.31%
Debt Cost	7.37%
Equity Weight	74.69%
Equity Cost	10.31%
WACC	9.56%
Leverage	33.89%

11. Quality Control: Inwido AB (publ) passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Svedbergs i Dalstorp

A-Score: 6.1/10

Value: 4.9

Growth: 6.9

Quality: 6.6

Yield: 5.6

Momentum: 7.5

Volatility: 5.0

1-Year Total Return ->

Inwido

A-Score: 5.3/10

Value: 6.2

Growth: 4.7

Quality: 5.4

Yield: 6.9

Momentum: 4.0

Volatility: 4.7

1-Year Total Return ->

Sto

A-Score: 5.2/10

Value: 6.7

Growth: 5.2

Quality: 5.7

Yield: 5.0

Momentum: 4.0

Volatility: 4.3

1-Year Total Return ->

Volution

A-Score: 5.1/10

Value: 2.0

Growth: 7.6

Quality: 6.7

Yield: 2.5

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

Nordic Waterproofing Holding

A-Score: 4.9/10

Value: 3.9

Growth: 3.3

Quality: 5.1

Yield: 5.0

Momentum: 6.0

Volatility: 6.3

1-Year Total Return ->

Tyman

A-Score: 4.5/10

Value: 6.2

Growth: 5.3

Quality: 5.6

Yield: 3.8

Momentum: 4.0

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

2.99%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

9.56%

Inwido AB (publ) - SE0006220018

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on INWI

1.c. Company Highlights

Higher Yield

Strong Momentum

Average Growth

Earnings Beats

Revenues Miss

Earnings Miss

Revenues Beats

Stable Momentum

Average Yield

Higher Growth

Fairly Valued

Medium Volatility

Average Quality

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.95%)

6. Segments

Scandinavia

Expected Growth: 3%

Eastern Europe

Expected Growth: 5%

Western Europe

Expected Growth: 4%

E-commerce

Expected Growth: 6%

Group-wide, Eliminations and Other

Expected Growth: 3%

7. Detailed Products

Windows

Doors

Balcony Doors

Roof Windows

Solar Shading Systems

Facade Systems

8. Inwido AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Inwido AB (publ) passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

146.2$

Current Price

146.2$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA