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Infrea

Infrea

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Infrea is an industrial group focused on maintaining and developing Sweden's infrastructure. With operations in land & construction (91% of sales in '23) and water & sewage (9%), Infrea manages and develops companies with local presence in a fragmented market. This is done through a decentralised model that focuses on subsidiaries serving both private and public clients.

Sustainability information

M&A execution, post-acquisition performance of acquired entities, working capital discipline, contract/price calculations on projects undertaken, cost inflation, increased price competition in bidding processes.

Financials

SEKm 2025 2026e 2027e
Sales 2189 2096 2163
Sales growth (%) 5,4 -4,3 3,2
EBITDA 131 126 148
EBITDA margin (%) 6 6 6,9
EBIT adj. 49 58 75
EBIT adj. margin (%) 2,2 2,8 3,4
Pretax profit 12 52 70
EPS 1,77 1,44 1,96
EPS growth (%) N/A -18,5 36
EPS adj. 1,98 1,44 1,96
DPS 0,65 0,7 0,75
EV/EBITDA (x) 2,7 2,7 2
EV/EBIT adj. (x) 7,2 5,8 4
P/E (x) 6,7 8,2 6,1
P/E adj. (x) 6 8,2 6,1
EV/sales (x) 0,16 0,16 0,14
FCF yield (%) 57,3 36,2 33,5
Le. adj. FCF yld. (%) 40,8 21,6 17,8
Dividend yield (%) 5,5 5,9 6,3
Net IB debt/EBITDA (x) 0 0 -0,3
Le. adj. ND/EBITDA (x) -1,2 -1,3 -1,5
SEKm 2025 2026e 2027e
Sales 2189 2096 2163
COGS -1465 -1429 -1407
Gross profit 724 667 756
Other operating items -594 -541 -607
EBITDA 131 126 148
Depreciation and amortisation -82 -68 -74
of which leasing depreciation -57 -46 -50
EBITA 49 58 75
EO Items 0 0 0
Impairment and PPA amortisation -14 0 0
EBIT 35 58 75
Net financial items -14 -7 -5
Pretax profit 12 52 70
Tax -9 -11 -14
Net profit 3 41 55
Minority interest 0 0 0
Net profit discontinued 50 0 0
Net profit to shareholders 53 41 55
EPS 1,77 1,44 1,96
EPS adj. 1,98 1,44 1,96
Total extraordinary items after tax -3 0 0
Leasing payments -57 -46 -50
Tax rate (%) 73,5 21,5 20,6
Gross margin (%) 33,1 31,8 34,9
EBITDA margin (%) 6 6 6,9
EBITA margin (%) 2,2 2,8 3,4
EBIT margin (%) 1,6 2,8 3,4
Pre-tax margin (%) 0,5 2,5 3,2
Net margin (%) 0,1 1,9 2,6
Sales growth (%) 5,4 -4,3 3,2
EBITDA growth (%) 7,8 -3,2 17,4
EBITA growth (%) 61,4 19,6 27,5
EBIT growth (%) N/A 66,1 27,5
Net profit growth (%) -139,2 1210,2 36
Profitability N/A N/A N/A
EPS growth (%) N/A -18,5 36
Year N/A N/A N/A
ROE (%) 8 6 8
ROE adj. (%) 10,5 6 8
ROCE (%) 2,7 6,6 8,4
ROCE adj. (%) 5,1 6,6 8,4
ROIC (%) 1,7 6,7 8,7
ROIC adj. (%) 1,7 6,7 8,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 131 126 148
EBITDA adj. margin (%) 6 6 6,9
EBITDA lease adj. 73 81 99
EBITDA lease adj. margin (%) 3,3 3,8 4,6
EBITA adj. 49 58 75
EBITA adj. margin (%) 2,2 2,8 3,4
EBIT adj. 49 58 75
EBIT adj. margin (%) 2,2 2,8 3,4
Pretax profit Adj. 35 52 70
Net profit Adj. 19 41 55
Net profit to shareholders adj. 69 41 55
Net adj. margin (%) 0,9 1,9 2,6
SEKm 2025 2026e 2027e
EBITDA 131 126 148
Goodwill 340 340 340
Net financial items -14 -7 -5
Other intangible assets 31 31 31
Tangible fixed assets 72 63 51
Paid tax -9 -11 -14
Right-of-use asset 98 129 132
Non-cash items 11 -6 0
Total other fixed assets 0 0 0
Cash flow before change in WC 119 102 129
Fixed assets 541 563 554
Change in working capital -55 27 -5
Inventories 20 22 22
Operating cash flow 64 129 124
Receivables 302 288 298
Capex tangible fixed assets 37 -7 -12
Other current assets 200 192 199
Capex intangible fixed assets 2 -1 0
Cash and liquid assets 218 200 214
Acquisitions and Disposals 102 0 0
Total assets 1280 1264 1287
Free cash flow 204 121 112
Shareholders equity 686 677 713
Dividend paid -15 -18 -20
Minority 0 0 0
Share issues and buybacks 0 -31 0
Total equity 686 677 713
Leasing liability amortisation -59 -49 -53
Long-term debt 107 72 46
Other non-cash items 84 -28 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 88 111 111
Total other long-term liabilities 20 20 20
Short-term debt 20 20 20
Accounts payable 172 171 177
Other current liabilities 187 194 201
Total liabilities and equity 1280 1264 1287
Net IB debt -3 2 -38
Net IB debt excl. pension debt -3 2 -38
Net IB debt excl. leasing -91 -108 -148
Capital employed 901 879 889
Capital invested 683 679 675
Working capital 163 136 141
Market cap. diluted (m) 357 335 335
Net IB debt adj. -3 2 -38
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 354 337 297
Total assets turnover (%) 164,7 164,8 169,6
Working capital/sales (%) 6,2 7,1 6,4
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) -0,4 0,3 -5,3
Net debt / market cap (%) -0,7 0,7 -11,2
Equity ratio (%) 53,6 53,6 55,4
Net IB debt adj. / equity (%) -0,4 0,3 -5,3
Current ratio 1,95 1,82 1,84
EBITDA/net interest 9,5 18,8 29,9
Net IB debt/EBITDA (x) 0 0 -0,3
Net IB debt/EBITDA lease adj. (x) -1,2 -1,3 -1,5
Interest coverage 3,5 8,7 15
SEKm 2025 2026e 2027e
Shares outstanding adj. 30 28 28
Diluted shares adj. 30 28 28
EPS 1,77 1,44 1,96
Dividend per share 0,65 0,7 0,75
EPS adj. 1,98 1,44 1,96
BVPS 22,87 24,07 25,33
BVPS adj. 10,51 10,87 12,14
Net IB debt/share -0,08 0,08 -1,34
Share price 11,9 11,9 11,9
Market cap. (m) 357 335 335
P/E (x) 6,7 8,2 6,1
EV/sales (x) 0,2 0,2 0,1
EV/EBITDA (x) 2,7 2,7 2
EV/EBITA (x) 7,2 5,8 4
EV/EBIT (x) 10,1 5,8 4
Dividend yield (%) 5,5 5,9 6,3
FCF yield (%) 57,3 36,2 33,5
Le. adj. FCF yld. (%) 40,8 21,6 17,8
P/BVPS (x) 0,52 0,49 0,47
P/BVPS adj. (x) 1,03 0,99 0,9
P/E adj. (x) 6 8,2 6,1
EV/EBITDA adj. (x) 2,7 2,7 2
EV/EBITA adj. (x) 7,2 5,8 4
EV/EBIT adj. (x) 7,2 5,8 4
EV/CE (x) 0,4 0,4 0,3
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) 1,8 0,4 0,6
Capex/depreciation -1,6 0,4 0,5
Capex tangibles / tangible fixed assets 51,5 11 23,7
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 34,1 35,2 47,3

Equity research

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Media

Infrea - Fireside Chat with CEO Martin Reinholdsson
Infrea - Company presentation with CEO Martin Reinholdsson

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Byggmästare Anders J Ahlström Holding AB 21.4 % 21.4 % 28 Sep 2026
Birger Ulrik Lindeblad 16.0 % 16.0 % 28 Sep 2026
Avanza Pension 8.3 % 8.3 % 28 Sep 2026
Pontus Lindwall 6.3 % 6.3 % 20 Feb 2026
Futur Pension 3.3 % 3.3 % 28 Sep 2026
Dag Olofsson Sundman 2.9 % 2.9 % 30 Apr 2026
Urban Sturk 2.7 % 2.7 % 28 Sep 2026
Nordnet Pensionsförsäkring 1.8 % 1.8 % 28 Sep 2026
von Euler & Partners 1.6 % 1.6 % 28 Sep 2026
Andcarl 2 AB 1.3 % 1.3 % 28 Sep 2026
Source: Holdings by Modular Finance AB