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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 2189,3 2098 2158,95
Sales growth (%) 5,4 -4,2 2,9
EBITDA 131 125 141
EBITDA margin (%) 6 6 6,5
EBIT adj. 49 56 68
EBIT adj. margin (%) 2,2 2,7 3,1
Pretax profit 12 50 64
EPS 1,77 1,45 1,85
EPS growth (%) N/A -18,3 28
EPS adj. 1,98 1,45 1,85
Dividend per share 0,65 0,7 0,75
EV/EBITDA (x) 3,3 3,2 2,6
EV/EBIT adj. (x) 8,9 7,1 5,4
P/E (x) 8,24 10,09 7,88
P/E adj. (x) 7,4 10,1 7,9
EV/sales (x) 0,2 0,19 0,17
FCF yield (%) 46,7 30 26,7
Le. adj. FCF yld. (%) 33,3 16,8 12,5
Dividend yield (%) 4,5 4,8 5,1
Net IB debt/EBITDA (x) 0 0 -0,2
Le. adj. ND/EBITDA (x) -1,2 -1,2 -1,4
SEKm 2025 2026e 2027e
Sales 2189,3 2098 2158,95
COGS -1465 -1401 -1412
Gross profit 724 697 747
Other operating items -594 -572 -606
EBITDA 131 125 141
Depreciation and amortisation -82 -69 -73
Depreciation on leased assets -57 -45 -49
EBITA 48,9 55,91 67,89
Operating EO items 0 0 0
Impairment and amortisation charges -14 0 0
EBIT 35,2 55,91 67,89
Net financial items -14 -6 -4
Pretax profit 12 50 64
Tax -9 -10 -13
Net profit 3 40 51
Minority interest 0 0 0
Net profit discontinued 50 0 0
Net profit to shareholders 53 40 51
EPS 1,77 1,45 1,85
EPS adj. 1,98 1,45 1,85
Total extraordinary items after tax -3 0 0
Leasing payments -57 -45 -49
Tax rate (%) 73,5 20,7 20,6
Gross margin (%) 33,1 33,2 34,6
EBITDA margin (%) 6 6 6,5
EBITA margin (%) 2,2 2,7 3,1
EBIT margin (%) 1,6 2,7 3,1
Pre-tax margin (%) 0,5 2,4 3
Net margin (%) 0,1 1,9 2,4
Sales growth (%) 5,4 -4,2 2,9
EBITDA growth (%) 7,8 -4,1 12,6
EBITA growth (%) 61,4 14,3 21,4
EBIT growth (%) N/A 58,8 21,4
Net profit growth (%) -139,2 1184,3 28
Profitability N/A N/A N/A
EPS growth (%) N/A -18,3 28
ROE (%) 8 5,9 7,5
ROE adj. (%) 10,5 5,9 7,5
ROCE (%) 2,7 6,4 8,2
ROCE adj. (%) 5,1 6,4 8,2
ROIC (%) 1,7 6,6 8,1
ROIC adj. (%) 1,7 6,6 8,1
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 131 125 141
EBITDA adj. margin (%) 6 6 6,5
EBITDA lease adj. 73 80 92
EBITDA lease adj. margin (%) 3,3 3,8 4,3
EBITA adj. 49 56 68
EBITA adj. margin (%) 2,2 2,7 3,1
EBIT adj. 49 56 68
EBIT adj. margin (%) 2,2 2,7 3,1
Pretax profit Adj. 35 50 64
Net profit Adj. 19 40 51
Net profit to shareholders adj. 69 40 51
Net adj. margin (%) 0,9 1,9 2,4
SEKm 2025 2026e 2027e
EBITDA 131 125 141
Goodwill 340 340 340
Net financial items -14 -6 -4
Other intangible assets 31 31 31
Tangible fixed assets 72 62 50
Paid tax -9 -10 -13
Right-of-use asset 98 113 121
Non-cash items 11 -3 0
Other Fixed Assets All 0 0 0
Cash flow before change in WC 119 107 124
Fixed assets 541 546 542
Change in working capital -55 27 -5
Inventories 20 22 22
Operating cash flow 64 133 119
Receivables 302 288 298
Capex tangible fixed assets 37 -12 -12
Other current assets 200 192 199
Capex intangible fixed assets 2 -1 0
Cash and liquid assets 218 175 163
Acquisitions and Disposals 102 0 0
Total assets 1280 1222 1223
Free cash flow 204 121 107
Shareholders equity 686 666 698
Dividend paid -15 -19 -19
Minority 0 0 0
Share issues and buybacks 0 -40 0
Total equity 686 666 698
Leasing liability amortisation -59 -53 -57
Long-term debt 107 63 19
Other changes in net debt 84 -6 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 88 89 89
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 1222 1223
Net IB debt -3 -4 -35
Net IB debt excl. pension debt -3 -4 -35
Net IB debt excl. leasing -91 -93 -124
Capital employed 901 837 825
Capital invested 683 662 663
Working capital 163 136 141
Market cap. diluted (m) 438 402 402
Net IB debt adj. -3 -4 -35
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 435 398 366
Total assets turnover (%) 164,7 167,7 176,6
Working capital/sales (%) 6,2 7,1 6,4
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -0,4 -0,6 -5
Net debt / market cap (%) -0,6 -1 -8,8
Equity ratio (%) 53,6 54,5 57,1
Net IB debt adj. / equity (%) -0,4 -0,6 -5
Current ratio 1,95 1,76 1,71
EBITDA/net interest 9,5 22 38,1
Net IB debt/EBITDA (x) 0 0 -0,2
Net IB debt/EBITDA lease adj. (x) -1,2 -1,2 -1,4
Interest coverage 3,5 9,8 18,3
SEKm 2025 2026e 2027e
Shares outstanding adj. 30 28 28
Diluted shares adj. 30 28 28
EPS 1,77 1,45 1,85
Dividend per share 0,65 0,7 0,75
EPS adj. 1,98 1,45 1,85
BVPS 22,87 24,21 25,36
BVPS adj. 10,51 10,72 11,87
Net IB debt/share -0,08 -0,15 -1,28
Share price 14,6 14,6 14,6
Market cap. (m) 438 402 402
P/E (x) 8,24 10,09 7,88
EV/sales (x) 0,2 0,19 0,17
EV/EBITDA (x) 3,3 3,2 2,6
EV/EBITA (x) 8,9 7,1 5,4
EV/EBIT (x) 12,4 7,1 5,4
Dividend yield (%) 4,5 4,8 5,1
FCF yield (%) 46,7 30 26,7
Le. adj. FCF yld. (%) 33,3 16,8 12,5
P/BVPS (x) 0,64 0,6 0,58
P/BVPS adj. (x) 1,27 1,23 1,12
P/E adj. (x) 7,4 10,1 7,9
EV/EBITDA adj. (x) 3,3 3,2 2,6
EV/EBITA adj. (x) 8,9 7,1 5,4
EV/EBIT adj. (x) 8,9 7,1 5,4
EV/CE (x) 0,5 0,5 0,4
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) 1,8 -0,6 -0,6
Capex/depreciation -1,6 0,5 0,5
Capex tangibles / tangible fixed assets 51,5 19,4 24,1
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 34,13 39,22 48,29

Equity research

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Media

Infrea - Company presentation 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 20.0 % 20.0 % 27 Mar 2026
Birger Ulrik Lindeblad 15.0 % 15.0 % 27 Mar 2026
Avanza Pension 7.6 % 7.6 % 27 Mar 2026
Infrea AB 6.5 % 6.5 % 2 Apr 2026
Pontus Lindwall 6.3 % 6.3 % 20 Feb 2026
Urban Sturk 2.6 % 2.6 % 27 Mar 2026
Futur Pension 1.8 % 1.8 % 27 Mar 2026
Nordnet Pensionsförsäkring 1.5 % 1.5 % 27 Mar 2026
von Euler & Partners 1.5 % 1.5 % 27 Mar 2026
Fallax Aktiebolag 1.5 % 1.5 % 27 Mar 2026
Source: Holdings by Modular Finance AB