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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 2024 2025e 2026e
Sales 2078 2261 2325
Sales growth (%) 3,2 8,8 2,8
EBITDA 121 141 150
EBITDA margin (%) 5,8 6,3 6,5
EBIT adj. 30 46 57
EBIT adj. margin (%) 1,4 2 2,5
Pretax profit -5 19 48
EPS -0,26 0,39 1,27
EPS adj. 0,5 0,67 1,27
DPS 0,5 0,5 0,5
EV/EBITDA (x) 5,8 4,4 3,2
EV/EBIT adj. (x) 23,4 13,7 8,4
P/E (x) N/A 42,8 13,2
P/E adj. (x) 33,3 24,9 13,2
EV/sales (x) 0,34 0,28 0,21
FCF yield (%) 18,5 29,5 44,1
Le. adj. FCF yld. (%) 7,6 17,9 31,7
Dividend yield (%) 3 3 3
Net IB debt/EBITDA (x) 1,7 0,9 -0,1
Le. adj. ND/EBITDA (x) 0,6 -0,5 -2,3
SEKm 2024 2025e 2026e
Sales 2078 2261 2325
COGS -1373 -1511 -1508
Gross profit 705 750 817
Other operating items -584 -609 -667
EBITDA 121 141 150
Depreciation and amortisation -91 -96 -93
of which leasing depreciation -59 -63 -67
EBITA 30 46 57
EO Items 0 0 0
Impairment and PPA amortisation -15 -4 0
EBIT 15 42 57
Net financial items -20 -14 -9
Pretax profit -5 19 48
Tax -3 -7 -10
Net profit -8 12 38
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -8 12 38
EPS -0,26 0,39 1,27
EPS adj. 0,5 0,67 1,27
Total extraordinary items after tax 0 -6 0
Leasing payments -59 -63 -67
Tax rate (%) -49,1 37,1 20,6
Gross margin (%) 33,9 33,2 35,1
EBITDA margin (%) 5,8 6,3 6,5
EBITA margin (%) 1,5 2 2,5
EBIT margin (%) 0,7 1,9 2,5
Pre-tax margin (%) -0,3 0,8 2,1
Net margin (%) -0,4 0,5 1,6
Sales growth (%) 3,2 8,8 2,8
EBITDA growth (%) 24,3 16,7 6,2
EBITA growth (%) 136,7 51,1 25,3
EBIT growth (%) 19,2 N/A 35,7
Net profit growth (%) 1,3 -248,2 225,1
Profitability N/A N/A N/A
ROE (%) -1,3 1,8 5,8
ROE adj. (%) 1,2 3,3 5,8
ROCE (%) 1,5 3,3 6
ROCE adj. (%) 3,1 4,7 6
ROIC (%) 5,2 3,6 6,4
ROIC adj. (%) 5,2 3,6 6,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 121 141 150
EBITDA adj. margin (%) 5,8 6,3 6,5
EBITDA lease adj. 62 79 83
EBITDA lease adj. margin (%) 3 3,5 3,6
EBITA adj. 30 46 57
EBITA adj. margin (%) 1,5 2 2,5
EBIT adj. 30 46 57
EBIT adj. margin (%) 1,4 2 2,5
Pretax profit Adj. 10 32 48
Net profit Adj. 8 21 38
Net profit to shareholders adj. 8 21 38
Net adj. margin (%) 0,4 0,9 1,6
SEKm 2024 2025e 2026e
EBITDA 121 141 150
Goodwill 411 432 432
Net financial items -20 -14 -9
Other intangible assets 30 34 34
Tangible fixed assets 140 54 -63
Paid tax -3 -7 -10
Right-of-use asset 181 170 165
Non-cash items -10 2 0
Total other fixed assets 0 0 0
Cash flow before change in WC 89 123 131
Fixed assets 762 690 568
Change in working capital 11 2 -1
Inventories 32 34 35
Operating cash flow 100 125 130
Receivables 256 250 253
Capex tangible fixed assets -7 68 91
Other current assets 174 182 188
Capex intangible fixed assets 0 4 0
Cash and liquid assets 156 198 292
Acquisitions and Disposals 0 -49 0
Total assets 1379 1354 1336
Free cash flow 93 148 221
Shareholders equity 638 644 667
Dividend paid 0 -15 -15
Minority 0 0 0
Share issues and buybacks 83 0 0
Total equity 638 644 667
Leasing liability amortisation -54 -58 -62
Long-term debt 167 127 74
Other non-cash items 12 7 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 165 167 172
Total other long-term liabilities 27 26 26
Short-term debt 29 28 26
Accounts payable 162 200 204
Other current liabilities 192 161 166
Total liabilities and equity 1379 1354 1336
Net IB debt 205 124 -19
Net IB debt excl. pension debt 205 124 -19
Net IB debt excl. leasing 40 -43 -192
Capital employed 998 966 939
Capital invested 842 769 648
Working capital 108 105 106
Market cap. diluted (m) 501 501 501
Net IB debt adj. 205 124 -19
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 705 625 481
Total assets turnover (%) 152,9 165,5 172,9
Working capital/sales (%) 5,4 4,7 4,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 32,1 19,3 -2,9
Net debt / market cap (%) 40,9 24,9 -3,9
Equity ratio (%) 46,2 47,6 49,9
Net IB debt adj. / equity (%) 32,1 19,3 -2,9
Current ratio 1,61 1,71 1,94
EBITDA/net interest 6 10,2 15,9
Net IB debt/EBITDA (x) 1,7 0,9 -0,1
Net IB debt/EBITDA lease adj. (x) 0,6 -0,5 -2,3
Interest coverage 1,5 3,3 6,1
SEKm 2024 2025e 2026e
Shares outstanding adj. 30 30 30
Diluted shares adj. 30 30 30
EPS -0,26 0,39 1,27
Dividend per share 0,5 0,5 0,5
EPS adj. 0,5 0,67 1,27
BVPS 21,26 21,49 22,26
BVPS adj. 6,55 5,97 6,74
Net IB debt/share 6,82 4,15 -0,65
Share price 16,7 16,7 16,7
Market cap. (m) 501 501 501
P/E (x) N/A 42,8 13,2
EV/sales (x) 0,3 0,3 0,2
EV/EBITDA (x) 5,8 4,4 3,2
EV/EBITA (x) 23,3 13,7 8,4
EV/EBIT (x) 47,3 14,8 8,4
Dividend yield (%) 3 3 3
FCF yield (%) 18,5 29,5 44,1
Le. adj. FCF yld. (%) 7,6 17,9 31,7
P/BVPS (x) 0,79 0,78 0,75
P/BVPS adj. (x) 2,21 2,36 2,13
P/E adj. (x) 33,3 24,9 13,2
EV/EBITDA adj. (x) 5,8 4,4 3,2
EV/EBITA adj. (x) 23,3 13,7 8,4
EV/EBIT adj. (x) 23,4 13,7 8,4
EV/CE (x) 0,7 0,6 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 0,3 3,2 3,9
Capex/depreciation 0,2 -2,2 -3,5
Capex tangibles / tangible fixed assets 5,1 125,2 -145,3
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 22,7 60,4 -41,6

Equity research

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Media

Infrea - Company presentation with CEO Martin Reinholdsson
Infrea - Fireside chat 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 % 26 Jun 2025
Birger Ulrik Lindeblad 15.0 % 15.0 % 26 Jun 2025
Avanza Pension 12.3 % 12.3 % 26 Jun 2025
Pontus Lindwall 5.3 % 5.3 % 21 Feb 2025
Aimone Holding Ltd 3.9 % 3.9 % 31 Dec 2019
Urban Sturk 2.6 % 2.6 % 26 Jun 2025
Futur Pension 2.1 % 2.1 % 26 Jun 2025
von Euler & Partners 1.8 % 1.8 % 26 Jun 2025
Fallax Aktiebolag 1.5 % 1.5 % 26 Jun 2025
Nordnet Pensionsförsäkring 1.3 % 1.3 % 26 Jun 2025
Source: Holdings by Modular Finance AB