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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 2159 2218
Sales growth (%) 5,4 -1,4 2,7
EBITDA 131 134 147
EBITDA margin (%) 6 6,2 6,6
EBIT adj. 49 63 74
EBIT adj. margin (%) 2,2 2,9 3,3
Pretax profit 12 61 73
EPS 1,77 1,6 1,94
EPS growth (%) N/A -9,5 21
EPS adj. 1,98 1,6 1,94
DPS 0,5 0,65 0,7
EV/EBITDA (x) 3,2 2,3 1,9
EV/EBIT adj. (x) 8,7 5 3,8
P/E (x) 8 8,9 7,3
P/E adj. (x) 7,2 8,9 7,3
EV/sales (x) 0,19 0,15 0,13
FCF yield (%) 48 45 27,4
Le. adj. FCF yld. (%) 34,2 30,3 11,7
Dividend yield (%) 3,5 4,6 4,9
Net IB debt/EBITDA (x) 0 -0,8 -1
Le. adj. ND/EBITDA (x) -1,2 -2,2 -2,3
SEKm 2025 2026e 2027e
Sales 2189 2159 2218
COGS -1465 -1407 -1438
Gross profit 724 752 780
Other operating items -594 -617 -632
EBITDA 131 134 147
Depreciation and amortisation -82 -71 -73
of which leasing depreciation -57 -45 -49
EBITA 49 63 74
EO Items 0 0 0
Impairment and PPA amortisation -14 0 0
EBIT 35 63 74
Net financial items -14 -3 -1
Pretax profit 12 61 73
Tax -9 -12 -15
Net profit 3 48 58
Minority interest 0 0 0
Net profit discontinued 50 0 0
Net profit to shareholders 53 48 58
EPS 1,77 1,6 1,94
EPS adj. 1,98 1,6 1,94
Total extraordinary items after tax -3 0 0
Leasing payments -57 -45 -49
Tax rate (%) 73,5 20,6 20,6
Gross margin (%) 33,1 34,8 35,2
EBITDA margin (%) 6 6,2 6,6
EBITA margin (%) 2,2 2,9 3,3
EBIT margin (%) 1,6 2,9 3,3
Pre-tax margin (%) 0,5 2,8 3,3
Net margin (%) 0,1 2,2 2,6
Sales growth (%) 5,4 -1,4 2,7
EBITDA growth (%) 7,8 3 9,6
EBITA growth (%) 61,4 29,4 17,3
EBIT growth (%) N/A 79,7 17,3
Net profit growth (%) -139,2 1450,9 21
Profitability N/A N/A N/A
EPS growth (%) N/A -9,5 21
ROE (%) 8 6,9 7,9
ROE adj. (%) 10,5 6,9 7,9
ROCE (%) 2,7 7,1 8,4
ROCE adj. (%) 5,1 7,1 8,4
ROIC (%) 1,7 7,8 9,7
ROIC adj. (%) 1,7 7,8 9,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 131 134 147
EBITDA adj. margin (%) 6 6,2 6,6
EBITDA lease adj. 73 89 98
EBITDA lease adj. margin (%) 3,3 4,1 4,4
EBITA adj. 49 63 74
EBITA adj. margin (%) 2,2 2,9 3,3
EBIT adj. 49 63 74
EBIT adj. margin (%) 2,2 2,9 3,3
Pretax profit Adj. 35 61 73
Net profit Adj. 19 48 58
Net profit to shareholders adj. 69 48 58
Net adj. margin (%) 0,9 2,2 2,6
SEKm 2025 2026e 2027e
EBITDA 131 134 147
Goodwill 340 340 340
Net financial items -14 -3 -1
Other intangible assets 31 31 31
Tangible fixed assets 72 58 46
Paid tax -9 -12 -15
Right-of-use asset 98 116 134
Non-cash items 11 0 0
Total other fixed assets 0 0 0
Cash flow before change in WC 119 119 131
Fixed assets 541 544 550
Change in working capital -55 84 -3
Inventories 20 34 35
Operating cash flow 64 204 129
Receivables 302 242 250
Capex tangible fixed assets 37 -12 -12
Other current assets 200 179 186
Capex intangible fixed assets 2 0 0
Cash and liquid assets 218 287 271
Acquisitions and Disposals 102 0 0
Total assets 1280 1286 1292
Free cash flow 204 192 117
Shareholders equity 686 714 751
Dividend paid -15 -19 -21
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 686 714 751
Leasing liability amortisation -59 -63 -67
Long-term debt 107 67 22
Other non-cash items 84 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 88 88 88
Total other long-term liabilities 20 20 20
Short-term debt 20 20 20
Accounts payable 172 182 188
Other current liabilities 187 195 202
Total liabilities and equity 1280 1286 1292
Net IB debt -3 -112 -141
Net IB debt excl. pension debt -3 -112 -141
Net IB debt excl. leasing -91 -200 -229
Capital employed 901 889 881
Capital invested 683 602 611
Working capital 163 78 81
Market cap. diluted (m) 426 426 426
Net IB debt adj. -3 -112 -141
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 423 314 285
Total assets turnover (%) 164,7 168,3 172,1
Working capital/sales (%) 6,2 5,6 3,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -0,4 -15,7 -18,7
Net debt / market cap (%) -0,6 -26,3 -33,1
Equity ratio (%) 53,6 55,5 58,2
Net IB debt adj. / equity (%) -0,4 -15,7 -18,7
Current ratio 1,95 1,87 1,81
EBITDA/net interest 9,5 49,6 160,8
Net IB debt/EBITDA (x) 0 -0,8 -1
Net IB debt/EBITDA lease adj. (x) -1,2 -2,2 -2,3
Interest coverage 3,5 23,4 81
SEKm 2025 2026e 2027e
Shares outstanding adj. 30 30 30
Diluted shares adj. 30 30 30
EPS 1,77 1,6 1,94
Dividend per share 0,5 0,65 0,7
EPS adj. 1,98 1,6 1,94
BVPS 22,87 23,82 25,06
BVPS adj. 10,51 11,46 12,7
Net IB debt/share -0,08 -3,73 -4,7
Share price 14,2 14,2 14,2
Market cap. (m) 426 426 426
P/E (x) 8 8,9 7,3
EV/sales (x) 0,2 0,1 0,1
EV/EBITDA (x) 3,2 2,3 1,9
EV/EBITA (x) 8,7 5 3,8
EV/EBIT (x) 12 5 3,8
Dividend yield (%) 3,5 4,6 4,9
FCF yield (%) 48 45 27,4
Le. adj. FCF yld. (%) 34,2 30,3 11,7
P/BVPS (x) 0,62 0,6 0,57
P/BVPS adj. (x) 1,23 1,14 1,03
P/E adj. (x) 7,2 8,9 7,3
EV/EBITDA adj. (x) 3,2 2,3 1,9
EV/EBITA adj. (x) 8,7 5 3,8
EV/EBIT adj. (x) 8,7 5 3,8
EV/CE (x) 0,5 0,4 0,3
Investment ratios N/A N/A N/A
Capex/sales (%) 1,8 0,6 0,5
Capex/depreciation -1,6 0,5 0,5
Capex tangibles / tangible fixed assets 51,5 20,9 26,4
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 45,2 52,7

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 % 23 Dec 2025
Birger Ulrik Lindeblad 15.0 % 15.0 % 23 Dec 2025
Avanza Pension 11.0 % 11.0 % 23 Dec 2025
Pontus Lindwall 5.6 % 5.6 % 7 Aug 2025
Urban Sturk 2.6 % 2.6 % 23 Dec 2025
Futur Pension 2.1 % 2.1 % 23 Dec 2025
von Euler & Partners 1.8 % 1.8 % 23 Dec 2025
Fallax Aktiebolag 1.5 % 1.5 % 23 Dec 2025
Nordnet Pensionsförsäkring 1.5 % 1.5 % 23 Dec 2025
Mikael Gunnarsson 1.3 % 1.3 % 23 Dec 2025
Source: Holdings by Modular Finance AB