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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 2236 2312 2373
Sales growth (%) 7,6 3,4 2,6
EBITDA N/A N/A N/A
EBITDA margin (%) 0 0 0
EBIT adj. 54 70 79
EBIT adj. margin (%) 2,4 3 3,3
Pretax profit 54 70 79
EPS 0,68 1,55 1,84
EPS growth (%) N/A N/A 18,8
EPS adj. N/A N/A N/A
DPS N/A N/A N/A
EV/EBITDA (x) N/A N/A N/A
EV/EBIT adj. (x) 0 0 0
P/E (x) 18,7 8,3 7
P/E adj. (x) N/A N/A N/A
EV/sales (x) 0 0 0
FCF yield (%) 0 0 0
Le. adj. FCF yld. (%) 0 0 0
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) N/A N/A N/A
Le. adj. ND/EBITDA (x) N/A N/A N/A
SEKm 2025 2026e 2027e
Sales 2236 2312 2373
COGS N/A N/A N/A
Gross profit 2236 2312 2373
Other operating items -2236 -2312 -2373
EBITDA N/A N/A N/A
Depreciation and amortisation 0 0 0
of which leasing depreciation N/A N/A N/A
EBITA N/A N/A N/A
EO Items N/A N/A N/A
Impairment and PPA amortisation 0 0 0
EBIT 54 70 79
Net financial items N/A N/A N/A
Pretax profit 54 70 79
Tax N/A N/A N/A
Net profit 54 70 79
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders 54 70 79
EPS 0,68 1,55 1,84
EPS adj. N/A N/A N/A
Total extraordinary items after tax 0 0 0
Leasing payments N/A N/A N/A
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) 0 0 0
EBITA margin (%) 0 0 0
EBIT margin (%) 2,4 3 3,3
Pre-tax margin (%) 2,4 3 3,3
Net margin (%) 2,4 3 3,3
Sales growth (%) 7,6 3,4 2,6
EBITDA growth (%) N/A N/A N/A
EBITA growth (%) N/A N/A N/A
EBIT growth (%) N/A 30,6 12,8
Net profit growth (%) 259,6 30,6 12,8
Profitability N/A N/A N/A
EPS growth (%) N/A N/A 18,8
ROE (%) N/A N/A N/A
ROE adj. (%) N/A N/A N/A
ROCE (%) N/A N/A N/A
ROCE adj. (%) N/A N/A N/A
ROIC (%) N/A N/A N/A
ROIC adj. (%) N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 0 0 0
EBITDA adj. margin (%) 0 0 0
EBITDA lease adj. N/A N/A N/A
EBITDA lease adj. margin (%) 0 0 0
EBITA adj. 0 0 0
EBITA adj. margin (%) 0 0 0
EBIT adj. 54 70 79
EBIT adj. margin (%) 2,4 3 3,3
Pretax profit Adj. 54 70 79
Net profit Adj. 54 70 79
Net profit to shareholders adj. 54 70 79
Net adj. margin (%) 2,4 3 3,3
SEKm 2025 2026e 2027e
EBITDA 146 162 173
Goodwill 420 420 420
Net financial items -14 -11 -9
Other intangible assets 33 33 33
Tangible fixed assets 88 74 62
Paid tax -10 -12 -14
Right-of-use asset 160 155 150
Non-cash items 3 0 0
Total other fixed assets 0 0 0
Cash flow before change in WC 126 139 149
Fixed assets 701 682 665
Change in working capital 2 -1 -4
Inventories 34 35 37
Operating cash flow 129 138 146
Receivables 250 253 261
Capex tangible fixed assets 31 -12 -12
Other current assets 182 188 194
Capex intangible fixed assets 3 0 0
Cash and liquid assets 185 190 249
Acquisitions and Disposals -29 0 0
Total assets 1352 1348 1406
Free cash flow 133 126 134
Shareholders equity 653 684 725
Dividend paid -15 -15 -15
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 653 684 725
Leasing liability amortisation -58 -62 -66
Long-term debt 122 73 76
Other non-cash items 19 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 165 171 176
Total other long-term liabilities 26 26 26
Short-term debt 25 24 22
Accounts payable 200 204 211
Other current liabilities 161 166 171
Total liabilities and equity 1352 1348 1406
Net IB debt 127 78 24
Net IB debt excl. pension debt 127 78 24
Net IB debt excl. leasing -38 -93 -151
Capital employed 965 952 998
Capital invested 780 762 749
Working capital 105 106 110
Market cap. diluted (m) 409 409 409
Net IB debt adj. 127 78 24
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 536 487 434
Total assets turnover (%) 163,7 171,3 172,3
Working capital/sales (%) 4,8 4,6 4,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 19,5 11,3 3,4
Net debt / market cap (%) 31 19 6
Equity ratio (%) 48,3 50,8 51,5
Net IB debt adj. / equity (%) 19,5 11,3 3,4
Current ratio 1,69 1,69 1,83
EBITDA/net interest 10,6 14,1 18,4
Net IB debt/EBITDA (x) 0,9 0,5 0,1
Net IB debt/EBITDA lease adj. (x) -0,5 -1 -1,5
Interest coverage 4,2 6,1 8,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 30 30 30
Diluted shares adj. 30 30 30
EPS 0,68 1,55 1,84
Dividend per share 0,5 0,5 0,5
EPS adj. 0,98 1,55 1,84
BVPS 21,78 22,83 24,17
BVPS adj. 6,69 7,73 9,07
Net IB debt/share 4,24 2,59 0,81
Share price 13,65 13,65 13,65
Market cap. (m) 409 409 409
P/E (x) 20 8,8 7,4
EV/sales (x) 0,2 0,2 0,2
EV/EBITDA (x) 3,7 3 2,5
EV/EBITA (x) 9,4 7 5,5
EV/EBIT (x) 10 7 5,5
Dividend yield (%) 3,7 3,7 3,7
FCF yield (%) 32,5 30,8 32,7
Le. adj. FCF yld. (%) 18,4 15,7 16,7
P/BVPS (x) 0,63 0,6 0,56
P/BVPS adj. (x) 1,76 1,55 1,34
P/E adj. (x) 13,9 8,8 7,4
EV/EBITDA adj. (x) 3,7 3 2,5
EV/EBITA adj. (x) 9,4 7 5,5
EV/EBIT adj. (x) 9,4 7 5,5
EV/CE (x) 0,6 0,5 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 1,5 0,5 0,5
Capex/depreciation -1,3 0,5 0,5
Capex tangibles / tangible fixed assets 35,2 16,1 19,2
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 30,4 34,9 38,5

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 % 26 Sep 2025
Birger Ulrik Lindeblad 15.0 % 15.0 % 26 Sep 2025
Avanza Pension 11.7 % 11.7 % 26 Sep 2025
Pontus Lindwall 5.6 % 5.6 % 7 Aug 2025
Urban Sturk 2.6 % 2.6 % 26 Sep 2025
Futur Pension 2.1 % 2.1 % 26 Sep 2025
von Euler & Partners 1.8 % 1.8 % 26 Sep 2025
Fallax Aktiebolag 1.5 % 1.5 % 26 Sep 2025
Nordnet Pensionsförsäkring 1.2 % 1.2 % 26 Sep 2025
Andcarl 2 AB 1.2 % 1.2 % 26 Sep 2025
Source: Holdings by Modular Finance AB