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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 2265 2329
Sales growth (%) 3,2 9 2,8
EBITDA 121 144 153
EBITDA margin (%) 5,8 6,4 6,6
EBIT adj. 30 48 60
EBIT adj. margin (%) 1,4 2,1 2,6
Pretax profit -5 20 47
EPS -0,26 0,44 1,24
EPS adj. 0,5 0,73 1,24
DPS 0,5 0,5 0,5
EV/EBITDA (x) 4,8 3,9 3,4
EV/EBIT adj. (x) 19,4 11,5 8,6
P/E (x) N/A 28,9 10,3
P/E adj. (x) 25,3 17,5 10,3
EV/sales (x) 0,28 0,25 0,22
FCF yield (%) 24,3 25,5 30,8
Le. adj. FCF yld. (%) 10 10,3 14,5
Dividend yield (%) 3,9 3,9 3,9
Net IB debt/EBITDA (x) 1,7 1,2 0,9
Le. adj. ND/EBITDA (x) 0,6 0,1 -0,4
SEKm 2024 2025e 2026e
Sales 2078 2265 2329
COGS -1373 -1511 -1508
Gross profit 705 754 821
Other operating items -584 -610 -668
EBITDA 121 144 153
Depreciation and amortisation -91 -96 -93
of which leasing depreciation -59 -63 -67
EBITA 30 48 60
EO Items 0 0 0
Impairment and PPA amortisation -15 -4 0
EBIT 15 45 60
Net financial items -20 -15 -13
Pretax profit -5 20 47
Tax -3 -7 -10
Net profit -8 13 37
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -8 13 37
EPS -0,26 0,44 1,24
EPS adj. 0,5 0,73 1,24
Total extraordinary items after tax 0 -6 0
Leasing payments -59 -63 -67
Tax rate (%) -49,1 35,6 20,6
Gross margin (%) 33,9 33,3 35,3
EBITDA margin (%) 5,8 6,4 6,6
EBITA margin (%) 1,5 2,1 2,6
EBIT margin (%) 0,7 2 2,6
Pre-tax margin (%) -0,3 0,9 2
Net margin (%) -0,4 0,6 1,6
Sales growth (%) 3,2 9 2,8
EBITDA growth (%) 24,3 18,8 6,3
EBITA growth (%) 136,7 59,4 24,6
EBIT growth (%) 19,2 N/A 34,3
Net profit growth (%) 1,3 -266,8 181,4
Profitability N/A N/A N/A
ROE (%) -1,3 2,1 5,6
ROE adj. (%) 1,2 3,6 5,6
ROCE (%) 1,5 3,6 6,3
ROCE adj. (%) 3,1 4,9 6,3
ROIC (%) 5,2 3,7 5,9
ROIC adj. (%) 5,2 3,7 5,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 121 144 153
EBITDA adj. margin (%) 5,8 6,4 6,6
EBITDA lease adj. 62 81 86
EBITDA lease adj. margin (%) 3 3,6 3,7
EBITA adj. 30 48 60
EBITA adj. margin (%) 1,5 2,1 2,6
EBIT adj. 30 48 60
EBIT adj. margin (%) 1,4 2,1 2,6
Pretax profit Adj. 10 34 47
Net profit Adj. 8 23 37
Net profit to shareholders adj. 8 23 37
Net adj. margin (%) 0,4 1 1,6
SEKm 2024 2025e 2026e
EBITDA 121 144 153
Goodwill 411 432 432
Net financial items -20 -15 -13
Other intangible assets 30 34 34
Tangible fixed assets 140 106 92
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 89 124 130
Fixed assets 762 741 723
Change in working capital 11 2 -1
Inventories 32 34 35
Operating cash flow 100 126 129
Receivables 256 251 254
Capex tangible fixed assets -7 17 -12
Other current assets 174 182 188
Capex intangible fixed assets 0 4 0
Cash and liquid assets 156 147 138
Acquisitions and Disposals 0 -49 0
Total assets 1379 1356 1338
Free cash flow 93 97 117
Shareholders equity 638 646 668
Dividend paid 0 -15 -15
Minority 0 0 0
Share issues and buybacks 83 0 0
Total equity 638 646 668
Leasing liability amortisation -54 -58 -62
Long-term debt 167 127 74
Other non-cash items 12 6 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 165 168 172
Total other long-term liabilities 27 26 26
Short-term debt 29 28 26
Accounts payable 162 201 205
Other current liabilities 192 161 167
Total liabilities and equity 1379 1356 1338
Net IB debt 205 175 135
Net IB debt excl. pension debt 205 175 135
Net IB debt excl. leasing 40 7 -38
Capital employed 998 968 940
Capital invested 842 821 803
Working capital 108 106 106
Market cap. diluted (m) 381 381 381
Net IB debt adj. 205 175 135
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 585 556 516
Total assets turnover (%) 152,9 165,6 172,9
Working capital/sales (%) 5,4 4,7 4,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 32,1 27,1 20,2
Net debt / market cap (%) 53,7 45,9 35,4
Equity ratio (%) 46,2 47,6 49,9
Net IB debt adj. / equity (%) 32,1 27,1 20,2
Current ratio 1,61 1,58 1,55
EBITDA/net interest 6 9,9 11,4
Net IB debt/EBITDA (x) 1,7 1,2 0,9
Net IB debt/EBITDA lease adj. (x) 0,6 0,1 -0,4
Interest coverage 1,5 3,3 4,5
SEKm 2024 2025e 2026e
Shares outstanding adj. 30 30 30
Diluted shares adj. 30 30 30
EPS -0,26 0,44 1,24
Dividend per share 0,5 0,5 0,5
EPS adj. 0,5 0,73 1,24
BVPS 21,26 21,54 22,27
BVPS adj. 6,55 6,02 6,75
Net IB debt/share 6,82 5,83 4,49
Share price 12,7 12,7 12,7
Market cap. (m) 381 381 381
P/E (x) N/A 28,9 10,3
EV/sales (x) 0,3 0,2 0,2
EV/EBITDA (x) 4,8 3,9 3,4
EV/EBITA (x) 19,3 11,5 8,6
EV/EBIT (x) 39,3 12,4 8,6
Dividend yield (%) 3,9 3,9 3,9
FCF yield (%) 24,3 25,5 30,8
Le. adj. FCF yld. (%) 10 10,3 14,5
P/BVPS (x) 0,6 0,59 0,57
P/BVPS adj. (x) 1,68 1,78 1,61
P/E adj. (x) 25,3 17,5 10,3
EV/EBITDA adj. (x) 4,8 3,9 3,4
EV/EBITA adj. (x) 19,3 11,5 8,6
EV/EBIT adj. (x) 19,4 11,5 8,6
EV/CE (x) 0,6 0,6 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 0,3 0,9 0,5
Capex/depreciation 0,2 -0,6 0,5
Capex tangibles / tangible fixed assets 5,1 15,7 13,1
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 22,7 31 28,4

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 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
Aimone Holding Ltd 3.9 % 3.9 % 31 Dec 2019
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
Source: Holdings by Modular Finance AB