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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 2121 2175
Sales growth (%) 3,2 2,1 2,5
EBITDA 137 153 155
EBITDA margin (%) 6,6 7,2 7,1
EBIT adj. 30 49 56
EBIT adj. margin (%) 1,5 2,3 2,6
Pretax profit -5 33 45
EPS -0,39 0,92 1,3
EPS adj. 1,89 1,02 1,33
DPS 0,5 0,52 0,55
EV/EBITDA (x) 3,4 3,2 2,8
EV/EBIT adj. (x) 15,2 9,9 7,7
P/E (x) N/A 14 9,8
P/E adj. (x) 6,8 12,6 9,6
EV/sales (x) 0,22 0,23 0,2
FCF yield (%) 36 43,2 33,7
Le. adj. FCF yld. (%) 14,9 27,3 16
Dividend yield (%) 3,9 4,1 4,3
Net IB debt/EBITDA (x) 1,5 0,8 0,5
Le. adj. ND/EBITDA (x) 0,5 -0,5 -1
SEKm 2024 2025e 2026e
Sales 2078 2121 2175
COGS -1373 -1373 -1408
Gross profit 705 748 767
Other operating items -568 -596 -612
EBITDA 137 153 155
Depreciation and amortisation -91 -103 -99
of which leasing depreciation -59 -69 -73
EBITA 46 50 56
EO Items 0 0 0
Impairment and PPA amortisation -31 -4 -1
EBIT 15 46 55
Net financial items -20 -13 -10
Pretax profit -5 33 45
Tax -3 -7 -9
Net profit -8 26 36
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -8 26 36
EPS -0,39 0,92 1,3
EPS adj. 1,89 1,02 1,33
Total extraordinary items after tax 0 0 0
Leasing payments -59 -69 -73
Tax rate (%) -49,1 20,6 20,6
Gross margin (%) 33,9 35,3 35,3
EBITDA margin (%) 6,6 7,2 7,1
EBITA margin (%) 2,2 2,3 2,6
EBIT margin (%) 0,7 2,2 2,5
Pre-tax margin (%) -0,3 1,6 2,1
Net margin (%) -0,4 1,2 1,6
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 3,2 2,1 2,5
EBITDA growth (%) 39,7 11,7 1,6
EBITA growth (%) 248,9 8,8 13
EBIT growth (%) 19,2 N/A 20,3
Net profit growth (%) 3,9 -433 36,3
Profitability N/A N/A N/A
ROE (%) -1,3 4,1 5,4
ROE adj. (%) 3,8 4,7 5,6
ROCE (%) 1,5 4,8 6
ROCE adj. (%) 4,7 5,1 6,1
ROIC (%) 7,8 4,9 5,9
ROIC adj. (%) 7,8 4,9 5,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 137 153 155
EBITDA adj. margin (%) 6,6 7,2 7,1
EBITDA lease adj. 78 84 82
EBITDA lease adj. margin (%) 3,7 3,9 3,8
EBITA adj. 46 50 56
EBITA adj. margin (%) 2,2 2,3 2,6
EBIT adj. 30 49 56
EBIT adj. margin (%) 1,5 2,3 2,6
Pretax profit Adj. 26 37 46
Net profit Adj. 23 30 37
Net profit to shareholders adj. 23 30 37
Net adj. margin (%) 1,1 1,4 1,7
SEKm 2024 2025e 2026e
EBITDA 137 153 155
Goodwill 411 384 383
Net financial items -20 -13 -10
Other intangible assets 30 26 25
Tangible fixed assets 140 110 100
Paid tax -3 -7 -9
Right-of-use asset 181 170 160
Non-cash items -25 0 0
Total other fixed assets 0 0 0
Cash flow before change in WC 89 133 135
Fixed assets 762 690 669
Change in working capital 11 2 -1
Inventories 32 34 35
Operating cash flow 100 135 135
Receivables 256 251 254
Capex tangible fixed assets -7 -16 -16
Other current assets 174 182 188
Capex intangible fixed assets 0 0 0
Cash and liquid assets 156 165 154
Acquisitions and Disposals 0 40 0
Total assets 1379 1322 1300
Free cash flow 93 159 119
Shareholders equity 638 649 670
Dividend paid 0 -15 -15
Minority 0 0 0
Share issues and buybacks 83 0 0
Total equity 638 649 670
Leasing liability amortisation -54 -58 -62
Long-term debt 167 98 43
Other non-cash items 12 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 165 157 161
Total other long-term liabilities 27 27 27
Short-term debt 29 29 28
Accounts payable 162 201 205
Other current liabilities 192 161 166
Total liabilities and equity 1379 1322 1300
Net IB debt 205 119 78
Net IB debt excl. pension debt 205 119 78
Net IB debt excl. leasing 40 -38 -83
Capital employed 998 933 902
Capital invested 842 768 748
Working capital 108 106 106
EV breakdown N/A N/A N/A
Market cap. diluted (m) 257 368 352
Net IB debt adj. 205 119 78
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 462 487 430
Total assets turnover (%) 152,9 157 165,9
Working capital/sales (%) 5,4 5 4,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 32,1 18,4 11,6
Net debt / market cap (%) 79,5 32,4 22,1
Equity ratio (%) 46,2 49,1 51,5
Net IB debt adj. / equity (%) 32,1 18,4 11,6
Current ratio 1,61 1,62 1,58
EBITDA/net interest 6,8 11,8 15,2
Net IB debt/EBITDA (x) 1,5 0,8 0,5
Net IB debt/EBITDA lease adj. (x) 0,5 -0,5 -1
Interest coverage 2,3 3,9 5,5
SEKm 2024 2025e 2026e
Shares outstanding adj. 20 29 28
Diluted shares adj. 20 29 28
EPS -0,39 0,92 1,3
Dividend per share 0,5 0,52 0,55
EPS adj. 1,89 1,02 1,33
BVPS 31,73 22,58 24,35
BVPS adj. 9,77 8,33 9,49
Net IB debt/share 10,18 4,15 2,83
Share price 12,8 12,8 12,8
Market cap. (m) 257 368 352
Valuation N/A N/A N/A
P/E (x) N/A 14 9,8
EV/sales (x) 0,22 0,23 0,2
EV/EBITDA (x) 3,4 3,2 2,8
EV/EBITA (x) 10,1 9,8 7,7
EV/EBIT (x) 31 10,6 7,8
Dividend yield (%) 3,9 4,1 4,3
FCF yield (%) 36 43,2 33,7
Le. adj. FCF yld. (%) 14,9 27,3 16
P/BVPS (x) 0,4 0,57 0,53
P/BVPS adj. (x) 1,14 1,39 1,23
P/E adj. (x) 6,8 12,6 9,6
EV/EBITDA adj. (x) 3,4 3,2 2,8
EV/EBITA adj. (x) 10,1 9,8 7,7
EV/EBIT adj. (x) 15,2 9,9 7,7
EV/CE (x) 0,5 0,5 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 0,3 0,8 0,7
Capex/depreciation 0,2 0,5 0,6
Capex tangibles / tangible fixed assets 5,1 14,6 16
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 22,75 30,95 26,04

Equity research

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Media

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 % 27 Mar 2025
Birger Ulrik Lindeblad 15.0 % 15.0 % 27 Mar 2025
Avanza Pension 12.9 % 12.9 % 27 Mar 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 % 27 Mar 2025
Futur Pension 2.1 % 2.1 % 27 Mar 2025
Zepiroth AB 2.1 % 2.1 % 31 Dec 2019
von Euler & Partners 1.8 % 1.8 % 27 Mar 2025
Fallax Aktiebolag 1.5 % 1.5 % 27 Mar 2025
Source: Holdings by Modular Finance AB