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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 2080 2145 2200
Sales growth (%) 3,2 3,1 2,6
EBITDA 128 133 153
EBITDA margin (%) 6,2 6,2 7
EBIT adj. 23 38 50
EBIT adj. margin (%) 1,1 1,8 2,3
Pretax profit -12 23 38
EPS -0,42 0,6 1
EPS adj. 0,12 0,62 1,01
DPS 0 0 0
EV/EBITDA (x) 4,3 3,7 2,9
EV/EBIT adj. (x) 24,5 13 8,7
P/E (x) N/A 17,9 10,8
P/E adj. (x) N/A 17,5 10,7
EV/sales (x) 0,27 0,23 0,2
FCF yield (%) 21,9 36,7 35,8
Le. adj. FCF yld. (%) 5,2 18,7 16,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,8 1,3 0,8
Le. adj. ND/EBITDA (x) 0,7 -0,3 -0,9
SEKm 2024 2025e 2026e
Sales 2080 2145 2200
COGS -1371 -1390 -1406
Gross profit 708 754 794
Other operating items -580 -621 -641
EBITDA 128 133 153
Depreciation and amortisation -106 -95 -103
of which leasing depreciation -59 -63 -67
EBITA 23 38 51
EO Items 0 0 0
Impairment and PPA amortisation -15 0 0
EBIT 8 38 50
Net financial items -20 -15 -13
Pretax profit -12 23 38
Tax 0 -5 -8
Net profit -13 18 30
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -13 18 30
EPS -0,42 0,6 1
EPS adj. 0,12 0,62 1,01
Total extraordinary items after tax 0 0 0
Leasing payments -59 -63 -67
Tax rate (%) -3,7 20,6 20,6
Gross margin (%) 34,1 35,2 36,1
EBITDA margin (%) 6,2 6,2 7
EBITA margin (%) 1,1 1,8 2,3
EBIT margin (%) 0,4 1,8 2,3
Pre-tax margin (%) -0,6 1,1 1,7
Net margin (%) -0,6 0,8 1,4
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 3,2 3,1 2,6
EBITDA growth (%) 31,5 3,5 15,4
EBITA growth (%) 75,5 67,1 32,4
EBIT growth (%) -39,3 N/A 32,8
Net profit growth (%) 64,5 -245,6 65,2
Profitability N/A N/A N/A
ROE (%) -2,1 2,8 4,5
ROE adj. (%) 0,5 2,9 4,6
ROCE (%) 0,8 3,8 5,2
ROCE adj. (%) 2,3 3,9 5,2
ROIC (%) 2,7 3,6 5
ROIC adj. (%) 2,7 3,6 5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 128 133 153
EBITDA adj. margin (%) 6,2 6,2 7
EBITDA lease adj. 70 70 87
EBITDA lease adj. margin (%) 3,4 3,3 3,9
EBITA adj. 23 38 51
EBITA adj. margin (%) 1,1 1,8 2,3
EBIT adj. 23 38 50
EBIT adj. margin (%) 1,1 1,8 2,3
Pretax profit Adj. 3 23 38
Net profit Adj. 3 19 30
Net profit to shareholders adj. 3 19 30
Net adj. margin (%) 0,1 0,9 1,4
SEKm 2024 2025e 2026e
EBITDA 128 133 153
Goodwill 411 411 411
Net financial items -20 -15 -13
Other intangible assets 30 30 29
Paid tax 0 -5 -8
Tangible fixed assets 145 121 101
Non-cash items -20 0 0
Right-of-use asset 185 181 177
Cash flow before change in WC 88 113 133
Total other fixed assets 0 0 0
Change in working capital -2 14 -1
Fixed assets 771 742 718
Operating cash flow 86 127 132
Inventories 33 35 36
Capex tangible fixed assets -15 -8 -16
Receivables 257 253 256
Capex intangible fixed assets 0 0 0
Other current assets 185 184 190
Acquisitions and Disposals 0 0 0
Cash and liquid assets 135 160 173
Free cash flow 71 119 116
Total assets 1381 1373 1372
Dividend paid 0 0 0
Shareholders equity 633 651 681
Share issues and buybacks 82 0 0
Minority 0 0 0
Leasing liability amortisation -54 -58 -62
Total equity 633 651 681
Other non-cash items 7 0 0
Long-term debt 150 107 63
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 183 193 198
Total other long-term liabilities 28 28 28
Short-term debt 33 29 28
Accounts payable 195 202 206
Other current liabilities 159 162 168
Total liabilities and equity 1381 1373 1372
Net IB debt 230 169 116
Net IB debt excl. pension debt 230 169 116
Net IB debt excl. leasing 47 -24 -82
Capital employed 998 980 970
Capital invested 863 821 797
Working capital 121 106 107
EV breakdown N/A N/A N/A
Market cap. diluted (m) 325 325 325
Net IB debt adj. 230 169 116
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 555 494 441
Total assets turnover (%) 152,9 155,8 160,3
Working capital/sales (%) 5,8 5,3 4,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 36,4 26 17
Net debt / market cap (%) 70,9 52,2 35,6
Equity ratio (%) 45,8 47,4 49,6
Net IB debt adj. / equity (%) 36,4 26 17
Current ratio 1,58 1,6 1,63
EBITDA/net interest 6,5 8,8 12,2
Net IB debt/EBITDA (x) 1,8 1,3 0,8
Net IB debt/EBITDA lease adj. (x) 0,7 -0,3 -0,9
Interest coverage 1,2 2,5 4
SEKm 2024 2025e 2026e
Shares outstanding adj. 30 30 30
Diluted shares adj. 30 30 30
EPS -0,42 0,6 1
Dividend per share 0 0 0
EPS adj. 0,12 0,62 1,01
BVPS 21,03 21,64 22,64
BVPS adj. 6,37 6,99 8
Net IB debt/share 7,66 5,63 3,84
Share price 10,8 10,8 10,8
Market cap. (m) 325 325 325
Valuation N/A N/A N/A
P/E (x) N/A 17,9 10,8
EV/sales (x) 0,27 0,23 0,2
EV/EBITDA (x) 4,3 3,7 2,9
EV/EBITA (x) 24,2 12,9 8,7
EV/EBIT (x) 73,2 13 8,7
Dividend yield (%) 0 0 0
FCF yield (%) 21,9 36,7 35,8
Le. adj. FCF yld. (%) 5,2 18,7 16,6
P/BVPS (x) 0,51 0,5 0,48
P/BVPS adj. (x) 1,47 1,35 1,2
P/E adj. (x) N/A 17,5 10,7
EV/EBITDA adj. (x) 4,3 3,7 2,9
EV/EBITA adj. (x) 24,2 12,9 8,7
EV/EBIT adj. (x) 24,5 13 8,7
EV/CE (x) 0,6 0,5 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 0,7 0,4 0,7
Capex/depreciation 0,3 0,3 0,4
Capex tangibles / tangible fixed assets 10,4 6,6 15,9
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 32,3 26,53 35,79

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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 2024
Avanza Pension 12.6 % 12.6 % 23 Dec 2024
Birger Ulrik Lindeblad 12.5 % 12.5 % 2 Jan 2025
Pontus Lindwall 5.1 % 5.1 % 6 Aug 2024
Aimone Holding Ltd 3.9 % 3.9 % 31 Dec 2019
Urban Sturk 2.6 % 2.6 % 23 Dec 2024
Futur Pension 2.1 % 2.1 % 23 Dec 2024
Zepiroth AB 2.1 % 2.1 % 31 Dec 2019
von Euler & Partners 1.8 % 1.8 % 23 Dec 2024
Fallax Aktiebolag 1.5 % 1.5 % 23 Dec 2024
Source: Holdings by Modular Finance AB