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Third party research

Infrea: Building the infra era - ABG

Infrea

This is a third party research report and does not necessarily reflect our views or values

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Capitalising on the wave of infrastructure and defence investments
58% adj. EBITA CAGR '23-'26e, ex M&A growth potential
FVR of SEK 10-16 per share


National company, local acquisitions

Infrea operates in the growing Swedish infrastructure market within land, construction, water and wastewater through 15 regionally strong and entrepreneurially managed subsidiaries. The group has delivered a solid sales CAGR '20-'23 of 31%: ~8% organic, ~24% M&A. It operates through a decentralised model that focuses on subsidiaries that serve private (~45%) and public clients (~55%), with contracts ranging from SEK 2-10m and lasting from 1 week to 2 years. The Swedish government is proposing to invest SEK 1,171bn in infrastructure between 2026 and 2036, driven by the need for investments in defence, roads, and water and wastewater systems.
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Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.