contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


infrea-infrastructure-tailwinds-to-lift-margins-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Infrea is an industrial group that maintains and builds Swedish infrastructure. Their companies within road, construction, water and sewage acquires and manages local companies with local brands. The company is a decentralised organisation with the various subsidiares in focus. With Sweden as the home market, Infrea has its headquarters in Stockholm.

Infrea

* Q3 report Friday, 7 April at 08:30 CET* '25e-'27e adj. EBITA up 5-2%10-6x EBITA in '25e-'27e, 23-14% FCF yields Investments will come We expect Infrea to deliver a Q3 report with both organic...

* Q3 report Friday, 7 April at 08:30 CET* '25e-'27e adj. EBITA up 5-2%10-6x EBITA in '25e-'27e, 23-14% FCF yields<br><br>Investments will come<br>We expect Infrea to deliver a Q3 report with both organic growth and earnings improvements. During the quarter, the Swedish Transport Administration (Trafikverket) submitted its proposal for the 2026–2037 national infrastructure plan to the government. Trafikverket estimates that the plan will cost SEK 1,171bn to implement, consisting of SEK 607bn in new investments and SEK 564bn in maintenance. While the total size of the package was already known, the split between new investments and maintenance was not. Furthermore, at a recent lunch meeting with Sveriges Kommuner och Regioner (SKR), a representative told us that the municipalities think water and sewage are the no. 1 areas in terms of investment need. In our view, this points to the increased spending on infrastructure that Infrea will capitalise on ahead.Estimate changesWe raise '25e-'27e adj. EBITA by 5-2%, as we are more confident in support from ambitious financial targets (above 6% EBITA margin) and the infrastructure budget is supporting demand for Infrea's business. We still think the market is regionally tough in some areas, but we believe Infrea can navigate the landscape and defend its margins. We now forecast adj. EBITA in '25e of SEK 58m (SEK 30m in '24), accelerating to SEK 60m and SEK 74m in 2026e and 2027e, respectively, as margins improve from 1.5% in '24 to 3.1% in '27e.Margins to improve and FCF to stabiliseWe believe Infrea is well-positioned to grow organically and improve margins given its exposure to underlying demand and exposure to public customers (~55%), alongside support from M&amp;A (24% sales CAGR in '20-'23). For '24-'27e, we expect Infrea to deliver growth, margins, and FCF in line with peers. The share is currently trading at 10-6x EV/EBITA with a 23-14% FCF yield.