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Infrea AB (INFREA) Fair Value & Analysis

Industrials · SE · Market cap 371M SEK (≈ $38.7M) · ISIN SE0010600106

IA Infrea AB INFREA · ST
Pricekr 13.85
Fair Valuekr 32.35
Upside+133.6%
Quality45/100
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Strengths

Trades 57% below our fair value of kr 32.35
Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +18.0 %/yr)
!Thin margins · 3.0% net margin
!Trails peers (3/11)
!Narrow moat 23/100
Mixed Growth (revenue 5y +18.0 %/yr)
Thin margins · 3.0% net margin
Low debt · generates free cash flow
4.83% dividend yield
Trails peers (3/11)
Narrow moat 23/100
Evidence: High Range kr 24.27 – kr 40.44 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 15 days ago

Share price +4.9% over the past month.

Below-average quality, trading 57% below our fair value.

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69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price is below even our cautious bear case (kr 24.27). The market is more pessimistic than our downside scenario.
  • Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

kr 46.15 kr 9.23 Fair Value kr 32.35 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 9.23 – kr 46.15 · fair‑value band kr 24.27 – kr 40.44 · the kr 13.85 price screens below the kr 32.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Infrea AB (INFREA) currently trades at kr 13.85, while our model-based Fair Value estimate is kr 32.35, implying the stock looks roughly 133.6% undervalued today. The Quality Score stands at 45/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Infrea AB generated revenue of 2.0B SEK at a net margin of 3.0%. Revenue declined 14.9% year over year. It earns a return on equity of 0.9%. The balance sheet holds a net cash position of 2.5M SEK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 24.27 (bear case) to kr 40.44 (bull case); at kr 13.85, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 19% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -46% fair-value upside, at 134%, INFREA screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF kr 29.63 kr 48.34 kr 77.76 80
Residual Income kr 19.70 kr 21.07 kr 23.48 76
Rev-Margin DCF kr 16.92 kr 23.17 kr 36.54 74
All 24 models by family
DCF Models
FCF DCF kr 31.36 kr 43.97 kr 81.66 38
Owner Earnings kr 64.48 kr 129.42 kr 249.93 31
5Y Revenue Exit kr 15.92 kr 20.71 kr 30.40 39
5Y EBITDA Exit kr 34.56 kr 58.35 kr 105.00 41
5Y P/E Exit kr 37.09 kr 78.42 kr 134.78 38
10Y Revenue Exit kr 21.04 kr 32.33 kr 36.79 36
10Y EBITDA Exit kr 33.63 kr 68.93 kr 130.19 37
10Y P/E Exit kr 35.32 kr 73.90 kr 137.31 35
Earnings-Based
Graham-Dodd kr 15.23 kr 106.18 kr 149.00 54
Lynch FV kr 54.86 kr 78.36 kr 101.87 50
PEG = 1.0 kr 54.86 kr 78.36 kr 101.87 46
EPV kr 5.82 kr 6.08 kr 6.29 59
Multiples
P/E Multiple kr 35.26 kr 47.02 kr 58.77 63
P/S Multiple kr 28.55 kr 38.06 kr 47.58 58
P/B Multiple kr 28.55 kr 38.06 kr 47.58 55
EV/EBIT kr 9.96 kr 11.97 kr 13.97 53
EV/EBITDA kr 35.53 kr 46.07 kr 56.60 54
EV/Revenue kr 8.23 kr 10.08 kr 11.92 43
Asset-Based
NCAV (Graham) kr 12.18 kr 16.33 kr 24.37 50
Growth DCF
Growth DCF kr 29.63 kr 48.34 kr 77.76 80
Rev-Margin DCF kr 16.92 kr 23.17 kr 36.54 74
Economic Profit
Residual Income kr 19.70 kr 21.07 kr 23.48 76
ROIC Compounder kr 5.82 kr 6.08 kr 6.29 72
Growth Earnings
Growth-Adj P/E kr 71.75 kr 102.50 kr 133.25 68

Widest divergence: Growth Earnings (kr 102.50) versus Economic Profit (kr 6.08). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/E ratio 138.5
P/S ratio 4.22 P/E × margin
EPS (TTM) kr 0.1000 price ÷ EPS = P/E 138.5
Dividend yield 4.8%
Net margin 3.0% FY2025
Return on equity 0.9% TTM
More key figures
Profitability
Return on assets (EBIT) 2.3% avg 5y
Operating margin -16.9% TTM
Growth
Revenue (TTM) 2.0B SEK TTM
Revenue growth (YoY) -14.9% 3y avg -0.3%
EPS growth (YoY) +177%
Balance sheet & cash flow
Free cash flow 56.7M SEK FY2025
Net cash 2.5M SEK FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 47 · Market factors (momentum, volatility) 39

Profitability 41
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 43
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 49
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 39
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Infrea AB engages in maintaining, improving and expanding infrastructure in Sweden. The company operates through three segments: Land & Construction, Paving and Water & Sewage. It offers water supply, sewage management and road maintenance; contracting, service and maintenance services for water, sewage, land.

Full company description

Infrea AB engages in maintaining, improving and expanding infrastructure in Sweden. The company operates through three segments: Land & Construction, Paving and Water & Sewage. It offers water supply, sewage management and road maintenance; contracting, service and maintenance services for water, sewage, land. The company is also involved in land contracting, foundation laying, excavation, fine grading, asphalting including the production of asphalt and mastic asphalt; and pipe inspections with cameras, high-pressure flushing, sludge suction, dry and trench suction, relining and transport of hazardous waste and residual water. In addition, it's customers include municipalities, government agencies and other public institutions; energy companies, transport companies and other industries that work with infrastructure projects. The company was formerly known as Grand Capital and is changed to Infrea AB in October 2017. Infrea AB was incorporated in 1998 and is based in Stockholm, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Infrea AB reported revenue of kr 2.1B in FY2025 versus kr 1.3B in FY2021, a compound +13.1%/yr. Reported net income was kr 63.0M in FY2025, compounding +78.5%/yr from FY2021.

Growth Quality 79/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
2.1B SEK
Latest YoY
−0.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.3%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.0%
Avg. revenue growth/yr (10Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+138.5%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+3.5% (-1.1 + 4.6)
Revenue +13.1%/yr
FY21 kr 1.3B
FY22 kr 2.1B
FY23 kr 2.0B
FY24 kr 2.1B
FY25 kr 2.1B
Net income +78.5%/yr
FY21 kr 6.2M
FY22 kr 68.3M
FY23 −kr 7.6M
FY24 −kr 8.0M
FY25 kr 63.0M

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Cite: Fair Value Calculator (2026). "Infrea AB Fair Value". https://www.fairvalue-calculator.com/stock/INFREA

Peer Group

Engineering & Construction · 839 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 45 · Below median
Fair Value upside +134% · Top 25%
Return on equity (TTM) 1% · Below median
Return on assets 1% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) -17% · Bottom 25%
Revenue growth -15% · Bottom 25%
Dividend yield (TTM) 4.7% · Top 25%
Debt / equity 0.16× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 138.5× · Pricier than 75% of peers
P/FCF 0.7× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 16
FUTURE0 · sector 13
PAST4 · sector 26
HEALTH92 · sector 94
DIVIDEND94 · sector 39

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Vinci SA DG €114.35 €185.62 +62%
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Larsen & Toubro Limited LT ₹4,072 ₹2,196 -46%
Ferrovial N.V FER €57.28 €19.17 -67%
HOCHTIEF Aktiengesellschaft HOT €426.40 €203.87 -52%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
EMCOR Group EME $775.04 $549.47 -29%
MasTec, Inc MTZ $248.73 $100.00 -60%
Bouygues SA EN €46.65 €65.67 +41%

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Frequently asked questions

Is Infrea AB (INFREA) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 32.35 versus a price of kr 13.85, about +134% (undervalued).
What is the fair value of INFREA?
Our model-based fair value for Infrea AB is kr 32.35 (as of Aug 13, 2026), built from audited fundamentals. The current price: kr 13.85.
What is the quality score of INFREA?
Infrea AB has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Infrea AB (INFREA)?
Infrea AB reported trailing-twelve-month revenue of about 2.0B SEK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of INFREA?
The net profit margin of Infrea AB is about 3.0%, meaning it keeps roughly 3.0% of revenue as net income. Based on the latest reported figures.
Does Infrea AB pay a dividend?
Infrea AB currently shows a dividend yield of about 4.58% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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