Infrea AB (INFREA.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+222.9%

SEK 41.98

vs SEK 13.00 price

Levered DCF

SEK 26.43

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.2

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	6.76×	-37×	-34.61×	7.76×	116.47×	10.24×	68.36×	297.76×
P/B	0.62×	0.47×	0.47×	0.92×	1.49×	1.12×	1.29×	0.98×
P/S	0.21×	0.14×	0.13×	0.25×	0.57×	0.47×	0.72×	0.68×
EV / EBITDA	4.64×	4.73×	6.07×	4.74×	11.72×	5.9×	9.93×	31.75×
Gross margin	0.6%	33.9%	35.1%	22.6%	26.5%	30.7%	36.0%	65.2%
Operating margin	0.6%	0.7%	0.6%	4.5%	1.5%	4.9%	1.3%	8.1%
Net margin	3.0%	-0.4%	-0.4%	3.3%	0.5%	4.6%	8.2%	0.2%
Current ratio	1.78×	1.42×	1.25×	1.22×	1.28×	1.15×	1.84×	1.03×
Debt / equity	0.31×	0.57×	0.71×	0.65×	0.69×	0.67×	0.72×	0.58×
Interest coverage	1.11×	0.67×	0.58×	7.25×	1.89×	5.51×	1.25×	12.76×
Dividend yield	3.5%	0.0%	0.0%	0.0%	0.0%	0.4%	2.3%	0.0%
Payout ratio	23.8%	0.0%	0.0%	0.0%	0.0%	4.1%	20.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.2%	-1.3%	-1.3%	11.9%	1.3%	10.9%	14.6%	0.3%
Return on invested capital	0.7%	1.4%	1.2%	8.0%	1.5%	6.8%	0.6%	5.3%
Return on assets	4.9%	-0.6%	-0.6%	5.0%	0.6%	5.1%	5.6%	0.1%
Free cash flow yield	13.3%	26.7%	4.3%	19.3%	0.5%	11.4%	4.8%	12.5%
Earnings yield	14.8%	-2.7%	-2.9%	12.9%	0.9%	9.7%	11.3%	0.3%
Enterprise value	SEK 423.3M	SEK 504.1M	SEK 596.8M	SEK 781.3M	SEK 956.4M	SEK 570.9M	SEK 567M	SEK 365.1M
Net debt / EBITDA	-0.03×	1.92×	3.4×	1.53×	2.81×	1.49×	2.21×	8.45×
Cash conversion cycle (days)	61	38	30	32	47	29	40	-4