Instalco AB (publ) (INSTAL.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

+141.4%

SEK 98.95

vs SEK 40.98 price

Levered DCF

SEK 84.33

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.52

Grey zone

Rating

B+

Overall 3 / 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	20.22×	25.16×	17.86×	19.91×	41.37×	27.89×	17.79×	12.92×
P/B	2.15×	2.71×	3.35×	3.51×	9.11×	6.48×	4.46×	3×
P/S	0.51×	0.64×	0.75×	0.86×	2.54×	1.78×	1.16×	0.73×
EV / EBITDA	9.48×	10.06×	9.72×	11.38×	26.55×	18.34×	12.84×	9.23×
Gross margin	52.3%	52.8%	49.5%	48.7%	48.8%	47.8%	48.4%	48.0%
Operating margin	4.1%	5.0%	6.3%	6.5%	8.1%	8.5%	8.6%	7.5%
Net margin	2.5%	2.5%	4.2%	4.3%	6.1%	6.4%	6.5%	5.6%
Current ratio	1.09×	1.07×	1.1×	1.27×	1.11×	1.05×	1.14×	1.25×
Debt / equity	1.17×	1.14×	1.16×	1.06×	0.94×	0.66×	0.8×	0.68×
Interest coverage	3.34×	3.12×	4.99×	11.35×	24.93×	28.76×	27.33×	15.76×
Dividend yield	2.6%	2.1%	1.6%	1.6%	0.6%	0.9%	1.1%	1.6%
Payout ratio	53.4%	51.9%	28.6%	32.5%	25.8%	25.2%	19.7%	20.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.6%	10.8%	18.7%	17.7%	22.0%	23.3%	25.0%	23.3%
Return on invested capital	5.4%	7.0%	9.1%	9.0%	11.5%	13.9%	14.0%	13.5%
Return on assets	3.3%	3.3%	5.6%	5.4%	7.2%	8.7%	8.9%	8.7%
Free cash flow yield	13.4%	9.4%	8.5%	6.7%	2.6%	5.3%	7.3%	8.3%
Earnings yield	5.0%	4.0%	5.6%	5.0%	2.4%	3.6%	5.6%	7.7%
Enterprise value	SEK 10.4B	SEK 12.1B	SEK 14.2B	SEK 12.8B	SEK 24.2B	SEK 13.6B	SEK 7.5B	SEK 3.7B
Net debt / EBITDA	3.14×	2.86×	2.36×	2.21×	1.8×	1.22×	1.49×	1.27×
Cash conversion cycle (days)	9	37	38	34	29	31	40	37