Infrea: Building the infra era - ABG

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.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/infrea/Equity-research/2024/12/infrea---building-the-infra-era-/