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Instalco AB
(INSTAL)
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Rating:62Neutral
Price Target:
kr46.00
▲(24.39% Upside)
Action:Reiterated
Date:09/29/26
The score is driven primarily by mixed financial fundamentals (thin and recently weaker net margins and historically higher leverage, partially offset by strong gross profitability, improving debt profile, and healthy free cash flow). Technicals are constructive with strong trend support, though momentum is overbought. Valuation remains a meaningful drawback given the ~30x P/E and modest dividend yield.
Positive Factors
Strong gross and EBITDA profitability
The combination of very strong gross margin and solid EBITDA margin indicates that Instalco retains meaningful value after direct project costs. This provides an operating cushion for investment, integration activity, and cyclical demand changes even though final profitability remains more limited.
Negative Factors
Thin and declining net margin
A thin net margin leaves limited room for execution errors, financing costs, or weaker project conditions to reduce earnings. Its decline from prior years also suggests that revenue and operating gains have not translated fully into bottom-line growth, constraining earnings resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong gross and EBITDA profitability
The combination of very strong gross margin and solid EBITDA margin indicates that Instalco retains meaningful value after direct project costs. This provides an operating cushion for investment, integration activity, and cyclical demand changes even though final profitability remains more limited.
Read all positive factors
Instalco AB (INSTAL) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr11.17B
Dividend Yield1.22%
Average Volume (3M)375.46K
Price to Earnings (P/E)28.3
Beta (1Y)0.96
Revenue Growth4.03%
EPS Growth38.99%
CountrySE
Employees6,291
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)1.44
Shares Outstanding268,754,760
10 Day Avg. Volume464,247
30 Day Avg. Volume375,464
Financial Highlights & Ratios
PEG Ratio-8.83
Price to Book (P/B)2.15
Price to Sales (P/S)0.51
P/FCF Ratio7.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.16
Revenue Forecast (FY)kr15.16B
Instalco AB Business Overview & Revenue Model
Company Description
Instalco AB (publ) delivers a broad spectrum of technical installation services throughout Sweden and the broader Nordic region. The company's expertise spans heating and plumbing, electrical systems, ventilation, and industrial cooling. For heati...
How the Company Makes Money
Instalco primarily makes money by selling project-based installation work and recurring service/maintenance work through its portfolio of local specialist subsidiaries. Revenue is typically generated from (1) contract projects where Instalco’s sub...
Instalco AB Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
58
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.11B | 13.60B | 13.69B | 14.28B | 12.06B | 8.89B |
| Gross Profit | 7.43B | 7.11B | 7.23B | 7.06B | 5.88B | 4.34B |
| EBITDA | 1.34B | 1.09B | 1.21B | 1.46B | 1.13B | 913.00M |
| Net Income | 424.00M | 343.00M | 345.00M | 601.00M | 520.00M | 546.00M |
Balance Sheet | ||||||
| Total Assets | 10.58B | 10.27B | 10.31B | 10.72B | 9.57B | 7.59B |
| Cash, Cash Equivalents and Short-Term Investments | 4.00M | 348.00M | 208.00M | 267.00M | 631.00M | 696.00M |
| Total Debt | 721.00M | 3.79B | 3.66B | 3.72B | 3.13B | 2.34B |
| Total Liabilities | 6.86B | 6.87B | 6.93B | 7.33B | 6.42B | 5.09B |
| Stockholders Equity | 3.49B | 3.23B | 3.21B | 3.21B | 2.94B | 2.48B |
Cash Flow | ||||||
| Free Cash Flow | 922.00M | 927.00M | 821.00M | 917.00M | 689.00M | 584.00M |
| Operating Cash Flow | 922.00M | 1.01B | 946.00M | 999.00M | 753.00M | 610.00M |
| Investing Cash Flow | -256.00M | -348.00M | -297.00M | -1.29B | -1.08B | -971.00M |
| Financing Cash Flow | -1.10B | -487.00M | -706.00M | -85.00M | 240.00M | 657.00M |
Instalco AB Technical Analysis
Neutral
36.98
Price Trends
38.78
Positive
38.77
Positive
35.07
Positive
Market Momentum
0.97
Positive
51.39
Neutral
38.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:INSTAL, the sentiment is Neutral. The current price of 36.98 is below the 20-day moving average (MA) of 40.96, below the 50-day MA of 38.78, and above the 200-day MA of 35.07, indicating a neutral trend. The MACD of 0.97 indicates Positive momentum. The RSI at 51.39 is Neutral, neither overbought nor oversold. The STOCH value of 38.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:INSTAL.
Instalco AB Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | kr26.89B | 12.37 | 12.81% | 3.37% | 2.19% | 36.51% | |
69 Neutral | kr30.12B | 21.21 | ― | 2.61% | 1.66% | 26.04% | |
68 Neutral | kr108.23B | 16.13 | 10.96% | 5.32% | -5.70% | 6.78% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | kr11.17B | 28.35 | 12.77% | 1.22% | 4.03% | 38.99% | |
48 Neutral | kr16.40B | 224.56 | 1.00% | 6.00% | -10.38% | -95.01% | |
46 Neutral | kr2.74B | 65.23 | 2.32% | 0.25% | 0.40% | ― |
* Industrials Sector Average
SE:INSTAL
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Instalco AB Corporate Events
Instalco’s Enervion Starts EUR 10m Battery Storage Projects in Arctic Finland
Sep 28, 2026
Instalco’s Finnish subsidiary Enervion Oy, which specialises in large-scale battery and energy storage projects, has begun on-site work for two battery energy storage systems in Kittilä, northern Finland. Each of the Sirkka and Kön...
Instalco Wins NOK 40 Million Trivium Office Ventilation Contract in Stavanger
Sep 22, 2026
Instalco’s Norwegian subsidiary Urd Klima Sandnes has secured a NOK 40 million contract to install a fully integrated ventilation-based heating and cooling system for the new Trivium office building in Stavanger, which will serve as the head...
Instalco Wins SEK 54 Million Electrical Contract for New Kungälv Arena
Sep 16, 2026
Instalco subsidiary Elektro-Centralen AB has secured a SEK 54 million contract to install electrical systems for the new Kungälv Arena in western Sweden. The partnering project with Kungälv Municipality and Vestia Construction Group AB c...
Instalco Wins SEK 100 Million Plumbing Contract in Central Stockholm Renovation
Aug 27, 2026
Instalco subsidiary Rörgruppen has secured a heating and plumbing installation contract from NCC for a culturally significant renovation project in central Stockholm, with an order value of approximately SEK 100 million. The long-term project...
Instalco Wins SEK 30m Building Automation Framework Deal with Region Blekinge
Aug 19, 2026
Instalco’s subsidiary Inmatiq has signed a two-year framework agreement, with an option for a two-year extension, to deliver building automation services to Region Blekinge in southern Sweden. The estimated contract value is around SEK 30 mi...
Instalco boosts earnings, expands German platform and bets on AI
Jul 17, 2026
Instalco reported solid growth for the first half of 2026, with net sales rising 7.5 percent to SEK 7.3 billion and EBITA climbing 36.7 percent, lifting the margin to 6.5 percent. The second quarter showed particularly strong organic growth and im...
Instalco Takes Majority Stake in Germany’s Fabri to Boost Regional Growth
Jul 16, 2026
Instalco has increased its stake in German installation group Fabri AG by 27 percentage points to 51 percent, becoming majority owner and solidifying its platform for long-term growth in Germany. Fabri, which operates 23 subsidiaries with about 80...
Instalco lands SEK 45 million sustainable hotel installation contract in Sälen
Jul 2, 2026
Instalco has secured a SEK 45 million contract from Consto to design and install electrical, heating and plumbing, and automation systems for Scandic’s new mountain hotel in Sälen, Sweden. The work is being carried out collaboratively b...
Instalco Extends SEK 3.4 Billion Credit Facility to 2028
Jun 29, 2026
Instalco AB has exercised a one-year extension option on its existing credit facility agreement with Danske Bank A.S., Skandinaviska Enskilda Banken AB and AB Svensk Exportkredit, maintaining the total facility at SEK 3.4 billion. The extended fac...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.