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Netel Holding AB
(NETEL)
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Rating:45Neutral
Price Target:
kr2.50
â–¼(-17.22% Downside)
Action:Reiterated
Date:08/25/26
The score is held back primarily by weak financial performance—current losses, negative cash flow, and rising leverage. Technical indicators provide some near-term support (price above short-term averages and mildly positive momentum), but the longer-term trend remains bearish. Valuation is constrained by negative earnings and lack of dividend yield data.
Positive Factors
Critical infrastructure delivery model
Netel participates across the full infrastructure delivery chain, allowing it to capture work from planning through maintenance rather than relying on a single project stage. This integrated capability can support customer relationships, repeat assignments, and relevance as telecom and power networks require ongoing investment and upkeep.
Negative Factors
Severe profitability deterioration
The shift to a substantial net loss and negative operating profit reduces internal funding capacity and weakens the economics of the current contract portfolio. Persistently compressed margins would limit reinvestment, make recovery more dependent on execution improvements, and undermine confidence in near-term earnings quality.
Read all positive and negative factors
Positive Factors
Negative Factors
Critical infrastructure delivery model
Netel participates across the full infrastructure delivery chain, allowing it to capture work from planning through maintenance rather than relying on a single project stage. This integrated capability can support customer relationships, repeat assignments, and relevance as telecom and power networks require ongoing investment and upkeep.
Read all positive factors
Netel Holding AB (NETEL) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr132.68M
Dividend YieldN/A
Average Volume (3M)109.98K
Price to Earnings (P/E)―
Beta (1Y)0.49
Revenue Growth-17.01%
EPS Growth-209.44%
CountrySE
Employees770
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)-3.38
Shares Outstanding48,511,870
10 Day Avg. Volume110,180
30 Day Avg. Volume109,976
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.25
Price to Sales (P/S)0.08
P/FCF Ratio-3.40
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)0.38
Revenue Forecast (FY)kr2.93B
Netel Holding AB Business Overview & Revenue Model
Company Description
Netel Holding AB (publ), together with its subsidiaries, provides construction and maintenance services for communication infrastructure and power networks in Sweden, Norway, Finland, Germany, and the United Kingdom. It operates through three segm...
How the Company Makes Money
Netel primarily makes money by delivering contracted infrastructure projects and recurring service/maintenance work for network owners and operators. Revenue is generated when Netel performs engineering, construction, installation, and commissioni...
Netel Holding AB Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
44
Neutral
Cash Flow
31
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.77B | 2.92B | 3.28B | 3.46B | 3.14B | 2.42B |
| Gross Profit | -98.00M | -23.00M | 1.17B | 1.21B | 1.16B | 860.00M |
| EBITDA | 29.00M | 71.00M | 217.00M | 241.00M | 241.00M | 170.00M |
| Net Income | -164.00M | -117.00M | -47.00M | 44.00M | 123.00M | 66.00M |
Balance Sheet | ||||||
| Total Assets | 2.72B | 2.75B | 2.97B | 3.15B | 3.12B | 2.13B |
| Cash, Cash Equivalents and Short-Term Investments | 137.00M | 205.00M | 261.00M | 446.00M | 369.00M | 271.00M |
| Total Debt | 1.20B | 1.12B | 1.01B | 1.06B | 1.09B | 589.00M |
| Total Liabilities | 1.79B | 1.78B | 1.87B | 2.01B | 2.01B | 1.22B |
| Stockholders Equity | 932.42M | 971.00M | 1.09B | 1.13B | 1.11B | 912.00M |
Cash Flow | ||||||
| Free Cash Flow | -53.00M | -71.00M | 59.00M | 223.00M | -90.00M | 91.00M |
| Operating Cash Flow | -46.00M | -46.00M | 59.00M | 242.00M | -72.00M | 114.00M |
| Investing Cash Flow | -5.00M | -20.00M | -162.00M | -83.00M | -238.00M | -181.00M |
| Financing Cash Flow | 17.00M | 16.00M | -89.00M | -67.00M | 402.00M | 244.00M |
Netel Holding AB Technical Analysis
Negative
3.02
Price Trends
3.24
Negative
3.25
Negative
3.62
Negative
Market Momentum
-0.15
Positive
23.61
Positive
6.62
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NETEL, the sentiment is Negative. The current price of 3.02 is below the 20-day moving average (MA) of 3.03, below the 50-day MA of 3.24, and below the 200-day MA of 3.62, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 23.61 is Positive, neither overbought nor oversold. The STOCH value of 6.62 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NETEL.
Netel Holding AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | kr29.56B | 21.02 | ― | 2.63% | 1.66% | 26.04% | |
70 Outperform | kr48.00B | 21.08 | 18.15% | 2.78% | 5.87% | 7.65% | |
66 Neutral | kr11.58B | 14.86 | 6.19% | 5.79% | -5.02% | -15.85% | |
62 Neutral | kr11.08B | 29.53 | 12.77% | 1.18% | 4.03% | 38.99% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | kr2.63B | 63.37 | 2.32% | 0.25% | 0.40% | ― | |
45 Neutral | kr132.68M | -0.81 | ― | ― | -17.01% | -209.44% |
* General Sector Average
SE:NETEL
Netel Holding AB
2.75
-1.76
-39.02%
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Netel Holding AB Corporate Events
Netel wins SEK 60 million substation contract from Elvia in Norway
Oct 20, 2026
Netel Holding AB has secured a SEK 60 million contract from Norwegian grid operator Elvia to build the Isebakke substation in Halden, south of Oslo, with completion planned after the summer of 2028. The project is intended to boost grid capacity i...
Netel Wins SEK 32 Million E.ON Substation Contract in Sweden
Oct 5, 2026
Netel Holding AB has secured a contract from E.ON Energidistribution to build a new electrical substation in Bollstabruk, north of Kramfors in Sweden. The project, valued at over SEK 32 million, is scheduled for completion in 2029 and reinforces N...
Netel postpones planned bond issue until after Infrea merger
Oct 2, 2026
Netel Holding AB has decided to postpone a planned senior secured bond issue in the Swedish capital markets, despite strong investor interest, until after its merger with Infrea has been completed. The decision follows a recently oversubscribed ri...
Netel to Present Q3 2026 Results via Webcast and Teleconference
Oct 2, 2026
Netel Holding AB will publish its third-quarter 2026 report on Wednesday 28 October at 07:30 a.m. CET and follow up with a webcasted presentation at 09:00 a.m. CET, led by President and CEO Jeanette Reuterskiöld and CFO Fredrik Helenius. Inve...
Netel Wins SEK 40 Million Fiber and Power Contract with Sachsen Energie in Germany
Oct 1, 2026
Netel Holding AB, a Nordic infrastructure contractor focused on telecom, power and infraservices, has secured a new project in Germany with Sachsen Energie valued at approximately SEK 40 million. The mandate covers design and construction work for...
Netel Holding AB Completes Share Issue, Expands Share Capital
Sep 30, 2026
Netel Holding AB has increased its total number of shares and votes following a previously decided rights issue and a directed overallotment issue. These capital measures, resolved in July 2026 and subsequently approved at an extraordinary general...
Netel Issues Supplemental Prospectus for Planned SEK Bond Financing
Sep 24, 2026
Netel Holding AB has published a supplemental prospectus approved by the Swedish Financial Supervisory Authority, linked to its planned issuance of senior secured floating rate bonds in Swedish kronor. The bonds are expected to have a four-year te...
Netel plans senior secured bond issue to support merger-driven expansion
Sep 21, 2026
Netel Holding AB has appointed Arctic Securities, SB1 Markets and SEB as arrangers and joint bookrunners to conduct investor meetings starting 21 September 2026, ahead of a potential issuance of SEK-denominated senior secured floating rate bonds. ...
Netel Raises SEK 149m in Oversubscribed Rights Issue Ahead of Infrea Merger
Sep 14, 2026
Netel Holding AB has completed a secured rights issue that drew strong investor interest, with subscriptions reaching about 117 percent of the offer, both with and without subscription rights. In response, the board has activated a previously appr...
Netel wins NOK 44 million Elvia contracts to upgrade Norwegian substations
Aug 28, 2026
Netel Holding AB’s Norwegian subsidiary Nett-Tjenester has secured contracts worth a combined 44 million Norwegian kroner from Elvia, Norway’s leading energy company, to upgrade substations in Oslo and Innlandet county. The deals stren...
Netel advances Swedish subsidiary merger to unlock cost savings
Aug 27, 2026
Netel Holding AB, a Stockholm-listed provider of infrastructure services in power and telecom, is consolidating its Swedish operations to sharpen its efficiency and cost base. With a broad footprint in design, production and maintenance of critica...
Netel sets webcast to outline rights issue tied to Infrea merger
Aug 26, 2026
Netel Holding AB has announced a webcast on 1 September 2026 to present details of its planned rights issue and over-allotment issue connected to the merger with Infrea AB. The event will feature Infrea’s CEO and Netel’s CFO, who will ...
Netel delays third-quarter report publication by one week
Aug 25, 2026
Netel Holding AB has pushed back the publication of its third-quarter report, moving the release from 21 October to 28 October at 07:30 a.m. CET. The rescheduling adjusts the company’s financial reporting timetable but does not alter previou...
Netel Shareholders Back Infrea Merger and Capital Raising Package
Aug 21, 2026
Netel Holding AB’s extraordinary general meeting approved all board proposals tied to its planned merger with Infrea AB, including formal approval of the merger plan and amendments to the articles of association to expand share capital and s...
Netel Holding AB Publishes Information Document for Approved Rights Issue
Aug 21, 2026
Netel Holding AB has secured shareholder approval for a rights issue of up to 36,383,904 shares at SEK 3.50 per share, targeting proceeds of about SEK 127 million, alongside potential overallotment issues of up to 21,428,571 shares for roughly SEK...
Netel and Infrea Clear Regulatory Hurdles for Planned Merger
Jul 23, 2026
Netel Holding AB and Infrea AB have jointly announced that they have secured all necessary regulatory approvals for their planned merger, clearing a key hurdle in the transaction process. The Swedish Competition Authority has approved the deal, an...
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.