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Netel Holding AB
(NETEL)
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Rating:41Neutral
Price Target:
kr3.00
▼(-39.64% Downside)
Action:Reiterated
Date:07/11/26
The score is driven primarily by weak financial performance (losses, negative operating and free cash flow, and rising leverage). Technicals reinforce the downside bias with the stock trading below all key moving averages and negative MACD. Valuation provides limited offset because earnings are negative and no dividend yield is available.
Positive Factors
Structural demand in critical networks
Netel serves telecom and power network owners—markets driven by multi-year fiber rollouts, mobile upgrades, and grid maintenance. This structural demand creates a durable addressable market with recurring service needs and steady project pipelines beyond short-term cycles.
Negative Factors
Negative cash generation
Sustained negative operating and free cash flows reduce liquidity and limit reinvestment in crews, equipment, and bidding capacity. Over a 2–6 month horizon this constrains the firm's ability to fund projects internally and increases reliance on external financing or working capital relief.
Read all positive and negative factors
Positive Factors
Negative Factors
Structural demand in critical networks
Netel serves telecom and power network owners—markets driven by multi-year fiber rollouts, mobile upgrades, and grid maintenance. This structural demand creates a durable addressable market with recurring service needs and steady project pipelines beyond short-term cycles.
Read all positive factors
Netel Holding AB (NETEL) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr147.48M
Dividend YieldN/A
Average Volume (3M)302.61K
Price to Earnings (P/E)―
Beta (1Y)0.56
Revenue Growth-17.01%
EPS Growth-209.44%
CountrySE
Employees785
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)-3.38
Shares Outstanding48,511,870
10 Day Avg. Volume285,731
30 Day Avg. Volume302,611
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 services to network owners and operators (e.g., telecom operators, utility/power grid companies, and other infrastructure owners). Revenue is mainly generated from (1) project/ins...
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 | 5.00M | 71.00M | 214.00M | 241.00M | 241.00M | 172.00M |
| 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
4.97
Price Trends
3.48
Negative
3.69
Negative
4.15
Negative
Market Momentum
-0.11
Positive
37.08
Neutral
26.09
Neutral
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 4.97 is above the 20-day moving average (MA) of 3.24, above the 50-day MA of 3.48, and above the 200-day MA of 4.15, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 37.08 is Neutral, neither overbought nor oversold. The STOCH value of 26.09 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | kr757.39M | -86.11 | ― | ― | -10.58% | -127.66% | |
63 Neutral | kr397.17M | 6.67 | ― | 3.51% | -6.63% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | kr295.51M | -27.69 | 8.68% | ― | -23.66% | -1444.83% | |
47 Neutral | kr1.37B | -2.03 | -42.09% | ― | -9.73% | -1023.75% | |
44 Neutral | kr239.18M | -1.14 | 0.35% | ― | -1.41% | -3913.83% | |
41 Neutral | kr147.48M | -0.91 | ― | ― | -17.01% | -209.44% |
* General Sector Average
SE:NETEL
Netel Holding AB
3.08
-7.19
-70.03%
SE:TRANS
Transtema Group AB
3.93
-9.68
-71.13%
SE:KEBNI.B
KebNi AB Class B
1.08
-1.50
-58.14%
SE:KJELL
Kjell Group AB
14.00
5.37
62.30%
SE:ALCA
Alcadon Group AB
31.00
8.00
34.78%
SE:INFREA
Infrea AB
13.40
-1.18
-8.07%
Netel Holding AB Corporate Events
Netel Sets Merger With Infrea as Q2 Tracks Seasonal Pattern
Jul 10, 2026
Netel Holding AB and Infrea plan to merge in the fourth quarter of 2026, creating a leading Northern European infrastructure services company with about SEK 5 billion in revenue and broader operations across infraservices, power and telecom. Ahead...
Netel Wins SEK 40 Million E.ON Substation Contract in Southern Sweden
Jun 26, 2026
Netel Holding AB, a Swedish specialist in infraservices, power and telecom infrastructure, designs, builds and maintains critical facilities for utilities and network operators across the value chain. With substantial 2025 net sales and around 800...
Netel wins SEK 14 million Stockholm waterworks contract with Familjebostäder
Jun 24, 2026
Netel Holding AB has secured a new customer by signing a contract with municipal housing company AB Familjebostäder in Stockholm for ground, water and sewage works in the Kaggen 1 block in Tallkrogen, south of the capital. The project, valued...
Netel schedules webcast and call for second-quarter 2026 report
Jun 23, 2026
Netel Holding AB, a Swedish infrastructure services provider active in infraservices, power and telecom, delivers end-to-end solutions from design to maintenance for critical infrastructure assets. The company, which employs around 800 staff and g...
Netel and Infrea to Merge into SEK 5 Billion Nordic Infrastructure Platform
Jun 15, 2026
Netel Holding AB and Infrea AB plan to merge under the Swedish Companies Act to form a leading Northern European infrastructure services platform with combined revenue of about SEK 5 billion. The merged business will span infrastructure, power, te...
Netel Plans Fully Secured SEK 127 Million Rights Issue Ahead of Infrea Merger
Jun 15, 2026
Netel Holding AB’s board plans a fully secured rights issue of approximately SEK 127 million, alongside a proposed overallotment issue of up to SEK 75 million, ahead of its planned merger with Infrea AB. The company will offer existing share...
Netel Wins SEK 20 Million Civil Engineering Contract for Uppsala Modular School
May 28, 2026
Netel Holding AB, a Swedish infrastructure specialist in Infraservices, Power and Telecom, designs, builds and maintains critical networks and facilities across the Nordic market and beyond. The company, which employs around 800 staff and is liste...
Netel Holding AGM Backs Board Proposals and Withholds 2025 Dividend
May 7, 2026
Netel Holding AB’s Annual General Meeting approved all proposals from the board and nomination committee, including the adoption of the 2025 financial statements and the decision not to pay a dividend for the 2025 financial year, while grant...
Netel Wins SEK 40 Million Turnkey Power Contract with Swedavia
May 6, 2026
Netel Holding AB, a Swedish provider of infraservices, power, and telecom infrastructure solutions, operates across the full life cycle of critical facilities, from design to ongoing maintenance. The company, listed on Nasdaq Stockholm, reported n...
Netel’s Q1 Hit by Seasonality and Telecom Shift but Order Backlog Reaches SEK 4.2 Billion
Apr 24, 2026
Netel Holding AB reported a seasonally weak first quarter, with net sales down 14.9% to SEK 575 million and a small operating loss, as a long winter and telecom market transition weighed on results, cash flow and margins. Despite the short-term pr...
Netel Wins Strategic Network Upgrade Deal with Stångåstaden in Linköping
Apr 22, 2026
Netel Holding AB, a Swedish infrastructure services provider focused on infraservices, power, and telecom, delivers end-to-end design, construction, and maintenance of critical networks. The company, which generated SEK 2,915 million in net sales ...
Netel wins SEK 130m FRMCS mast contracts with Swedish Transport Administration
Apr 21, 2026
Netel Holding AB, a Stockholm-listed infrastructure specialist in infraservices, power and telecom, designs, builds and maintains critical networks across the Nordic region. The company leverages more than two decades of experience to support esse...
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.