Reported Earnings • Jul 19
Second quarter 2026 earnings released: EPS: kr0.54 (vs kr0.45 in 2Q 2025) Second quarter 2026 results: EPS: kr0.54 (up from kr0.45 in 2Q 2025). Revenue: kr3.88b (up 10% from 2Q 2025). Net income: kr145.0m (up 21% from 2Q 2025). Profit margin: 3.7% (up from 3.4% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Board Change • May 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. Independent Director Ulf Wretskog was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Apr 17
Instalco AB (publ) (OM:INSTAL) has signed an agreement to acquire 70% stake in Defensio Invest Ab from Christopher Inerud and Fredrik Tapper. Instalco AB (publ) (OM:INSTAL) has signed an agreement to acquire 70% stake in Defensio Invest Ab from Christopher Inerud and Fredrik Tapper on April 16, 2026. Defensio Invest AB is operating under the TSM Taksäkerhetsmontörerna brand, of which Taksäkerhetsmontörerna i Mälardalen AB is the largest operating company. The purchase price will partly be paid through the transfer of the 310,545 shares amounting approximately SEK 11 million held by Instalco in treasury, valued based on the volume-weighted average price of the Instalco share during the two trading days following the publication of the interim report for the first quarter of 2026.
For the period ending December 31, 2025, Defensio Invest Ab reported total revenue of SEK 190 million. Christopher Inerud and Fredrik Tapper will remain as minority owners and continue in their operational roles, responsible for the company’s development and operations. Defensio Invest Ab has approximately 60 employees.
The acquisition is expected to have only a marginal impact on Instalco’s key figures. Announcement • Feb 13
Instalco AB (publ) announces Annual dividend, payable on May 12, 2026 Instalco AB (publ) announced Annual dividend of SEK 0.5000 per share payable on May 12, 2026, ex-date on May 06, 2026 and record date on May 07, 2026. Announcement • Oct 29
Instalco AB (publ), Annual General Meeting, May 05, 2026 Instalco AB (publ), Annual General Meeting, May 05, 2026. Announcement • Mar 25
Instalco AB (publ) (OM:INSTAL) acquired Alf NÄSlunds EltjÄNst Ab from Anders Näslund. Instalco AB (publ) (OM:INSTAL) acquired Alf NÄSlunds EltjÄNst Ab from Anders Näslund on March 24, 2025. Alf NÄSlunds EltjÄNst will become part of Instalco.
For the period ending December 31, 2024, Alf NÄSlunds EltjÄNst Ab reported total revenue of SEK 55 million.
Instalco AB (publ) (OM:INSTAL) acquired Alf NÄSlunds EltjÄNst Ab from Anders Näslund on March 24, 2025. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: kr0.33 (vs kr0.54 in 3Q 2023) Third quarter 2024 results: EPS: kr0.33 (down from kr0.54 in 3Q 2023). Revenue: kr3.16b (down 4.4% from 3Q 2023). Net income: kr88.0m (down 38% from 3Q 2023). Profit margin: 2.8% (down from 4.3% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. New Risk • Aug 25
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 90% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: kr0.49 (vs kr0.62 in 2Q 2023) Second quarter 2024 results: EPS: kr0.49 (down from kr0.62 in 2Q 2023). Revenue: kr3.68b (down 4.0% from 2Q 2023). Net income: kr130.0m (down 20% from 2Q 2023). Profit margin: 3.5% (down from 4.2% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Announcement • Aug 21
Instalco AB (publ) (OM:INSTAL) acquired It-Line Service Oy. Instalco AB (publ) (OM:INSTAL) acquired It-Line Service Oy on August 20, 2024. IT-Line Service currently employs 33 people, and generates an annual revenue of approximately SEK 40 million.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of It-Line Service Oy on August 20, 2024. Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Director Ulf Wretskog was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • May 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (76% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). New Risk • May 16
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 76% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (76% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 04
First quarter 2024 earnings released: EPS: kr0.42 (vs kr0.52 in 1Q 2023) First quarter 2024 results: EPS: kr0.42 (down from kr0.52 in 1Q 2023). Revenue: kr3.34b (up 2.3% from 1Q 2023). Net income: kr110.0m (down 19% from 1Q 2023). Profit margin: 3.3% (down from 4.1% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 26
Dividend of kr0.68 announced Shareholders will receive a dividend of kr0.68. Ex-date: 7th May 2024 Payment date: 14th May 2024 Dividend yield will be 20%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 21% per year over the past 6 years and payments have been stable during that time. EPS is expected to grow by 48% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 19
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 80% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (80% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: kr2.34 (vs kr2.00 in FY 2022) Full year 2023 results: EPS: kr2.34 (up from kr2.00 in FY 2022). Revenue: kr14.4b (up 19% from FY 2022). Net income: kr615.0m (up 18% from FY 2022). Profit margin: 4.3% (in line with FY 2022). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Nov 18
Instalco AB (publ) (OM:INSTAL) acquired Sähkö-Äijät Teollisuus Oy. Instalco AB (publ) (OM:INSTAL) acquired Sähkö-Äijät Teollisuus Oy on November 16, 2023. With this acquisition Instalco strengthens its industrial offering towards customers in Finland. Sähkö-Äijät has sales of around €2.1 million and 24 employees.
Instalco AB (publ) (OM:INSTAL) completed the acquisition ofSähkö-Äijät Teollisuus Oy on November 16, 2023. Recent Insider Transactions • Nov 10
Chief Executive Officer recently bought €149k worth of stock On the 7th of November, Robin Boheman bought around 50k shares on-market at roughly €2.99 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Robin has been a buyer over the last 12 months, purchasing a net total of €63k worth in shares. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: kr0.54 (vs kr0.30 in 3Q 2022) Third quarter 2023 results: EPS: kr0.54 (up from kr0.30 in 3Q 2022). Revenue: kr3.34b (up 20% from 3Q 2022). Net income: kr142.0m (up 84% from 3Q 2022). Profit margin: 4.3% (up from 2.8% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Oct 19
Instalco AB (Publ) Announces Nomination Committee Instalco AB (publ) announced the Nomination Committee ahead of the 2024 AGM comprises the following members: Lennart Francke (appointed by Swedbank Robur Funds), Angelica Hanson (appointed by AMF Pension & Funds) and Per Sjöstrand. As Per Sjöstrand is the largest owner in Instalco and also the Chairman of the Board, the Nomination Committee ahead of the 2024 AGM comprises three persons. Announcement • Sep 12
Instalco AB (publ) (OM:INSTAL) acquired Urd Klima Sandnes AS. Instalco AB (publ) (OM:INSTAL) acquired Urd Klima Sandnes AS on September 11, 2023.Instalco AB (publ) (OM:INSTAL) completed the acquisition of Urd Klima Sandnes AS on September 11, 2023. Reported Earnings • Aug 23
Second quarter 2023 earnings released: EPS: kr0.62 (vs kr0.73 in 2Q 2022) Second quarter 2023 results: EPS: kr0.62 (down from kr0.73 in 2Q 2022). Revenue: kr3.83b (up 24% from 2Q 2022). Net income: kr162.0m (down 15% from 2Q 2022). Profit margin: 4.2% (down from 6.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €3.71, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.28 per share. New Risk • Jul 17
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (80% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.7% average weekly change). New Risk • Jul 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (80% net debt to equity). Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • May 05
First quarter 2023 earnings released: EPS: kr0.52 (vs kr0.39 in 1Q 2022) First quarter 2023 results: EPS: kr0.52 (up from kr0.39 in 1Q 2022). Revenue: kr3.31b (up 28% from 1Q 2022). Net income: kr135.0m (up 34% from 1Q 2022). Profit margin: 4.1% (up from 3.9% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 01
Upcoming dividend of kr0.66 per share at 1.2% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 12 May 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (3.6%). Reported Earnings • Mar 27
Full year 2022 earnings released: EPS: kr2.00 (vs kr2.10 in FY 2021) Full year 2022 results: EPS: kr2.00 (down from kr2.10 in FY 2021). Revenue: kr12.1b (up 36% from FY 2021). Net income: kr520.0m (down 4.8% from FY 2021). Profit margin: 4.3% (down from 6.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €4.03, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 139% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.84 per share. Reported Earnings • Feb 17
Full year 2022 earnings released Full year 2022 results: Revenue: kr12.2b (up 37% from FY 2021). Net income: kr551.0m (flat on FY 2021). Profit margin: 4.5% (down from 6.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Construction industry in Europe. Announcement • Feb 17
Instalco AB (publ) Proposes Dividend Instalco AB (publ) announced its the Board proposed dividends of SEK 0.66 (0.65) per share. Announcement • Feb 11
Instalco AB (publ) (OM:INSTAL) agreed to acquire Lysteknikk Elektroentreprenør As. Instalco AB (publ) (OM:INSTAL) agreed to acquire Lysteknikk Elektroentreprenør As on February 10, 2023. Lysteknikk Elektroentreprenør had sales of approximately SEK 325 million. The transaction is expected to complete in February and is conditional upon approval from the Norwegian Competition Authority. Announcement • Jan 25
Instalco AB (publ) (OM:INSTAL) agreed to acquire Rörprodukter Montage Sverige Ab. Instalco AB (publ) (OM:INSTAL) agreed to acquire Rörprodukter Montage Sverige Ab on January 24, 2023. Rörprodukter Montage had revenue of approximately SEK 24 million Announcement • Jan 22
Instalco AB (publ) (OM:INSTAL) acquired Telepatrol Oy. Instalco AB (publ) (OM:INSTAL) acquired Telepatrol Oy on January 20, 2023. Telepatrol has annual sales of approximately SEK 48 million and around 30 employees. Instalco AB (publ) (OM:INSTAL) completed the acquisition of Telepatrol Oy on January 20, 2023. Announcement • Dec 10
Instalco AB (publ) to Report Nine Months, 2023 Final Results on Oct 27, 2023 Instalco AB (publ) announced that they will report nine months, 2023 final results on Oct 27, 2023 Announcement • Dec 08
Instalco AB (publ) (OM:INSTAL) acquired Bakke El-Installasjon As. Instalco AB (publ) (OM:INSTAL) acquired Bakke El-Installasjon As on December 7, 2022. As of December 31, 2021, Bakke El-Installasjon As reported turnover of approximately NOK 30 million.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of Bakke El-Installasjon As on December 7, 2022. Announcement • Nov 18
Instalco AB (publ) acquired Dymont Installation Oy. Instalco AB (publ) acquired Dymont Installation Oy on November 17, 2022. As of year ended 2021, Dymont Installation Oy reported revenue of SEK 52 million.Instalco AB (publ) completed the acquisition of Dymont Installation Oy on November 17, 2022. Announcement • Nov 16
Instalco AB (publ) (OM:INSTAL) acquired Imes As. Instalco AB (publ) (OM:INSTAL) acquired Imes As on November 15, 2022. Imes As employs around 30 people and has sales of about NOK 50 million a year.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of Imes As on November 15, 2022. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: kr0.30 (vs kr0.50 in 3Q 2021) Third quarter 2022 results: EPS: kr0.30 (down from kr0.50 in 3Q 2021). Revenue: kr2.80b (up 41% from 3Q 2021). Net income: kr77.0m (down 40% from 3Q 2021). Profit margin: 2.7% (down from 6.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 16
Instalco AB (publ) (OM:INSTAL) acquired Urd Klima Oppdal AS and Urd Klima Service Oppdal. Instalco AB (publ) (OM:INSTAL) acquired Urd Klima Oppdal AS and Urd Klima Service Oppdal As on September 14, 2022. The URD Klima companies, domiciled south of Trondheim in Oppdal, together have 28 employees and combined sales of approximately NOK 45 million.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of Urd Klima Oppdal AS and Urd Klima Service Oppdal As on September 14, 2022. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: kr0.73 (vs kr0.59 in 2Q 2021) Second quarter 2022 results: EPS: kr0.73 (up from kr0.59 in 2Q 2021). Revenue: kr3.14b (up 36% from 2Q 2021). Net income: kr191.0m (up 24% from 2Q 2021). Profit margin: 6.1% (down from 6.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 9.0%, compared to a 5.1% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 11
Instalco AB (publ) (OM:INSTAL) agreed to acquire Grevstad & Tvedt Vvs As from Anders Grevstad and Kasper Tvedt. Instalco AB (publ) (OM:INSTAL) agreed to acquire Grevstad & Tvedt Vvs As from Anders Grevstad and Kasper Tvedt on August 10, 2022. The owners will remain in their current roles after the acquisition. Grevstad & Tvedt has 70 employees. The deal is expected to close in August 2022. Announcement • Jun 15
Instalco AB (publ) (OM:INSTAL) agreed to acquire Kuopion Lvi-Talo Oy. Instalco AB (publ) (OM:INSTAL) agreed to acquire Kuopion Lvi-Talo Oy on June 14, 2022. Kuopion Lvi-Talo has around 30 employees and for the 2020-2021 financial year, sales were approximately SEK 65 million.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of Kuopion Lvi-Talo Oy on June 14, 2022. Announcement • Jun 11
Instalco AB (publ) (OM:INSTAL) agreed to acquire Christiania Rørleggerbedrift As. Instalco AB (publ) (OM:INSTAL) agreed to acquire Christiania Rørleggerbedrift As on June 10, 2022. Instalco will acquire 100 percent of the shares in Christiania Rørleggerbedrift AS and its subsidiaries and the transaction is expected to close during June or July 2022. As of year ended 2021, Christiania Rørleggerbedrift As reported revenue of SEK 148 million Reported Earnings • May 06
First quarter 2022 earnings released: EPS: kr0.39 (vs kr0.42 in 1Q 2021) First quarter 2022 results: EPS: kr0.39 (down from kr0.42 in 1Q 2021). Revenue: kr2.62b (up 35% from 1Q 2021). Net income: kr101.0m (down 8.2% from 1Q 2021). Profit margin: 3.9% (down from 5.7% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 14%, compared to a 6.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 06
Instalco AB (Publ) Announces Dividend Payable on 12 May 2022 Instalco AB (publ) announced that the annual general meeting resolved on a dividend of SEK 0.65 per share and that 9 May 2022 shall be the record date for the dividend. Payment of the dividend will be made on 12 May 2022. Announcement • May 05
Instalco AB (publ) (OM:INSTAL) acquired Liab - Instrumenteringar Ab. Instalco AB (publ) (OM:INSTAL) acquired Liab - Instrumenteringar Ab on May 4, 2022.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of Liab - Instrumenteringar Ab on May 4, 2022. Upcoming Dividend • Apr 29
Upcoming dividend of kr0.65 per share Eligible shareholders must have bought the stock before 06 May 2022. Payment date: 12 May 2022. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.0%). Lower than average of industry peers (3.7%). Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Founder, Chairman of the Board & President Per Sjostrand was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorated over the past week After last week's 21% share price decline to €5.41, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 265% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.35 per share. Announcement • Apr 09
Instalco AB (publ) (OM:INSTAL) completed the acquisition of 70% interest in HighCon AB. Instalco AB (publ) (OM:INSTAL) agreed to acquire 70% interest in HighCon AB on March 14, 2022. the Highcon had sales of approximately SEK 325 million. The transaction is subject to pending approval from the Swedish Competition Authority and is expected to complete sometime during March or April. As of April 8, 2022 Swedish Competition Authority approved the deal.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of 70% interest in HighCon AB on April 8,, 2022. Buying Opportunity • Apr 08
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €8.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: kr2.10 (vs kr1.80 in FY 2020) Full year 2021 results: EPS: kr2.10 (up from kr1.80 in FY 2020). Revenue: kr8.89b (up 25% from FY 2020). Net income: kr546.0m (up 20% from FY 2020). Profit margin: 6.1% (down from 6.4% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 17%, compared to a 5.8% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Feb 25
Founder recently bought €30m worth of stock On the 22nd of February, Per Sjostrand bought around 5m shares on-market at roughly €5.91 per share. This was the largest purchase by an insider in the last 3 months. This was Per's only on-market trade for the last 12 months. Reported Earnings • Feb 18
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: kr10.73 (up from kr1.80 in FY 2020). Revenue: kr9.01b (up 27% from FY 2020). Net income: kr558.0m (up 22% from FY 2020). Profit margin: 6.2% (down from 6.4% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 14%, compared to a 10% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 63% per year whereas the company’s share price has increased by 65% per year. Announcement • Feb 18
Instalco Proposes Dividend Instalco Board proposes a dividend of SEK 3.25 (2.70) per share. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €33.22, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 13x in the Construction industry in Europe. Total returns to shareholders of 413% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €30.67 per share. Announcement • Jan 15
Instalco AB (publ) (OM:INSTAL) acquired Tc Kraft Ab. Instalco AB (publ) (OM:INSTAL) acquired Tc Kraft Ab on January 12, 2022. Instalco AB reported revenue of SEK 50 million for the most recent financial year.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of Tc Kraft Ab on January 12, 2022. Announcement • Jan 04
Instalco AB (publ) (OM:INSTAL) agreed to acquire Manglerud Rørleggerbedrift As. Instalco AB (publ) (OM:INSTAL) agreed to acquire Manglerud Rørleggerbedrift As on January 3, 2022. As of September 30, 2021, Manglerud Rørleggerbedrift reported total revenue of NOK 25 million. The transaction is expected to be closed by January 2022. Announcement • Dec 19
Instalco AB (publ) (OM:INSTAL) acquired Aktiebolaget Lidingö Elektriska. Instalco AB (publ) (OM:INSTAL) acquired Aktiebolaget Lidingö Elektriska on December 17, 2021. As of 2020, Aktiebolaget Lidingö Elektriska reported total revenue of SEK 27 million.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of Aktiebolaget Lidingö Elektriska on December 17, 2021. Announcement • Dec 08
Instalco AB (publ) (OM:INSTAL) acquired Nordpipe Composite Engineering OY. Instalco AB (publ) (OM:INSTAL) acquired Nordpipe Composite Engineering OY on December 7, 2021. For the year ending on December 31, 2020, Nordpipe Composite Engineering OY reported sales of approximately SEK 235 million.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of Nordpipe Composite Engineering OY on December 7, 2021. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS kr2.48 (vs kr2.04 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: kr2.02b (up 23% from 3Q 2020). Net income: kr129.0m (up 23% from 3Q 2020). Profit margin: 6.4% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 98% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 24
Instalco AB (publ) (OM:INSTAL) agreed to acquire Total VVS AS. Instalco AB (publ) (OM:INSTAL) agreed to acquire Total VVS AS on September 23, 2021. The acquisition is conditional, pending approval from the Norwegian Competition Authority and it will take possession during the latter part of October 2021. For the year ending December 31, 2020, Total VVS AS reported revenues of approximately SEK 114 million. Announcement • Sep 10
Instalco AB (publ) (OM:INSTAL) acquired Nicklas Eriksson Ab. Instalco AB (publ) (OM:INSTAL) acquired Nicklas Eriksson Ab on September 8, 2021. For the most recent financial year it reported sales of approximately SEK 59 million.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of Nicklas Eriksson Ab on September 8, 2021. Recent Insider Transactions • Aug 28
Independent Director recently sold €821k worth of stock On the 26th of August, Johnny Alvarsson sold around 18k shares on-market at roughly €45.59 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €938k more than they bought in the last 12 months. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS kr2.96 (vs kr2.41 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: kr2.33b (up 35% from 2Q 2020). Net income: kr154.0m (up 28% from 2Q 2020). Profit margin: 6.6% (down from 7.0% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 91% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 25
Instalco AB (publ) (OM:INSTAL) acquired Start-Up AB. Instalco AB (publ) (OM:INSTAL) acquired Start-Up AB on August 24, 2021. For the year ending December 31, 2020, Start-Up AB reported sales of SEK 97 million.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of Start-Up AB on August 24, 2021. Announcement • Jul 07
Instalco AB (publ) (OM:INSTAL) agreed to acquire Forssens Elektriska Ab. Instalco AB (publ) (OM:INSTAL) agreed to acquire Forssens Elektriska Ab on July 5, 2021. For the year ended December 31, 2021, Forssens Elektriska reported approximately SEK 65 million in sales. The transaction is expected to close on July 5, 2021. Announcement • Jul 03
Instalco AB (publ) (OM:INSTAL) acquired Klimateknikk Oslo AS. Instalco AB (publ) (OM:INSTAL) acquired Klimateknikk Oslo AS on July 2, 2021. For the 2020 financial year, Klimateknikk Oslo AS sales were approximately SEK 40 million.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of Klimateknikk Oslo AS on July 2, 2021. Announcement • Jun 18
Instalco AB (publ) (OM:INSTAL) agreed to acquire Nihlen Elmontage Ab from selling family. Instalco AB (publ) (OM:INSTAL) agreed to acquire Nihlen Elmontage Ab from selling family on June 17, 2021. Nihlen Elmontage Ab’s sales for the financial year were approximately SEK 83 million. Instalco will acquire Nihlén Elmontage AB as of June 17, 2021. Announcement • May 28
Instalco AB (publ) (OM:INSTAL) agreed to acquire Elinstallationer I Karlshamn AB and Lampans Elinstallationer Aktiebolag. Instalco AB (publ) (OM:INSTAL) agreed to acquire Elinstallationer I Karlshamn AB and Lampans Elinstallationer Aktiebolag on May 26, 2021. The founder, owner and Chief Executive Officer of Elinstallationer I Karlshamn AB and Lampans Elinstallationer Aktiebolag is Fredrik Jönsson and he will remain in his current position at Elinstallationer I Karlshamn AB and Lampans Elinstallationer Aktiebolag. Announcement • May 14
Instalco AB (publ) (OM:INSTAL) acquired Rörmokaren AB. Instalco AB (publ) (OM:INSTAL) acquired Rörmokaren AB on May 12, 2021.
Instalco AB (publ) (OM:INSTAL) completed the acquisition of Rörmokaren AB on May 12, 2021. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr29.88, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 15x in the Construction industry in Europe. Total returns to shareholders of 136% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €26.92 per share. Announcement • May 07
Instalco AB (Publ) Approves Dividend, May 14, 2021 Instalco AB (publ) announced at the AGM held on May 6, 2021 that the company approved a dividend of SEK 2.70 per share and that 10 May 2021 shall be the record date for the dividend. Payment for the dividend shall be made on 14 May 2021. Reported Earnings • May 07
First quarter 2021 earnings released: EPS kr2.12 (vs kr1.68 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr1.96b (up 17% from 1Q 2020). Net income: kr110.0m (up 33% from 1Q 2020). Profit margin: 5.6% (up from 5.0% in 1Q 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • Apr 30
Upcoming dividend of kr2.70 per share Eligible shareholders must have bought the stock before 07 May 2021. Payment date: 14 May 2021. Trailing yield: 0.7%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.8%).