contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


infrea-a-quarter-in-the-right-direction-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Infrea is an industrial group that maintains and builds Swedish infrastructure. Their companies within road, construction, water and sewage acquires and manages local companies with local brands. The company is a decentralised organisation with the various subsidiares in focus. With Sweden as the home market, Infrea has its headquarters in Stockholm.

Infrea

* Sales -5%, adj. EBITA +25% vs. ABGSCe, 0% org. growth* '25e-'27e adj. EBITA estimates likely up 8-15%* Share to focus on the margin improvmentQ3 detailsInfrea delivered a solid report with...

* Sales -5%, adj. EBITA +25% vs. ABGSCe, 0% org. growth* '25e-'27e adj. EBITA estimates likely up 8-15%* Share to focus on the margin improvmentQ3 detailsInfrea delivered a solid report with sales flat y-o-y, but a high margin driven by paving services. Sales came in at SEK 531m (-5% vs. ABGSCe), 0% y-o-y of which +0% organic (ABGSCe +7%, +8% Q2'25), driven by paving services, partly offset by land &amp; construction. Adj. EBITA grew SEK 12m y-o-y to SEK 34m (+25%, SEK +7m, vs. ABGSCe), for a margin of 6.2% (ABGSCe 4.7%, 4.1% Q3'24) driven by good result in Asfaltsgruppen. Looking at y-o-y development, we see positive development in all segments. There is a SEK 0.9m one off cost in due to the divestment of Mikaels Grävjänst which was on our estimates.Estimate changes and outlookLooking ahead, management is not providing a formal outlook. However, they acknowledge that the market remains challenging. Nevertheless, we consider Infrea's strong margin and positive internal development to be signs that it is navigating the market well. We expect estimates for '25e-'27e adj. EBITA to mechanically come up by 10-15%.Final thoughtsA solid report with ales in line with expectations and strong profitability. The share has outperformed the broader market into numbers (4% L1M vs. OMXSGI 0%) and is trading at 10-6x EBITA '25e-'27e. We believe that the market will recognise the positive margin development resulting from Infrea's hard internal work.