olivLaw · European equity research
Indutrade Aktiebolag INDT.ST
Sweden · Nasdaq Stockholm · ISIN SE0001515552 · Vertical: Listed companies from Sweden
Indutrade is an international technology and industrial group with a decentralised structure, made up of 223 companies mainly based in Western Europe. The group is active through five business areas and supports its growth through acquisitions, an important factor in a weaker European economy in 2025.
At the close of 05 Nov 2026, Indutrade Aktiebolag (INDT.ST) stock was 272.40 SEK (−0.07% on the day), with market capitalisation 99.2 bn SEK, P/E 38.7 on diluted EPS of 7.03 SEK over the last 12 months, dividend yield 1.10%, beta 1.04, 52-week range 182.70–272.60 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 62.9
- strong (55–70)
- Bollinger (20, 2)
- 251.97 – 276.77
- in the upper half of the band · %B 0.82 · band width 9.4%
- SMA 50 / 200
- 256.52 / 227.45
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.42 / 2.71
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.3% | −0.6% | +3.9 pp | — |
| 3 months | +11.4% | −4.2% | +15.5 pp | — |
| 6 months | +37.2% | +4.3% | +32.9 pp | — |
| Year to date | +13.3% | +7.5% | +5.8 pp | — |
| 1 year | +11.4% | +9.9% | +1.4 pp | −8.5% |
| 3 years | +31.8% | +49.8% | −18.1 pp | +12.3% |
| 5 years | +8.0% | +42.8% | −34.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 33.3, median 34.2, max 36.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 31.8 bn | 32.5 bn | 32.2 bn |
| Revenue YoY | unavailable | +2.2% | −1.0% |
| Net income | 2.9 bn | 2.7 bn | 2.6 bn |
| Net income YoY | unavailable | −4.0% | −6.9% |
| Diluted EPS | 7.86 | 7.54 | 7.03 |
| Diluted EPS YoY | unavailable | −4.1% | −6.8% |
| net % | 9.0% | 8.4% | 7.9% |
| Free cash flow | 4.0 bn | 3.6 bn | 3.5 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.4 bn SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 17.1 bn SEK
- Total assets
- 33.2 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.98x
- ROE
- 15.2%
- ROA
- 7.6%
- FCF margin
- 10.8%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 31.8 bn | 32.5 bn | 32.2 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 20.8 bn | 21.1 bn | 20.8 bn | esef· 26 Oct 2026verified |
| Gross profit | 11.0 bn | 11.4 bn | 11.4 bn | esef· 26 Oct 2026verified |
| Research & development | 395.0 m | 406.0 m | 378.0 m | esef· 26 Oct 2026verified |
| Operating income | 4.2 bn | 4.0 bn | 3.8 bn | esef· 26 Oct 2026verified |
| Interest expense | 536.0 m | 616.0 m | 500.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 3.7 bn | 3.5 bn | 3.3 bn | esef· 26 Oct 2026verified |
| Income tax | 825.0 m | 777.0 m | 770.0 m | esef· 26 Oct 2026verified |
| Net income | 2.9 bn | 2.7 bn | 2.6 bn | esef· 26 Oct 2026verified |
| Diluted EPS | 7.86 | 7.54 | 7.03 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 364.3 m | 364.4 m | 364.4 m | esef· 26 Oct 2026verified |
| Dividend per share | 2.60 | 2.86 | 3.00 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.0 bn | 3.1 bn | 2.4 bn | esef· 26 Oct 2026verified |
| Inventories | 5.4 bn | 5.4 bn | 5.0 bn | esef· 26 Oct 2026verified |
| Current assets | 14.0 bn | 14.8 bn | 13.6 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 3.0 bn | 3.1 bn | 3.0 bn | esef· 26 Oct 2026verified |
| Total assets | 31.3 bn | 34.4 bn | 33.2 bn | esef· 26 Oct 2026verified |
| Current liabilities | 7.1 bn | 7.5 bn | 6.9 bn | esef· 26 Oct 2026verified |
| Total liabilities | 16.8 bn | 17.8 bn | 16.1 bn | esef· 26 Oct 2026verified |
| Equity | 14.5 bn | 16.7 bn | 17.1 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 364.5 m | 364.1 m | 364.2 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.5 bn | 4.1 bn | 4.0 bn | esef· 26 Oct 2026verified |
| Capex | 519.0 m | 485.0 m | 502.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 4.0 bn ≈ | 3.6 bn ≈ | 3.5 bn ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -2.1 bn | -2.5 bn | -2.2 bn | esef· 26 Oct 2026verified |
| Financing cash flow | -932.0 m | -1.6 bn | -2.3 bn | esef· 26 Oct 2026verified |
| Dividends paid | 946.0 m | 1.0 bn | 1.1 bn | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 99.2 bn SEK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.9% | 69 (vs peers) | 12% |
| FCF conversion · Quality | 136.3% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.5x | 93 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.0x | 98 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 38.7x | 19 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.5% | 44 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 31.3% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet95/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality85/100 · 2/3 factors with a value
- Returns49/100 · 2/2 factors with a value
- Valuation30/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Indutrade Aktiebolag (INDT.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 32.2 bn SEK in 2025; YoY growth -1.0%; net margin 7.9%; ROE 15.2%.
The estimated value range is 69.26–136.93 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 91.04 SEK, the price of 272.40 SEK leaves a potential of -66.6% (value / price − 1) and a margin of safety of -199.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 136.2%
- Interest coverage: 7.5x
- Current ratio: 2.0x
- Payout ratio (FCF): 31.3%
What contradicts it
- P/E (TTM): 38.7x
- Shareholder yield (distributions): 1.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| INDT.STIndutrade Aktiebolag | 99.2 bn | 38.7 | 15.2% | 7.9% | −1.0% | +16% / +18% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for INDT.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 152.16 Total return -43% · Per year -43% | 269.76 Total return 0% · Per year 0% | 407.36 Total return 51% · Per year 51% |
| 3 years | 131.89 Total return -49% · Per year -20% | 264.57 Total return 0% · Per year 0% | 440.88 Total return 66% · Per year 18% |
| 5 years | 114.32 Total return -54% · Per year -15% | 259.47 Total return 1% · Per year 0% | 477.15 Total return 82% · Per year 13% |
- Exit P/E± 66.14
- Net margin± 46.30
- Annual revenue growth± 40.11
- Annual dilution± 3.89
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Indutrade is an international technology and industrial group with a decentralised structure, made up of 223 companies mainly based in Western Europe. The group is active through five business areas and supports its growth through acquisitions, an important factor in a weaker European economy in 2025 1.
SWOT
Strengths
- Decentralised model with many small and medium-sized companies, which reduces the risk of a single incident affecting the whole group 1.
- High technical expertise and niche positions in several segments, including Life Science with high margins 1.
- Centralised financing through the parent company and established relationships with Nordic banks 1.
Weaknesses
Opportunities
Risks
- Dependence on acquisitionshigh
Group growth relies heavily on acquisitions. If the pace or quality of acquisitions declines, financial development could be affected 1.
- Economic conditionshigh
Companies depend on the investments and purchases of industrial customers. A weakening of European markets could reduce sales 1.
- Weak acquisitionsmedium
Acquired companies with financial or sustainability problems could affect group results if the due diligence process is not sufficient 1.
- Supply chains and energymedium
Geopolitical disruptions or rising energy prices could affect companies' costs and deliveries 1.
- Currency riskmedium
Currency fluctuations could affect results and equity measured in Swedish kronor, since part of the business is conducted in foreign currencies 1.
Investment thesis
What would need to be true (bull case)
- The decentralised model and sector diversification can limit the impact of one weak sector, and positions in high-margin niches such as Life Science provide a solid base 1.
- The acquisition strategy could continue to add sales and expertise, especially if organic growth returns to positive territory 1.
- Centralised financing and established bank relationships offer flexibility for investment, even in more difficult economic periods 1.
What would break the thesis
- Organic growth was close to zero in 2025, and reliance on acquisitions could make results harder to sustain if those slow down 1.
- A weak European industrial economy and price pressure could reduce margins in several segments 1.
- Digitalisation could intensify direct competition from manufacturers, which could affect the group's intermediary role 1.
What to watch
- Trend in organic growth in each business area2026
- Pace and pricing of new acquisitions2026
- EBITA margins in Process, Energy & Water and Technology & Systems Solutions2026
- Effect of the European economic climate on industrial ordersnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Indutrade is an international technology and industrial group operating through a decentralised model in which companies make their own decisions with support from their boards. Activity is organised into five business areas, which are divided into 35 business segments corresponding to customer segments, geographies or technologies 1. Holding companies in Europe provide local expertise in legal and accounting matters, used also in acquisitions 1.
Most companies are small and medium-sized technology trading firms with a varied product range, and a significant part has its own product portfolio. Acquisitions are part of the business and growth model, and in 2025 several companies were acquired across all business areas 1. The model spreads risk across sectors and markets, but depends on the group keeping the quality of its acquisition process 1.
The group manages its financing largely through the parent company, while subsidiaries are financed internally, which simplifies access to capital for the whole structure 1.
Segments
Life Science
The largest contributor to operating profit. The segment sells components, medical technology products, production equipment and system solutions to the pharmaceutical, healthcare and food industries, with an EBITA margin of 16.8 percent in 2025 1.
Process, Energy & Water
Sells fluid products such as valves, pipes and pumps, along with measurement instruments, to the energy, water and process industries. The margin fell to 15.1 percent due to a weak Finnish process industry and a lower order book at the start of the year 1.
Market context
The group operates in European industrial markets, with a large share in Sweden and the Benelux, as well as the United Kingdom, Denmark and Germany. Sales by segment show a diversified exposure: general engineering, energy, infrastructure, medicine and the pharmaceutical industry 1.
In 2025 growth was mainly driven by acquisitions, while organic growth was close to zero at group level. Demand in several markets remained weak, particularly in Germany, the United Kingdom and Finland 1.
Trends
- Growth through acquisitionstailwind
Acquisitions delivered most of the sales growth in 2025 and remain central to the group's strategy. If the pace of acquisitions slows, growth could slow as well 1.
- Weak European economyheadwind
Weaker economic conditions reduced orders and sales in several industrial and infrastructure segments. A recovery in demand could support organic sales 1.
- Digitalisation and pricingmixed
Digitalisation and artificial intelligence could increase competition and price pressure for technology trading companies, but may also bring operational efficiency 1.
- Energy costs and geopoliticsheadwind
Geopolitical tensions and energy prices could affect companies' costs and supply chains, with different effects in each business area 1.
Competitive position
Competition comes from regional technical distributors and specialised manufacturers that sell directly to customers. Digitalisation could allow manufacturers to reach end users directly, which could increase competitive pressure on the group's distribution companies 1.
The group relies on specialised niches, technical expertise and local customer relationships, factors that can support its position against competitors. The source provided does not identify competitors listed on US markets 1.
- Regional technical distributors in Europe
Local companies competing in the same industrial distribution niches, cited in the context of competition risk 1.
- Specialised makers of measurement and control equipment
Suppliers that can sell directly to end customers, which could increase competition in certain segments 1.
- Component suppliers to the pharmaceutical industry
Competitors in the Life Science segment, where the group holds a strong position 1.
- Automotive spare parts suppliers
Competitors in the aftermarket niche, where the group has expanded its portfolio through acquisitions 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Indutrade Aktiebolag · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.