olivLaw · European equity research
Lindab International AB LIAB.ST
Sweden · Nasdaq Stockholm · ISIN SE0001852419 · Vertical: Listed companies from Sweden
Lindab International AB is a Nordic group specialised in energy-efficient ventilation solutions and sheet-metal building products, active mainly in Europe with a small presence in the United States. Sales fell in 2025 amid weak construction activity, and the company targets becoming Europe's leading ventilation group by 2030.
At the close of 05 Nov 2026, Lindab International AB (LIAB.ST) stock was 131.20 SEK (−0.83% on the day), with market capitalisation 10.1 bn SEK, P/E 13.3 on diluted EPS of 9.86 SEK over the last 12 months, dividend yield 4.12%, beta 0.99, 52-week range 118.50–220.00 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)
- 56.7
- strong (55–70)
- Bollinger (20, 2)
- 125.35 – 133.72
- in the upper half of the band · %B 0.70 · band width 6.5%
- SMA 50 / 200
- 126.92 / 143.88
- mixed trend
- MACD (12, 26, 9)
- 1.51 / 1.42
- 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 | +2.3% | −0.6% | +2.9 pp | — |
| 3 months | −0.5% | −4.2% | +3.7 pp | — |
| 6 months | −13.0% | +4.3% | −17.3 pp | — |
| Year to date | −37.0% | +7.5% | −44.6 pp | — |
| 1 year | −40.2% | +9.9% | −50.1 pp | −8.3% |
| 3 years | −25.6% | +49.8% | −75.5 pp | +12.0% |
| 5 years | −53.9% | +42.8% | −96.8 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 0 percentile of its own 3-quarter history (min 18.0, median 21.1, max 55.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 849.0 m | 315.0 m | 760.0 m |
| Net income YoY | unavailable | −62.9% | +141.3% |
| Diluted EPS | 11.07 | 4.10 | 9.86 |
| Diluted EPS YoY | unavailable | −63.0% | +140.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 1.5 bn | 1.3 bn | 1.2 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 442.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 7.3 bn SEK
- Total assets
- 14.6 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.81x
- ROE
- 10.4%
- ROA
- 5.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 9.6 bn | 9.6 bn | 9.2 bn | esef· 26 Oct 2026verified |
| Gross profit | 3.6 bn | 3.7 bn | 3.6 bn | esef· 26 Oct 2026verified |
| Research & development | 68.0 m | 87.0 m | 89.0 m | esef· 26 Oct 2026verified |
| Operating income | 1.2 bn | 736.0 m | 1.1 bn | esef· 26 Oct 2026verified |
| Pre-tax income | 1.0 bn | 461.0 m | 888.0 m | esef· 26 Oct 2026verified |
| Income tax | 159.0 m | 146.0 m | 128.0 m | esef· 26 Oct 2026verified |
| Net income | 849.0 m | 315.0 m | 760.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 11.07 | 4.10 | 9.86 | esef· 26 Oct 2026verified |
| Dividend per share | — | 5.40 | — | esef· 08 May 2025verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 587.0 m | 499.0 m | 442.0 m | esef· 26 Oct 2026verified |
| Inventories | 2.4 bn | 2.2 bn | 2.1 bn | esef· 26 Oct 2026verified |
| Current assets | 5.3 bn | 5.3 bn | 4.9 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 3.4 bn | 3.6 bn | 3.3 bn | esef· 26 Oct 2026verified |
| Goodwill | 4.4 bn | 5.8 bn | 5.7 bn | esef· 26 Oct 2026verified |
| Total assets | 13.6 bn | 15.4 bn | 14.6 bn | esef· 26 Oct 2026verified |
| Accounts payable | 964.0 m | 1.0 bn | 889.0 m | esef· 26 Oct 2026verified |
| Current liabilities | 2.6 bn | 2.8 bn | 2.7 bn | esef· 26 Oct 2026verified |
| Equity | 7.2 bn | 7.4 bn | 7.3 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 76.7 m | 76.8 m | 77.1 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.7 bn | 1.4 bn | 1.3 bn | esef· 26 Oct 2026verified |
| Capex | 251.0 m | 179.0 m | 194.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 1.5 bn ≈ | 1.3 bn ≈ | 1.2 bn ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -760.0 m | -1.6 bn | -508.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -843.0 m | 65.0 m | -873.0 m | 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
- indicators available: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 10.1 bn SEK
Key indicators
Coverage and freshness
Score by group
29% · 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: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 151.7% | 100 (on a fixed band) | 21% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 84 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | 13.3x | 88 (vs peers) | 36% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 11.4% | 100 (on a fixed band) | 29% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial84/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation94/100 · 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
Lindab International AB (LIAB.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 10.4%.
The estimated value range is 103.00–199.29 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 134.16 SEK, the price of 131.20 SEK leaves a potential of 2.3% (value / price − 1) and a margin of safety of 2.2% (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 (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 151.7%
- Current ratio: 1.8x
- P/E (TTM): 13.3x
- FCF yield: 11.4%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| 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% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for LIAB.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
Scenarios are not available. input data missing
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
Lindab International AB is a Nordic group specialised in energy-efficient ventilation solutions and sheet-metal building products, active mainly in Europe with a small presence in the United States. Sales fell in 2025 amid weak construction activity, and the company targets becoming Europe's leading ventilation group by 2030 1.
SWOT
Strengths
- Leading position in air transport and room ventilation, with an offering recognised for quality and energy efficiency 1.
- Stable financial position and solid cash flow that support the dividend and investment plans 1.
- Broad presence in Europe and experience in acquisitions that can consolidate the market 1.
Weaknesses
Opportunities
- Rising demand for energy-efficient buildings and indoor air quality could support ventilation sales 1.
- Consolidation of the European ventilation industry through acquisitions and synergies could increase the group's scale 1.
- Expansion in North America is mentioned by management as a longer-term possibility 1.
Risks
- Construction activityhigh
Low residential and commercial construction could continue to reduce sales, mainly in Germany and the Nordics 1.
- Decarbonisation and steelmedium
Limited availability of low-carbon steel and high transition costs could affect margins and deliveries 1.
- Regulationmedium
New EU rules on sustainability, cyber security and artificial intelligence could raise compliance costs 1.
- Digitalisation and IT securitymedium
Failures in critical systems or unauthorised intrusions could affect production and business processes 1.
- Acquisitions and integrationlow
Integrating acquired companies and realising synergies may prove harder than planned 1.
Investment thesis
What would need to be true (bull case)
- If demand for energy-efficient ventilation keeps rising and construction activity recovers, revenues and profitability could benefit 1.
- A solid financial position and cash flow could support the dividend policy and growth investments 1.
- The ambition to become Europe's largest ventilation group, supported by acquisitions, could bring synergies 1.
What to watch
- Development of organic sales in Western and Nordic EuropeQ1 2026
- Completion of the sale of the Romanian operationsQ1 2026
- EBITDA margin and progress of the Profile Systems restructuring2026
- Pace of acquisitions and synergies, and any steps in North Americanext 10-K
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
The group offers complete systems and products for energy-efficient ventilation and a healthy indoor climate, plus, in selected markets, roofing, facade and rainwater drainage solutions. Activity is organised in two divisions, Ventilation Systems and Profile Systems, and the sales structure is centred on Europe 1. Net sales for 2025 were 12 854 MSEK, down from the prior year, with a profit for the year of 760 MSEK 1. Management aims to consolidate the European ventilation industry through acquisitions and digitalisation 1.
Segments
Ventilation Systems
Ventilation Systems is the core business, accounting for 77 % of sales in Central Europe and 97 % of the group's sales in the segment table, where the group holds a leading position in air transport 1.
Profile Systems
Profile Systems focuses on thin-sheet products for roofing and facades, with a larger weight in the Nordics, where the company is a leader in rainwater drainage; the segment has been restructured through exits from Eastern markets, and the sale of the Romanian operations is expected to close in Q1 2026 1.
Market context
The European ventilation market is fragmented, with many local players, and regulatory requirements vary significantly between countries, notably between northern and southern Europe 1. Construction activity was low in many Western European markets in 2025, with signs of recovery in France, Italy, Ireland and the United Kingdom but weaker conditions in Germany 1.
As buildings become better insulated, demand for efficient ventilation could increase, especially in colder climates, and the focus on energy and indoor air quality supports the ventilation segment 1.
Competitive position
The market is dominated by a large number of local players, and in Sweden there are large ventilation groups such as Swegon and Systemair whose activities partly overlap with the group's 1.
The company notes that strengthening its position could come from acquisitions and synergies, while competitive pressure from large ventilation groups remains a factor to watch 1.
- Swegon
Swedish ventilation group with activities partly overlapping Lindab's 1.
- Systemair
Swedish ventilation group and partial direct competitor in the ventilation portfolio 1.
- Local ventilation players
A large number of regional companies dominate many European markets 1.
- Sheet-metal and roofing system producers
Local suppliers competing in the Profile Systems segment in the Nordics 1.
News & filings
In the press
- EXCLUSIV Plan după EXIT. Lindab pleacă din România, ROVA vine și anunță: Dezvoltarea rețelei de vânzări, investiții în producție, focus pe exporturi: Ne așteptăm în mod clar la creșteri de minimum 10% pe anProfit.ro · 09 Sept 2026 · RO
- Lindab își încheie retragerea din România. Grupul suedez a vândut operațiunile locale și a ieșit complet din Europa de EstEconomedia · 24 Jul 2026 · RO
- Lindab pleacă din România. Producătorul suedez și-a vândut afacerea către un grup din SlovaciaCapital.ro · 17 Jun 2026 · RO
- Grupul suedez Lindab vinde afacerea din România şi se retrage din Europa de EstMoney.ro · 17 Jun 2026 · RO
- Suedezii de la Lindab pleacă oficial din România după ce au vândut operaţiunile locale ale grupului către slovacii de la ROVA. Gigantul din industria construcţiilor avea în ţară aproximativ 100 de angajaţiZiarul Financiar · 17 Jun 2026 · RO
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 / Lindab International AB · 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.