olivLaw · European equity research
Eltel AB ELTEL.ST
Sweden · Nasdaq Stockholm · ISIN SE0006509949 · Vertical: Listed companies from Sweden
Eltel AB provides services for critical communications and power grid infrastructure across Finland, Sweden, Norway, Denmark and Germany, with about 4 000 employees. The company is now focusing on demand linked to electrification, solar, battery storage and data centres, which shapes its growth direction.
At the close of 05 Nov 2026, Eltel AB (ELTEL.ST) stock was 16.35 SEK (+0.93% on the day), with beta 0.49, 52-week range 8.22–20.60 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)
- 48.1
- neutral
- Bollinger (20, 2)
- 15.67 – 17.51
- in the lower half of the band · %B 0.37 · band width 11.1%
- SMA 50 / 200
- 16.33 / 12.24
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.12 / -0.02
- MACD below 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 | −10.7% | −0.6% | −10.0 pp | — |
| 3 months | +28.2% | −4.2% | +32.4 pp | — |
| 6 months | +51.4% | +4.3% | +47.1 pp | — |
| Year to date | +78.5% | +7.5% | +71.0 pp | — |
| 1 year | +97.5% | +9.9% | +87.5 pp | −8.5% |
| 3 years | +115.1% | +49.8% | +65.3 pp | +12.3% |
| 5 years | +2.6% | +42.8% | −40.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 828.7 m | 817.8 m |
| Revenue YoY | unavailable | −1.3% |
| Net income | -29.7 m | 2.2 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.21 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -3.6% | 0.3% |
| Free cash flow | 25.1 m | 26.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 43.8 m EUR
- Financial debt
- 127.5 m EUR
- Net debt
- 83.7 m EUR
- Equity
- 168.9 m EUR
- Total assets
- 655.5 m EUR
- Debt / equity
- 0.75x
- Current ratio
- 0.95x
- ROE
- 1.2%
- ROA
- 0.4%
- FCF margin
- 3.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 828.7 m | 817.8 m | esef· 26 Oct 2026verified |
| Cost of revenue | 736.8 m | 712.7 m | esef· 26 Oct 2026verified |
| Gross profit | 91.8 m | 105.1 m | esef· 26 Oct 2026verified |
| Operating income | -18.0 m | 19.4 m | esef· 26 Oct 2026verified |
| Interest expense | 13.7 m | 14.8 m | esef· 26 Oct 2026verified |
| Pre-tax income | -30.7 m | 5.3 m | esef· 26 Oct 2026verified |
| Income tax | -1.6 m | 2.1 m | esef· 26 Oct 2026verified |
| Net income | -29.7 m | 2.2 m | esef· 26 Oct 2026verified |
| Diluted EPS | -0.21 | 0.00 | esef· 26 Oct 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 21.3 m | 43.8 m | esef· 26 Oct 2026verified |
| Receivables | 165.3 m | 186.6 m | esef· 26 Oct 2026verified |
| Inventories | 19.3 m | 38.3 m | esef· 26 Oct 2026verified |
| Current assets | 205.8 m | 268.7 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 5.9 m | 5.6 m | esef· 26 Oct 2026verified |
| Goodwill | 249.3 m | 253.7 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 30.3 m | 31.6 m | esef· 26 Oct 2026verified |
| Total assets | 585.4 m | 655.5 m | esef· 26 Oct 2026verified |
| Accounts payable | 152.0 m | 173.0 m | esef· 26 Oct 2026verified |
| Long-term debt | 15.8 m | 127.5 m | esef· 26 Oct 2026verified |
| Current liabilities | 290.3 m | 283.4 m | esef· 26 Oct 2026verified |
| Total liabilities | 396.0 m | 486.6 m | esef· 26 Oct 2026verified |
| Equity | 189.3 m | 168.9 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 141.4 m | — | esef· 26 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 27.5 m | 32.0 m | esef· 26 Oct 2026verified |
| Capex | 2.4 m | 5.1 m | esef· 26 Oct 2026verified |
| Free cash flow | 25.1 m ≈ | 26.9 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -6.6 m | -5.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -24.0 m | -4.5 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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.4% | 26 (vs peers) | 31% |
| Net margin · Quality | 0.3% | 22 (vs peers) | 19% |
| FCF conversion · Quality | 1,222.7% | 100 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.9x | 12 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet5/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality45/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Eltel AB (ELTEL.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 817.8 m EUR in 2025; YoY growth -1.3%; net margin 0.3%; ROE 1.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 1,222.7%
What contradicts it
- ROIC: 5.4%
- Net margin: 0.3%
- Interest coverage: 1.3x
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
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% |
| 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 ELTEL.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
Eltel AB provides services for critical communications and power grid infrastructure across Finland, Sweden, Norway, Denmark and Germany, with about 4 000 employees 1. The company is now focusing on demand linked to electrification, solar, battery storage and data centres, which shapes its growth direction 1.
SWOT
Strengths
- National coverage in several countries and a customer base in critical infrastructure, with proven experience in communications and power networks 1.
- A security-cleared workforce in Norway and an extensive facility network that support project execution 1.
- Efficiency and profitability improvements reported in several segments during 2025 1.
Weaknesses
- Reliance on a few large segments and a limited number of major customers could make revenue sensitive to project delays 1.
- Sales came under pressure in some traditional markets where the market environment was weaker 1.
- Dependence on leased vehicles and field operations creates ongoing operating cost and safety exposure 1.
Opportunities
- Demand for data centres, battery storage and smart grids could open new contracts across all operating countries 1.
- Opportunities in public and defence infrastructure in Sweden and Norway, where pipelines are consistent 1.
- Aftermarket and lifecycle services could increase recurring revenue from the same contracts 1.
Threats
- Customers delaying investment decisions due to the macroeconomic context could postpone projects 1.
- Higher sustainability reporting requirements could raise compliance costs for suppliers 1.
- Competitive pressure from local firms and from clients who could carry out work in-house could limit margins 1.
Risks
- Project dependencemedium
Delay or cancellation of large projects, particularly in the energy segment, could affect short-term revenue 1.
- Health and safety exposurehigh
Work is carried out near populated areas and critical infrastructure, and an accident could have serious operational and reputational consequences 1.
- Sustainability reporting compliancemedium
EU reporting requirements could require additional investment in data and processes, and failure could affect customer relationships 1.
- Margin pressuremedium
A weaker market environment in some countries could force price reductions or additional restructuring costs 1.
- Workforce dependencelow
A large workforce and the need for specialised skills could make it difficult to cover sudden peaks in demand 1.
Investment thesis
What would need to be true (bull case)
- If the energy transition and data centre demand continue, Eltel could benefit from a more diversified contract portfolio 1.
- Profitability gains in Sweden and Denmark and Germany could show that operational efficiency produces lasting results 1.
- Its position as a supplier for critical infrastructure could support long-term contracts with public and industrial clients 1.
What would break the thesis
- If solar and storage projects remain postponed, the announced growth could be slower than anticipated 1.
- Dependence on a few large customers and on projects with uncertain timing could create volatility in results 1.
- Additional sustainability and safety costs could reduce margins, especially if contract prices stay under pressure 1.
What to watch
- Revenue and profitability trends in the Sweden segment, where the pipeline of new projects was reported as solid2026
- Restart and start of solar park and storage projects in Sweden and Denmark2026
- Data centre contracts in Norway and Denmark following the first Norwegian project2026
- Safety indicators and LTIF across all segments, including the effect of improvement programmesnext 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
According to the 2025 annual report, Eltel offers a range of solutions from maintenance and upgrade services to full turnkey contracts, including design, planning, construction, installation and ensuring network operation 1. Operations run across a network of 135 facilities and with a fleet of around 3000 leased vehicles 1. The company describes its customers as owners and operators of telecom and power networks, energy companies, industrial clients and the public sector 1.
Segments
Finland
Net sales for the Finland segment in 2025 were 351,1 million euro, with Power at 62 percent and Communication at 38 percent 1. Management says demand in data centres and energy storage remains high 1.
Market context
The market Eltel serves is tied to maintaining and expanding communications and power networks, where critical infrastructure needs steady services 1. The report points to rising demand for data centres, battery storage, solar and e-mobility, which could support activity over the medium term 1.
Customers increasingly contract services from suppliers that can demonstrate sustainability performance, as EU rules require more detailed reporting across the supply chain 1. This requirement could influence who wins contracts in coming years 1.
Trends
- Electrification and renewable energytailwind
The shift toward renewable energy and electrification creates demand for connection, storage and smart grid solutions, which Eltel sees as a growth direction 1.
- Data centrestailwind
Demand from data centres appears across segments, from grid connections in Denmark to the first project in Norway, widening the customer base 1.
- Sustainability requirementsmixed
Customers ask for more transparency and sustainability reporting from suppliers, which the company views as a competitiveness factor but also an administrative burden 1.
- Project delaysheadwind
Some solar park projects in Sweden were postponed in 2025 due to the macroeconomic environment, although several customers restarted them toward year end 1.
Competitive position
The annual report does not name competitors explicitly. Eltel presents itself as having capabilities in critical infrastructure and a security-cleared workforce, an advantage in Norway 1.
Advantages cited include national coverage in Sweden and Norway, round-the-clock presence and experience in network projects, but the source offers no quantitative comparison with other suppliers 1.
- Local network service providers
The report does not name competitors. The market includes local installation and maintenance firms that the source does not detail.
- Energy infrastructure constructors
The source does not identify specific rivals; these could include companies offering similar turnkey contracts.
- Telecom operators with in-house teams
Some customers could perform certain work internally, but the report gives no details on this competition.
- Regional solar and storage solution providers
The company's new business lines compete with specialised suppliers, which the source does not name.
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 202426 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Eltel 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.