olivLaw · European equity research
InstallatørGruppen A/S IG.CO
Denmark · Nasdaq Copenhagen · ISIN DK0064982565 · Vertical: Listed companies from Denmark
InstallatørGruppen A/S is a Danish group of installation services that grows through acquisitions and was listed on Nasdaq Copenhagen in June 2026. In the first half of 2026 revenue reached DKK 2,222.434 mn, and the Danish EBITA margin rose to 9.3%.
At the close of 05 Nov 2026, InstallatørGruppen A/S (IG.CO) stock was 12.27 DKK (−5.25% on the day), with 52-week range 10.45–14.00 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.3
- strong (55–70)
- Bollinger (20, 2)
- 10.55 – 13.26
- in the upper half of the band · %B 0.63 · band width 22.8%
- SMA 50 / 200
- 11.39 / unavailable
- MACD (12, 26, 9)
- 0.37 / 0.30
- 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 | +4.5% | +0.4% | +4.1 pp | — |
| 3 months | −2.0% | −3.3% | +1.3 pp | — |
| 6 months | unavailable | +4.0% | unavailable | — |
| Year to date | unavailable | +8.1% | unavailable | — |
| 1 year | unavailable | +10.7% | unavailable | −6.5% |
| 3 years | unavailable | +50.1% | unavailable | +1.4% |
| 5 years | unavailable | +43.6% | unavailable | — |
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.
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 3.7 bn |
| Revenue YoY | unavailable |
| Net income | 74.9 m |
| Net income YoY | unavailable |
| Diluted EPS | -2.59 |
| Diluted EPS YoY | unavailable |
| net % | 2.0% |
| Free cash flow | 397.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 134.4 m DKK
- Financial debt
- 425.2 m DKK
- Net debt
- 290.8 m DKK
- Equity
- 1.3 bn DKK
- Total assets
- 3.3 bn DKK
- Debt / equity
- 0.33x
- Current ratio
- 1.18x
- ROE
- unavailable
- ROA
- 2.3%
- FCF margin
- 10.7%
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 3.7 bn | esef· 02 Sept 2026verified |
| Operating income | 185.2 m | esef· 02 Sept 2026verified |
| Interest expense | 115.5 m | esef· 02 Sept 2026verified |
| Pre-tax income | 114.9 m | esef· 02 Sept 2026verified |
| Income tax | 39.9 m | esef· 02 Sept 2026verified |
| Net income | 74.9 m | esef· 02 Sept 2026verified |
| Diluted EPS | -2.59 | esef· 02 Sept 2026verified |
Balance sheet · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 134.4 m | esef· 02 Sept 2026verified |
| Inventories | 66.7 m | esef· 02 Sept 2026verified |
| Current assets | 1.3 bn | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 50.1 m | esef· 02 Sept 2026verified |
| Goodwill | 1.5 bn | esef· 02 Sept 2026verified |
| Total assets | 3.3 bn | esef· 02 Sept 2026verified |
| Long-term debt | 425.2 m | esef· 02 Sept 2026verified |
| Current liabilities | 1.1 bn | esef· 02 Sept 2026verified |
| Total liabilities | 2.0 bn | esef· 02 Sept 2026verified |
| Equity | 1.3 bn | esef· 02 Sept 2026verified |
Cash flow · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | 411.8 m | esef· 02 Sept 2026verified |
| Capex | 14.7 m | esef· 02 Sept 2026verified |
| Free cash flow | 397.0 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -486.4 m | esef· 02 Sept 2026verified |
| Financing cash flow | 146.9 m | esef· 02 Sept 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
Key indicators
Coverage and freshness
Score by group
33% · 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: 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 | 6.6% | 67 (vs peers) | 31% |
| Net margin · Quality | 2.0% | 42 (vs peers) | 19% |
| FCF conversion · Quality | 530.0% | 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 | 1.6x | 2 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.3x | 44 (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 sheet19/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 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
InstallatørGruppen A/S (IG.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.7 bn DKK in 2025; net margin 2.0%; ROE 6.2%.
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: 530.0%
What contradicts it
- Interest coverage: 1.6x
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 Denmark · 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 | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for IG.CO 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
InstallatørGruppen A/S is a Danish group of installation services that grows through acquisitions and was listed on Nasdaq Copenhagen in June 2026. In the first half of 2026 revenue reached DKK 2,222.434 mn, and the Danish EBITA margin rose to 9.3% 1.
SWOT
Strengths
- Asset-light business model with low capital expenditure and a network of local companies with strong market positions.
- Rising margins in Denmark, supported by operational discipline and purchasing synergies.
- Stable capital structure after the listing, with a new five-year revolving credit facility.
Weaknesses
- Operating cash flow is seasonal and weak in the first half because of working capital.
- Central costs rose significantly, partly because of the preparation for the stock exchange listing.
- The Swiss platform has not yet reached the scale needed to match Danish margins.
Opportunities
- If the integration of recent acquisitions succeeds, it could add profit in the seasonally stronger second half.
- Access to capital markets could support continued expansion through acquisitions.
- Growth of the Swiss platform could narrow the margin gap with Denmark.
Threats
- Higher net debt after acquisitions and revaluations could limit financial flexibility.
- Competition for target companies could raise acquisition prices.
- The change of auditor and the mandatory audit in 2027 could cause administrative disruption.
Risks
- Higher indebtednessmedium
Net debt rose after acquisitions, cash payments and working capital build-up; if the acquisition pace increases, pressure on the balance sheet could become greater.
- One-off listing effectsmedium
The first half includes one-off costs and revaluations linked to the listing that affect net profit; management does not expect such effects to recur, but this remains to be verified.
- Integration of acquisitionshigh
Integrating several companies at once could affect execution quality and margins if operational discipline is not maintained.
- Change of auditorlow
The separation of Deloitte's SME practice and the mandatory audit in 2027 could bring additional costs and reporting delays.
- Seasonality and working capitalmedium
Cash flow depends on seasonality and contract asset movements; if postponed projects are not recovered in the second half, results could be weaker.
Investment thesis
What would need to be true (bull case)
- Danish margins are rising and the Swiss platform has moved into profit, suggesting the consolidation model can work outside the home country.
- The group has an active acquisition pipeline and access to capital markets, which could support continued growth if integration remains effective.
- The 2026 outlook was reiterated and the first half is tracking in line with management expectations, which could strengthen investor confidence.
What would break the thesis
- Net debt rose considerably in the first half and operating cash flow was weak, which could limit the ability to keep acquiring without additional financing.
- Central costs and listing-related effects absorbed part of the gains, and the second-quarter margin fell from the prior-year quarter.
- If the integration of eight acquisitions in six months does not go smoothly, margins could stall or decline in coming periods.
What to watch
- Delivery against the 2026 revenue and adjusted EBITA outlook2026
- Development of net debt and financial leverage after new acquisitionsQ3 2026
- Contribution of 2026 acquired companies to second-half resultsnext 10-K
- Development of the Swiss margin relative to the Danish level2027
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 operates as a network of local installation companies, each with entrepreneurial management that keeps operational decisions decentralised, while acquisitions and purchasing synergies are coordinated centrally 1.
The business model is asset-light and capital expenditure remains low; operating cash flow is seasonal, weakest in the first half, because of working capital build-up 1.
The group completed eight acquisitions in the first half of 2026, six in Denmark and two in Switzerland, and selling owners reinvested part of their consideration in shares of the group 1.
Segments
Denmark
The Danish segment EBITA margin rose to 9.3% in the first half of 2026 from 9.1%, supported by operational discipline, procurement synergies and pricing, though some projects were postponed 1.
Switzerland
The Swiss platform moved from an EBITA loss to a profit in 2026, and its margin remains below the Danish level, which the group attributes to the earlier stage of the platform and the cost of the country organisation 1.
Market context
The group is active in installation services in Denmark and Switzerland, where acquisitions of local firms are the main growth driver; the market itself is not described in detail in the source report 1.
The Nasdaq Copenhagen listing in June 2026 opens access to capital markets for continued expansion, but the pace of consolidation depends on the availability of target companies and financing conditions 1.
Trends
- Consolidation through acquisitionstailwind
The group continues acquisitions, with several companies in due diligence; integrating acquired businesses could support growth if it stays on plan 1.
- Pressure on debtheadwind
Net debt rose after acquisitions and the revaluation of contingent consideration; if the acquisition pace accelerates, the effect on indebtedness could become more visible 1.
- Pricing and purchasing disciplinetailwind
Systematic pricing follow-up and consolidation of purchasing volumes support margins, provided these practices stay consistent across the portfolio companies 1.
- Change of auditormixed
Deloitte is separating its Danish SME practice into a separate firm, Cedra, from 1 September 2026; a mandatory audit tender in 2027 could change the group's audit arrangements 1.
Competitive position
The source report does not name competitors. The fragmented market of local installers means the group competes mainly with independent regional firms whose conditions are not detailed in the document 1.
The group's advantage rests on the strong local positions of acquired companies and on purchasing synergies; if these advantages dilute at larger scale, competitive pressure could increase 1.
- Independent regional installation firms
Local independent competitors in Denmark and Switzerland, not named in the source.
- Other installation consolidation groups
Groups acquiring the same types of firms, which could reduce the number of available targets.
- General contractors with in-house installation divisions
Companies that can take installation work in-house within their own projects.
- National technical service providers
Larger operators competing for major projects in the group's markets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / InstallatørGruppen A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.