olivLaw · European equity research
Instalco AB INSTAL.ST
Sweden · Nasdaq Stockholm · ISIN SE0017483506 · Vertical: Listed companies from Sweden
At the close of 03 Nov 2026, Instalco AB (INSTAL.ST) stock was 41.62 SEK (+0.14% on the day), with market capitalisation 11.2 bn SEK, P/E 32.5 on diluted EPS of 1.28 SEK over the last 12 months, dividend yield 1.64%, beta 0.99, 52-week range 21.88–43.50 SEK.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.9
- neutral
- Bollinger (20, 2)
- 40.04 – 43.13
- in the upper half of the band · %B 0.51 · band width 7.4%
- SMA 50 / 200
- 40.49 / 36.66
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.08 / 0.27
- 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 | −2.2% | −1.0% | −1.2 pp | — |
| 3 months | +12.1% | −3.9% | +16.0 pp | — |
| 6 months | +6.2% | +7.2% | −1.0 pp | — |
| Year to date | +60.8% | +6.6% | +54.3 pp | — |
| 1 year | +70.6% | +9.1% | +61.5 pp | −9.0% |
| 3 years | +24.3% | +47.9% | −23.6 pp | +8.8% |
| 5 years | −55.1% | +43.3% | −98.4 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 18.1, median 20.2, max 25.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 14.3 bn | 13.7 bn | 13.6 bn |
| Revenue YoY | unavailable | −4.1% | −0.7% |
| Net income | 601.0 m | 345.0 m | 344.0 m |
| Net income YoY | unavailable | −42.6% | −0.3% |
| Diluted EPS | 2.26 | 1.31 | 1.28 |
| Diluted EPS YoY | unavailable | −42.0% | −2.3% |
| net % | 4.2% | 2.5% | 2.5% |
| Free cash flow | 917.0 m | 825.0 m | 927.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 348.0 m SEK
- Financial debt
- 3.1 bn SEK
- Net debt
- 2.8 bn SEK
- Equity
- 3.4 bn SEK
- Total assets
- 10.3 bn SEK
- Debt / equity
- 0.92x
- Current ratio
- 1.09x
- ROE
- 10.1%
- ROA
- 3.3%
- FCF margin
- 6.8%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 14.3 bn | 13.7 bn | 13.6 bn | esef· 26 Oct 2026verified |
| Operating income | 899.0 m | 690.0 m | 668.0 m | esef· 26 Oct 2026verified |
| Interest expense | 199.0 m | 255.0 m | 192.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 792.0 m | 486.0 m | 523.0 m | esef· 26 Oct 2026verified |
| Income tax | 177.0 m | 122.0 m | 147.0 m | esef· 26 Oct 2026verified |
| Net income | 601.0 m | 345.0 m | 344.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 2.26 | 1.31 | 1.28 | esef· 26 Oct 2026verified |
| Dividend per share | 0.66 | 0.68 | 0.68 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 267.0 m | 208.0 m | 348.0 m | esef· 26 Oct 2026verified |
| Receivables | 3.4 bn | 3.2 bn | 3.1 bn | esef· 26 Oct 2026verified |
| Inventories | 202.0 m | 209.0 m | 188.0 m | esef· 26 Oct 2026verified |
| Current assets | 3.6 bn | 3.4 bn | 3.3 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 1.1 bn | 392.0 m | 375.0 m | esef· 26 Oct 2026verified |
| Goodwill | 5.3 bn | 5.3 bn | 5.2 bn | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 596.0 m | 451.0 m | 328.0 m | esef· 26 Oct 2026verified |
| Total assets | 10.7 bn | 10.3 bn | 10.3 bn | esef· 26 Oct 2026verified |
| Short-term debt | 6.0 m | 6.0 m | 5.0 m | esef· 26 Oct 2026verified |
| Long-term debt | 3.0 bn | 3.0 bn | 3.1 bn | esef· 26 Oct 2026verified |
| Current liabilities | 3.3 bn | 3.1 bn | 3.1 bn | esef· 26 Oct 2026verified |
| Total liabilities | 7.3 bn | 6.9 bn | 6.9 bn | esef· 26 Oct 2026verified |
| Equity | 3.4 bn | 3.4 bn | 3.4 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 262.4 m | 263.4 m | 268.8 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 999.0 m | 946.0 m | 1.0 bn | esef· 26 Oct 2026verified |
| Capex | 82.0 m | 121.0 m | 83.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 917.0 m ≈ | 825.0 m ≈ | 927.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -1.3 bn | -297.0 m | -348.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -85.0 m | -706.0 m | -487.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 172.0 m | 179.0 m | 183.0 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
Score: 51 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 11.2 bn SEK
Key indicators
Coverage and freshness
Score by group
- Quality52
- Returns54
- Balance sheet28
- Valuation62
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
Neutral profile · Score 51/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.8% | 35 (vs peers) | 17% |
| Net margin · Quality | 2.5% | 33 (vs peers) | 10% |
| FCF conversion · Quality | 269.5% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.5x | 30 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 32.5x | 31 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.3% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.6% | 23 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 19.7% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet28/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality52/100 · 3/3 factors with a value
- Returns54/100 · 2/2 factors with a value
- Valuation62/100 · 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
Instalco AB (INSTAL.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 13.6 bn SEK in 2025; YoY growth -0.7%; net margin 2.5%; ROE 10.7%.
The estimated value range is 19.90–41.67 SEK per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 27.41 SEK, the price of 41.62 SEK leaves a potential of -34.1% (value / price − 1) and a margin of safety of -51.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 51/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 269.5%
- FCF yield: 8.3%
- Payout ratio (FCF): 19.7%
What contradicts it
- Current ratio: 1.1x
- Shareholder yield (distributions): 1.6%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): 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 | 224.6 bn | 27.2 | 19.4% | 11.9% | +4.1% | +22% / +39% |
| BOL.STBoliden Ab | 140.5 bn | 14.9 | 13.3% | 10.1% | +4.8% | +10% / +78% |
| CAST.STCastellum Aktiebolag | 65.4 bn | 69.7 | 1.2% | 9.8% | −2.6% | +24% / +4% |
| AAK.STAak Ab (publ) | 45.3 bn | 13.3 | 17.2% | 7.5% | +2.2% | −34% / −18% |
| CAMX.STCamurus AB | 40.1 bn | 55.3 | 19.5% | 32.5% | +21.3% | +10% / +47% |
| BRAV.STBravida Holding AB | 32.0 bn | 26.0 | 13.7% | 4.4% | −4.9% | +95% / +137% |
| ASKER.STAsker Healthcare Group AB | 27.0 bn | 54.8 | 9.8% | 2.9% | +11.7% | −25% / unavailable |
| ALLEI.STAlleima AB | 22.9 bn | 34.1 | 4.1% | 3.6% | −5.4% | +11% / +20% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +20% |
| AQ.STAQ Group AB | 21.0 bn | 31.0 | 14.9% | 7.5% | +6.0% | +21% / +132% |
| ALTRA.STAltra Fastigheter AB | 17.6 bn | 32.6 | 3.0% | 15.1% | −2.2% | +4% / +15% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.8 | 15.1% | 4.3% | +0.1% | +34% / +225% |
| AFRY.STAfry Ab | 14.7 bn | 18.3 | 6.2% | 3.1% | −5.2% | −18% / +2% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.4 bn | 16.3 | 2.9% | 23.9% | −2.0% | −36% / −47% |
| ALIG.STAlimak Group AB (publ) | 12.8 bn | 21.4 | 8.2% | 8.8% | −3.2% | −17% / +51% |
| ACAD.STAcadeMedia AB | 12.5 bn | 15.3 | 12.7% | 4.3% | +9.7% | +21% / +136% |
| INSTAL.STInstalco AB | 11.2 bn | 32.5 | 10.7% | 2.5% | −0.7% | +78% / +26% |
| APOTEA.STApotea AB (publ) | 9.8 bn | 42.8 | 31.3% | 3.2% | +10.1% | +5% / unavailable |
| BOOZT.STBoozt AB | 9.6 bn | 34.1 | 10.4% | 3.6% | +0.5% | +42% / +29% |
| ACTI.STActive Biotech AB (publ) | 5.1 bn | — | -84.5% | — | unavailable | −30% / −76% |
| BUFAB.STBufab AB (publ) | 5.1 bn | 9.3 | 15.1% | 6.9% | −7.4% | +38% / +113% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.3 | 13.0% | 2.2% | +16.7% | +2% / +25% |
| CEVI.STCellaVision AB | 4.6 bn | 29.8 | 18.0% | 20.2% | +4.9% | +16% / +8% |
| BHG.STBHG Group AB | 4.4 bn | 30.5 | 2.5% | 1.4% | +6.2% | −20% / +109% |
| CARA.STCarasent AB (publ) | 1.9 bn | 53.4 | 4.1% | 10.1% | +24.9% | −5% / +93% |
1- and 3-year price returns: for INSTAL.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 | 23.32 Total return -43% · Per year -43% | 41.34 Total return 1% · Per year 1% | 62.42 Total return 52% · Per year 52% |
| 3 years | 20.34 Total return -48% · Per year -19% | 40.79 Total return 3% · Per year 1% | 67.94 Total return 69% · Per year 19% |
| 5 years | 17.74 Total return -52% · Per year -14% | 40.24 Total return 5% · Per year 1% | 73.95 Total return 88% · Per year 14% |
- Exit P/E± 10.20
- Net margin± 7.14
- Annual revenue growth± 6.16
- Annual dilution± 0.60
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
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
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.