olivLaw · European equity research
Netel Holding AB (publ) NETEL.ST
Sweden · Nasdaq Stockholm · ISIN SE0016798417 · Vertical: Listed companies from Sweden
Netel Holding is a Swedish group that builds and modernises critical infrastructure for energy, water, sewage and telecoms through three divisions. In 2025, a difficult year with lower volumes and project write-downs, the company started cost-reduction measures while net debt reached 918 MSEK.
At the close of 03 Nov 2026, Netel Holding AB (publ) (NETEL.ST) stock was 3.19 SEK (−0.47% on the day), with beta 0.56, 52-week range 2.68–5.62 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)
- 58.3
- strong (55–70)
- Bollinger (20, 2)
- 2.60 – 3.23
- in the upper half of the band · %B 0.93 · band width 21.7%
- SMA 50 / 200
- 3.19 / 3.56
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.09
- 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 | −0.3% | −1.0% | +0.7 pp | — |
| 3 months | −4.2% | −3.9% | −0.3 pp | — |
| 6 months | −4.3% | +7.2% | −11.5 pp | — |
| Year to date | −35.8% | +6.6% | −42.4 pp | — |
| 1 year | −35.2% | +9.1% | −44.3 pp | −9.0% |
| 3 years | −56.9% | +47.9% | −104.8 pp | +8.8% |
| 5 years | −93.2% | +43.3% | −136.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.2 bn | 3.2 bn | 2.9 bn |
| Revenue YoY | unavailable | +0.9% | −9.3% |
| Net income | 44.0 m | -47.0 m | -117.0 m |
| Net income YoY | unavailable | −206.8% | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 1.4% | -1.5% | -4.0% |
| Free cash flow | 229.0 m | 28.0 m | -64.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 205.0 m SEK
- Financial debt
- 988.0 m SEK
- Net debt
- 783.0 m SEK
- Equity
- 971.0 m SEK
- Total assets
- 2.8 bn SEK
- Debt / equity
- 1.02x
- Current ratio
- unavailable
- ROE
- -11.3%
- ROA
- -4.1%
- FCF margin
- -2.2%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.2 bn | 3.2 bn | 2.9 bn | esef· 26 Oct 2026verified |
| Operating income | 164.0 m | 157.0 m | -13.0 m | esef· 26 Oct 2026verified |
| Interest expense | 75.0 m | 83.0 m | 81.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 102.0 m | 81.0 m | -91.0 m | esef· 26 Oct 2026verified |
| Income tax | 19.0 m | 17.0 m | -1.0 m | esef· 26 Oct 2026verified |
| Net income | 44.0 m | -47.0 m | -117.0 m | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 48.5 m | 48.5 m | 48.5 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 446.0 m | 265.0 m | 205.0 m | esef· 26 Oct 2026verified |
| Receivables | 1.1 bn | 1.0 bn | 890.0 m | esef· 26 Oct 2026verified |
| Inventories | 8.0 m | 2.0 m | 5.0 m | esef· 26 Oct 2026verified |
| Current assets | 1.5 bn | 1.3 bn | 1.1 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 173.0 m | 162.0 m | 198.0 m | esef· 26 Oct 2026verified |
| Goodwill | 1.2 bn | 1.2 bn | 1.2 bn | esef· 26 Oct 2026verified |
| Total assets | 3.1 bn | 3.0 bn | 2.8 bn | esef· 26 Oct 2026verified |
| Short-term debt | 9.0 m | 8.0 m | 104.0 m | esef· 26 Oct 2026verified |
| Long-term debt | 951.0 m | 920.0 m | 884.0 m | esef· 26 Oct 2026verified |
| Equity | 1.1 bn | 1.1 bn | 971.0 m | esef· 26 Oct 2026verified |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 242.0 m | 59.0 m | -46.0 m | esef· 26 Oct 2026verified |
| Capex | 13.0 m | 31.0 m | 18.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 229.0 m ≈ | 28.0 m ≈ | -64.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -83.0 m | -162.0 m | -20.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -67.0 m | -88.0 m | 16.0 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: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
23% · 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: 3 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.6% | 17 (vs peers) | 45% |
| Net margin · Quality | -4.0% | 14 (vs peers) | 27% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.2x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| 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 sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality16/100 · 2/3 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
Netel Holding AB (publ) (NETEL.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.9 bn SEK in 2025; YoY growth -9.3%; net margin -4.0%; ROE -11.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -0.6%
- Net margin: -4.0%
- Interest coverage: -0.2x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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 | 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% |
| 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% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +11% / −54% |
1- and 3-year price returns: for NETEL.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
Netel Holding is a Swedish group that builds and modernises critical infrastructure for energy, water, sewage and telecoms through three divisions. In 2025, a difficult year with lower volumes and project write-downs, the company started cost-reduction measures while net debt reached 918 MSEK 1.
SWOT
Strengths
- Long experience in critical infrastructure projects, durable customer relationships and a decentralised structure that brings local knowledge.
- A portfolio with a significant share of framework agreements with large customers, giving a more predictable activity base.
- Presence in two countries, Sweden and Norway, with growth in new industrial customer segments and outside the traditional area.
Weaknesses
- Results in 2025 were hit by project write-downs, project control problems and lower volumes.
- Debt levels are high and revenue in Sweden declined, limiting financial flexibility.
- Cash flow is seasonal and depends heavily on the last quarter of the year.
Opportunities
- Large contracts won in 2025 and expansion in Norway could support a recovery in margins in the coming years.
- Demand linked to electrification and infrastructure modernisation could create new projects with existing and new customers.
- Cost-reduction measures announced for 2026 and 2027 could improve profitability if implemented.
Threats
- Intense competition in public tenders can press prices and project margins.
- An economic downturn could reduce customers' investment in infrastructure.
- Project execution risks, including work in adverse weather, can affect timing and results.
Risks
- Increased competitionhigh
Regional and national competition could increase, which could lead to loss of market share and lower margins.
- High leveragehigh
The leverage ratio is above the medium-term capital structure target, which may limit financing capacity and acquisitions.
- Lack of inflation compensationmedium
If prices rise while contracts are fixed, margins could be affected.
- Dependence on a limited number of customersmedium
A significant part of sales comes from a few large customers; losing one could materially affect results.
- Acquisition riskslow
Integrating acquired firms could consume resources and could bring unforeseen liabilities or losses.
Investment thesis
What would need to be true (bull case)
- If cost-reduction measures and new contracts translate into better margins, the company could return to profitability after a difficult year.
- Infrastructure and electrification demand, supported by megatrends, could provide a stable long-term revenue base.
- Expansion in Norway and into industrial segments could reduce dependence on the Swedish market.
What would break the thesis
- If project control problems are not resolved, write-downs could continue and affect results in coming periods.
- High net debt could limit financial flexibility if cash flow remains weak.
- Intense competition in public tenders could keep prices under pressure and margins low.
What to watch
- Development of the EBITA margin in the Infraservices divisionQ1 2026
- Effect of the 25 MSEK cost-reduction measures2026
- Level of net debt and the leverage rationext annual report
- New framework agreements and volumes in existing ones2026
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
Activity is seasonal: the first quarter is usually the weakest, while the fourth quarter is the strongest for profitability and cash flow, as many projects reach their final phase 1. Figures refer to continuing operations, after the sales of the Finnish and UK operations in 2025 1.
The dividend policy foresees 40 percent of net profit, but the board proposes no dividend for fiscal 2025 1. The result for 2025 was negative and operating cash flow for the group was negative in that year 1.
Segments
Infraservices
The Infraservices division, active mainly in Sweden, saw lower revenue and a negative EBITA margin in 2025, due to projects in the start-up phase, lower volumes in framework agreements and write-downs of older projects 1. The division's largest contract is a construction job for a logistics centre in Ludvika, valued at about 110 MSEK 1.
Market context
The underlying market is considered good, with high activity in municipal and state sectors, but competition is very intense and prices are under pressure in public tenders 1. The company notes that demand is supported by megatrends such as climate change, digitalisation and the modernisation of infrastructure 1.
Netel's markets are critical infrastructure in Sweden and Norway, where demand depends on investment by public and private customers 1. The company indicates that a saturated market or lower customer investment could affect revenue 1.
Trends
- Electrification and grid modernisationtailwind
The company points to electrification of society and modernisation of electricity networks creating demand for new projects, especially in Norway, where customers such as Elvia are investing in capacity 1.
- Infrastructure megatrendstailwind
Climate change, digitalisation and the need to modernise water and energy infrastructure are factors that support long-term demand, according to the company 1.
- Competitive pressure in tendersheadwind
Firms previously active in the residential market have moved into municipal projects, which could reduce margins for Netel 1.
- Unrecovered costs and inflationheadwind
The company warns it cannot always pass on price increases, which could affect margins on fixed-price projects 1.
Competitive position
Netel faces competition from regional and national companies, as well as from residential contractors that have moved into municipal projects 1. The company says it defends its position through local knowledge, long customer relationships and a decentralised organisation 1.
The main criterion in public tenders is price, so the company's competitive edge depends on winning profitable projects and keeping framework-agreement customers 1. Competitors are not named in the source.
- Regional and local infrastructure firms
Smaller local competitors in Sweden and Norway that rely on local presence; the source does not name them.
- National construction and installation firms
Larger companies that could expand into Netel's service areas; the source does not name them.
- Residential sector contractors
Companies that recently entered municipal works, intensifying local competition.
- Electricity network service providers
Competitors active in building and maintaining electricity networks in the regions where Netel works; the source does not name them.
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 / Netel Holding AB (publ) · 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.