olivLaw · European equity research
Transtema Group AB TRANS.ST
Sweden · Nasdaq Stockholm · ISIN SE0006758587 · Vertical: Listed companies from Sweden
Transtema Group AB provides infrastructure services for communication, electricity and energy networks, with customers in Sweden and Norway. Revenue declined in 2024 amid a reorganisation, and the company is stepping up its shift to electric fleets and lower emissions across its value chain.
At the close of 05 Nov 2026, Transtema Group AB (TRANS.ST) stock was 4.60 SEK (+9.27% on the day), with market capitalisation 197.4 m SEK, beta 0.52, 52-week range 3.31–9.20 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)
- 50.7
- neutral
- Bollinger (20, 2)
- 4.29 – 4.78
- in the upper half of the band · %B 0.62 · band width 10.7%
- SMA 50 / 200
- 4.70 / 4.75
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.03
- 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 | +2.8% | −0.6% | +3.4 pp | — |
| 3 months | −9.9% | −4.2% | −5.7 pp | — |
| 6 months | +8.0% | +4.3% | +3.7 pp | — |
| Year to date | −45.9% | +7.5% | −53.4 pp | — |
| 1 year | −59.3% | +9.9% | −69.3 pp | −8.5% |
| 3 years | −60.6% | +49.8% | −110.4 pp | +12.3% |
| 5 years | −90.0% | +42.8% | −132.8 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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 2.5 bn | 2.7 bn | 2.5 bn | 2.6 bn |
| Revenue YoY | unavailable | +9.4% | −7.4% | +4.5% |
| Net income | 128.8 m | 132.1 m | -9.3 m | -126.3 m |
| Net income YoY | unavailable | +2.6% | −107.0% | unavailable |
| Diluted EPS | 3.27 | 3.19 | -0.22 | -2.94 |
| Diluted EPS YoY | unavailable | −2.4% | −106.9% | unavailable |
| net % | 5.2% | 4.9% | -0.4% | -4.9% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.7 m SEK
- Financial debt
- 369.1 m SEK
- Net debt
- 363.4 m SEK
- Equity
- 400.6 m SEK
- Total assets
- 1.4 bn SEK
- Debt / equity
- 0.92x
- Current ratio
- unavailable
- ROE
- -26.4%
- ROA
- -8.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 2.5 bn | 2.7 bn | 2.5 bn | 2.6 bn | esef· 28 Oct 2026verified |
| Operating income | 154.6 m | 58.6 m | 40.1 m | -105.9 m | esef· 28 Oct 2026verified |
| Interest expense | 39.0 m | 77.6 m | 77.9 m | 52.6 m | esef· 28 Oct 2026verified |
| Pre-tax income | 150.3 m | 179.2 m | -6.8 m | -133.2 m | esef· 28 Oct 2026verified |
| Income tax | 24.6 m | 6.7 m | 4.4 m | -10.5 m | esef· 28 Oct 2026verified |
| Net income | 128.8 m | 132.1 m | -9.3 m | -126.3 m | esef· 28 Oct 2026verified |
| Diluted EPS | 3.27 | 3.19 | -0.22 | -2.94 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 93.3 m | 67.1 m | 126.1 m | 5.7 m | esef· 28 Oct 2026verified |
| Inventories | 18.1 m | 23.5 m | 17.1 m | 19.9 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 43.8 m | 34.6 m | 40.1 m | 47.2 m | esef· 28 Oct 2026verified |
| Goodwill | 390.2 m | 486.0 m | 480.0 m | 414.8 m | esef· 28 Oct 2026verified |
| Total assets | 1.6 bn | 1.7 bn | 1.6 bn | 1.4 bn | esef· 28 Oct 2026verified |
| Short-term debt | 0 | 75.8 m | 73.1 m | 78.1 m | esef· 28 Oct 2026verified |
| Long-term debt | 100.8 m | 163.3 m | 226.8 m | 291.0 m | esef· 28 Oct 2026verified |
| Equity | 388.8 m | 558.7 m | 556.5 m | 400.6 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 38.8 m | 41.3 m | 42.3 m | 43.0 m | esef· 28 Oct 2026derived |
Cash flow · SEK
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: 31.2% 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: 197.4 m SEK
Key indicators
Coverage and freshness
Score by group
31% · 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: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -11.9% | 13 (vs peers) | 33% |
| Net margin · Quality | -4.9% | 14 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 1.9% | 16 (on a fixed band) | 27% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.0x | 0 (on a fixed band) | 20% |
| 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· partial16/100 · 1/2 factors with a value
- Quality13/100 · 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
Transtema Group AB (TRANS.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.6 bn SEK in 2025; YoY growth 4.5%; net margin -4.9%; ROE -26.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% 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: -11.9%
- Net margin: -4.9%
- Revenue CAGR 3Y: 1.9%
- Interest coverage: -2.0x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, 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 | 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 TRANS.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Transtema Group AB provides infrastructure services for communication, electricity and energy networks, with customers in Sweden and Norway. Revenue declined in 2024 amid a reorganisation, and the company is stepping up its shift to electric fleets and lower emissions across its value chain.
SWOT
Strengths
- Established position in communication and energy infrastructure, with long-standing customer relationships and an integrated service offering.
- Subcontractor partnership programme that provides access to emissions data and sustainability support.
- Sustainability reporting has become more detailed, which supports relationships with customers focused on the value chain.
Weaknesses
- Dependence on a small number of large customers makes revenue vulnerable to the loss of a single contract.
- The net result was negative in 2024 and revenue fell compared with the prior year.
- Restructuring and staff reductions over the past year point to adaptability under strain.
Opportunities
- Expansion of charging networks and energy storage could generate new contracts if the energy transition accelerates.
- If value-chain emissions reduction progresses, the company could gain share with customers that impose sustainability criteria.
- Geographic and segment diversification could reduce dependence on individual clients.
Threats
- Lower investment in telecom infrastructure could limit the volume of available work.
- Rising personnel and financing costs could squeeze margins if they are not offset by pricing.
- Cybersecurity incidents and new regulation could create costs or operational restrictions.
Risks
- Customer and contract dependencehigh
A small number of large customers account for a significant share of revenue; renegotiation or loss of these contracts could affect revenue and profitability.
- Acquisition risksmedium
If the synergies and profitability expected from acquisitions do not materialise, growth and profitability could be affected, according to the report's assessment.
- Information and cyber securityhigh
Dependence on IT systems and suppliers raises exposure to cyberattacks and unplanned outages; new directives could bring significant penalties.
- Environmental and occupational safety risksmedium
Field work, sometimes in difficult conditions, raises accident risk, and a serious incident could damage reputation and customer relationships.
- Liquidity and cost of financingmedium
Higher interest rates or tighter access to financing could limit the ability to accept large contracts or make acquisitions.
Investment thesis
What would need to be true (bull case)
- If the energy transition and electrification of transport continue, demand for the infrastructure Transtema builds and maintains could grow.
- Customer relationships and the subcontractor partnership programme may support long-term contracts and a stable position.
- The 2024 restructuring could bring a more efficient cost structure, and liquidity rose by year-end.
What would break the thesis
- Dependence on a few large customers makes revenue vulnerable to contract changes or the withdrawal of a key client.
- The negative net result and falling revenue in 2024 may indicate margin pressure if the trend continues.
- Personnel costs, financing and regulatory requirements could reduce profitability, especially if infrastructure investment slows.
What to watch
- Development of net sales and net result versus 2024Q1 2026
- Share of large customers in total revenue and any new contracts2026
- Progress on fleet electrification and value-chain emissions reductionnext sustainability report
- Effects of the reorganisation on personnel costs and EBITDAnext 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
Transtema installs, maintains and extends communication, fibre, mobile and energy infrastructure, including charging stations and battery storage. Its stated mission, 'Ser till att nätet fungerar', underlines its role in keeping networks running that several societal functions depend on 1. Net sales were 2488,722 MSEK in 2024, against 2688,684 MSEK in 2023 1.
The group operates several business units and relies on a small number of large customers, which makes those relationships a key driver of revenue. The annual report says the company has broadened its geographic and segment reach to lower dependence on individual clients 1. At year-end 2024 it had 1345 employees 1.
Segments
Network infrastructure services
The core segment covers building and maintaining fibre, mobile and communication networks, with an important role in energy grid development and connecting charging stations for electric vehicles 1. The report does not break out revenue for this segment separately.
Energy services and storage
The company also delivers energy-related solutions, including battery storage, which the report says support the green transition of society 1. No separate revenue figure for this segment appears in the sources reviewed.
Discontinued operations
Revenue and results of some activities are presented separately as discontinued operations, with a net positive effect of 1,397 MSEK in 2024 1. This component is not part of continuing operations.
Market context
The reference market is communication and energy infrastructure in Sweden and Norway, where demand is supported by the energy transition and network expansion. The report gives no market size estimates, so the assessment stays qualitative. The company reported net sales of 2488,722 MSEK in 2024 1.
End customers are telecom operators, energy companies and other infrastructure players, and contracts can vary in size and duration. Dependence on a few large customers makes results sensitive to contract negotiations 1.
Trends
- Electrification of mobility and charging stationstailwind
Growth in electric vehicles and charging stations creates demand for the infrastructure Transtema installs, and its own fleet is gradually electrifying 1.
- Energy transition and storagetailwind
Demand for battery energy storage, named explicitly in the company's mission, could open new contracts if green energy projects accelerate 1.
- Environmental regulation and reportingmixed
New requirements for emissions reporting and compliance, including across the supply chain, raise administrative costs but could also steer contracts toward suppliers able to document their emissions 1.
- Labour costs and margin pressureheadwind
Personnel costs remain a major expense, and the 2024 staff reductions show that capacity adjustments were needed to keep efficiency 1.
Competitive position
The annual report does not explicitly name competitors or present a comparative market share analysis. In the Nordic markets, competition generally comes from other communication and energy infrastructure service providers; this is a general characterisation, not a conclusion from the source.
The advantages the company declares rest on customer relationships, the Transtema Link subcontractor partnership programme and its ability to adapt to customer requirements. No comparative data allows ranking its position against competitors 1.
- Other Nordic infrastructure service providers
Local or regional competitors mentioned only generically; the source does not name them.
- Construction and telecom installation firms
Competitors offering similar installation and maintenance work on networks; their exact identity is not stated in the report.
- Energy storage solution providers
Players that may compete in battery storage, with no names given in the source.
- Network operators that insource work
Customers that carry out some work themselves could reduce the volume available to contract, an implicit part of the customer-dependence risk.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Transtema Group AB · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.