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1. Company Snapshot

1.a. Company Description

Instalco AB (publ) provides installation services in the heating and plumbing, electrical, ventilation, cooling, and industrial areas in Sweden and rest of Nordic.The company is involved in the designing, project planning, and assembly services for electricity; alarms and monitoring; data network and control of technical equipment; energy optimization through integrated property automation; charging posts for electric cars; remote reading; control technology and automatics; and related service and maintenance services to construction firms, property companies, government agencies, local authorities and regions, and housing and industrial companies.It also provides heating and plumbing services, including installation of district heating, natural gas, heat pumps, and comfort cooling; pipe replacement and preventative maintenance; water treatment and water consumption; sprinkler systems, and new construction; and ongoing repairs, service and maintenance, ROT work, and project planning services.


In addition, the company offers ventilation services, such as installation and solutions for indoor climate, air treatment, and mandatory ventilation inspection; control technology and automatics; property automation; and project planning services.Future, the company engages in the installation of cooling and heating equipment, food, process, and comfort cooling services; and technical consulting services, as well as pipe installation, cooling installation, electric power installation, infrastructure, automation, instrumentation, emission control, exhaust gas cleaning, project planning, energy, and safety services.The company was formerly known as Instalco Intressenter AB (publ) and changed its name to Instalco AB (publ) in May 2019.


Instalco AB (publ) was founded in 2013 and is headquartered in Stockholm, Sweden.

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1.b. Last Insights on INSTAL

Instalco AB's recent performance was hindered by a dip in net sales and EBITA margin in Q4 2024, despite resilient cash flow and strategic expansion efforts. The company's Q1 2025 earnings call highlighted a return to organic growth and strong cash flow, but also acknowledged market uncertainties and strategic expansions. The most recent earnings release indicates a cautious approach to navigating growth amidst market challenges, with a focus on addressing market uncertainties and optimizing operations.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Instalco (OM:INSTAL) Margin Decline Tests Bullish Growth Case Despite Strong Forecasts

Oct -25

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Instalco AB (FRA:4IIA) Q3 2025 Earnings Call Highlights: Navigating Challenges with Strategic Growth

Oct -24

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Instalco AB (FRA:4IIA) Q1 2025 Earnings Call Highlights: Navigating Growth Amidst Market Challenges

Apr -30

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Instalco AB (LTS:0RP5) Q4 2024 Earnings Call Highlights: Navigating Challenges with Strategic ...

Feb -14

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Instalco AB (FRA:4IIA) Q3 2024 Earnings Call Highlights: Navigating Market Challenges with ...

Oct -26

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.39%)

6. Segments

Construction

Expected Growth: 5%

Instalco AB's 5% growth in Construction is driven by increasing demand for sustainable building solutions, government investments in infrastructure, and a growing focus on energy-efficient renovations. Additionally, the company's strategic acquisitions and expansion into new markets have contributed to its growth momentum.

Service

Expected Growth: 3%

Instalco AB's 3% growth is driven by increasing demand for electrical installations in the Nordic region, fueled by urbanization and infrastructure development. Additionally, the company's strategic acquisitions and expansion into new markets, such as HVAC and plumbing, contribute to its growth momentum.

7. Detailed Products

Electrical Installation

Instalco AB provides electrical installation services for industrial, commercial, and residential projects, including design, installation, and maintenance of electrical systems.

HVAC Installation

Instalco AB offers heating, ventilation, and air conditioning (HVAC) installation services for commercial and industrial buildings, including design, installation, and maintenance of HVAC systems.

Plumbing Installation

Instalco AB provides plumbing installation services for industrial, commercial, and residential projects, including design, installation, and maintenance of plumbing systems.

Fire Protection Systems

Instalco AB designs, installs, and maintains fire protection systems, including sprinkler systems, fire alarms, and gas suppression systems.

Security Systems

Instalco AB provides security system installation services, including CCTV, access control, and intrusion detection systems.

Building Automation Systems

Instalco AB designs, installs, and maintains building automation systems, including HVAC, lighting, and security system integration.

Energy Efficiency Solutions

Instalco AB provides energy-efficient solutions, including energy audits, energy-efficient lighting, and renewable energy systems.

8. Instalco AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Instalco AB (publ) operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the increasing competition in the installation services market.

Bargaining Power Of Customers

Instalco AB (publ) has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's strong relationships with its customers reduce the likelihood of customers switching to competitors.

Bargaining Power Of Suppliers

Instalco AB (publ) has a moderate level of dependence on its suppliers, but the company's strong relationships with its suppliers and the availability of alternative suppliers reduce the bargaining power of suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the installation services market, including the need for specialized skills and equipment, as well as the requirement for licenses and certifications.

Intensity Of Rivalry

The installation services market is highly competitive, with many players competing for market share. Instalco AB (publ) faces intense competition from both local and national players, which increases the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 50.02%
Debt Cost 5.23%
Equity Weight 49.98%
Equity Cost 8.95%
WACC 7.09%
Leverage 100.09%

11. Quality Control: Instalco AB (publ) passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
OHL

A-Score: 4.6/10

Value: 9.1

Growth: 4.0

Quality: 3.8

Yield: 0.0

Momentum: 9.5

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Instalco

A-Score: 4.5/10

Value: 6.7

Growth: 7.4

Quality: 6.2

Yield: 4.4

Momentum: 1.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Polimex-Mostostal

A-Score: 4.3/10

Value: 8.3

Growth: 4.1

Quality: 2.6

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Fasadgruppen

A-Score: 4.2/10

Value: 8.7

Growth: 6.0

Quality: 2.5

Yield: 5.0

Momentum: 1.5

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
YIT

A-Score: 3.9/10

Value: 6.7

Growth: 0.6

Quality: 2.5

Yield: 3.8

Momentum: 7.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Vestum

A-Score: 3.7/10

Value: 7.6

Growth: 5.9

Quality: 3.4

Yield: 0.0

Momentum: 3.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

24.12$

Current Price

24.12$

Potential

-0.00%

Expected Cash-Flows