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Swedish roll-up of local electrical, HVAC and plumbing installation companies across the Nordic region.
Swedish roll-up of local electrical, HVAC and plumbing installation companies across the Nordic region.
Pays for growth by buying small local installers, usually leaving the founders in charge with part of the price tied to future profit, so results blend organic work with acquired earnings. Revenue splits between installation projects in new buildings and steadier service and maintenance work in existing ones.
In one line: A Nordic building-services roll-up similar in model to Comfort Systems USA.
Moat: none (scale, distribution). Growth mainly from acquiring small local installers; individual units have local relationships but no broad moat.
Headquarters: Stockholm, Sweden · Founded: 2014 · Employees: 6,123
Size Instalco (INSTAL.ST) is a Sweden Industrials company (Engineering & Construction) with a market value of $1.15B, the 127th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 41.74 on 6 Nov 2026.
Performance Over six months the shares gained 9.3%, against -17.7% for the median peer and +8.2% for the Sweden market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median +6.1%); the operating margin is 5.3% (peer median 6.8%).
Valuation It trades at 18.4× forward earnings against a peer median of 15.6× (7th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points below its cost of capital (8.2% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 14.6B | SEK 13.6B | SEK 13.7B | SEK 14.3B | SEK 12.1B |
| Revenue growth | — | -1% | -4% | +18% | — |
| Gross profit | SEK 775M | SEK 558M | SEK 597M | SEK 805M | SEK 723M |
| EBITDA | SEK 1.35B | SEK 1.09B | SEK 1.16B | SEK 1.32B | SEK 1.10B |
| Net income | SEK 508M | SEK 343M | SEK 345M | SEK 601M | SEK 520M |
| Free cash flow | n/a | SEK 927M | SEK 825M | SEK 917M | SEK 699M |
| Capital expenditure | SEK 14.0M | SEK 97.0M | SEK 125M | SEK 109M | SEK 64.0M |
| Total debt | SEK 4.93B | SEK 3.79B | SEK 3.66B | SEK 3.72B | SEK 3.13B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Instalco INSTAL.ST | $1.15B | +9% | +9% | 5% | 18.4× | 10.9% |
| Bravida BRAV.ST | $3.00B | +30% | +4% | 6% | 19.0× | 5.3% |
| Comfort Systems USA FIX | $35.6B | -48% | +51% | 17% | 16.2× | 12.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INSTAL.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.2% | -0.2% | 8th highest of 21 |
| 6-month return | +9.3% | -17.7% | 2nd highest of 21 |
| Distance from 52-week high | -8.4% | -33.5% | 4th highest of 21 |
| Revenue growth (TTM) | +8.6% | +6.1% | 9th highest of 21 |
| Operating margin | 5.3% | 6.8% | 5th lowest of 21 |
| Forward P/E | 18.4× | 15.6× | 7th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 10.9% | 6.2% | 3rd most demanding of 10 |
| Growth delivered (Del g) | +13.8% | +11.7% | 4th highest of 10 |
| Hurdle (Req g minus delivered) | -2.9 pp | -16.5 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | -1.2 pp | -1.8 pp | 9th highest of 19 |
| EV / EBITDA | 12.0× | 12.5× | 4th cheapest of 10 |
| Net debt / EBITDA | 3.5× | 0.7× | 4th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Instalco INSTAL.ST | Sweden | $1.15B | +9% | +9% | 5% | 18.4× | 10.9% | +13.8% |
| Techno Electric & Engineering TECHNOE.NS | India | $1.14B | -28% | +39% | 13% | 18.8× | n/a | n/a |
| Ameresco AMRC | United States | $1.15B | -28% | +9% | 7% | 15.6× | n/a | n/a |
| Renew RNWH.L | United Kingdom | $1.15B | +19% | +8% | 6% | 15.3× | 7.7% | +11.7% |
| Norconsult NORCO.OL | Norway | $1.14B | +2% | +13% | 7% | 15.7× | -5.9% | +10.6% |
| Shenzhen Zhongzhuang Construction 002822.SZ | China | $1.15B | -15% | -56% | -96% | n/a | n/a | n/a |
| Jiangsu Zeyu Intelligent Electric Power 301179.SZ | China | $1.13B | -20% | +8% | 8% | 32.1× | 24.8% | +15.4% |
| China Bester Group Telecom 603220.SS | China | $1.17B | -48% | +3% | 6% | 20.0× | n/a | n/a |
| Decai Decoration 605287.SS | China | $1.12B | -3% | +17% | 5% | n/a | 25.3% | -5.4% |
| IPARK Hyundai Development 294870.KS | South Korea | $1.12B | +4% | -13% | 11% | 4.2× | n/a | n/a |
| EPIC Suisse EPIC.SW | Switzerland | $1.17B | +2% | +4% | 78% | 20.8× | 7.1% | +4.3% |
| GenusPlus GNP.AX | Australia | $1.18B | -12% | +71% | 6% | 18.1× | 6.2% | +32.1% |
| Norbit NORBT.OL | Norway | $1.12B | -28% | +34% | 22% | 21.1× | -5.3% | +32.2% |
| Tianjin Capital Environmental Protection 600874.SS | China | $1.21B | -9% | -3% | 29% | 9.6× | -15.4% | +7.3% |
| thyssenkrupp nucera AG & Co. KGaA NCH2.DE | Germany | $1.09B | -13% | -42% | -13% | n/a | n/a | n/a |
| IRCON International IRCON.NS | India | $1.08B | -33% | -3% | 7% | 15.4× | n/a | n/a |
| Chiyoda 6366.T | Japan | $1.07B | -35% | +16% | 17% | 6.7× | n/a | n/a |
| Anhui Construction Engineering 600502.SS | China | $1.07B | -23% | -4% | 6% | 4.6× | n/a | n/a |
| Xinjiang Communications Construction 002941.SZ | China | $1.22B | -20% | +23% | 5% | n/a | n/a | n/a |
| Lendlease LLC.AX | Australia | $1.23B | -16% | -30% | 0% | 147.4× | n/a | n/a |
| Toa Corporation (Construction) 1885.T | Japan | $1.06B | -29% | +2% | 7% | 9.1× | -12.2% | +13.6% |