Indutrade AB (publ) (INDT.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

Indutrade AB (publ) manufactures, develops, and sells components, systems, and services to various industries worldwide.It operates through eight segments: Benelux, DACH, Finland, Flow Technology, Fluids and Mechanical Solutions, Industrial Components, Measurement and Sensor Technology, and UK.The company also provides components and systems for controlling, measuring, monitoring, and regulating flows, as well as for industrial production and maintenance; hydraulic and mechanical components; medical technology equipment; measurement instruments and systems, sensors, control and regulating technology, and monitoring equipment; and custom-manufactured products, design solutions, aftermarket and assembly services, and customization services.

In addition, it provides valves, hydraulic and industrial equipment, measurement technology and automation products, construction materials, filters, pipes and pipe systems, auto repair, tools and transmission, industrial springs, water and wastewater, lighting, chemical technology, fasteners, electronics, vehicles, energy, springs, piston rings, press work, and valve channels.The company was incorporated in 1919 and is based in Kista, Sweden.

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1.b. Last Insights on INDT

Unfortunately there is no news available at this time to explain the performance of INDT.ST

1.c. Company Highlights

Last Price	220.8
Change Percentage	-2.39%
Open	221.4
Previous Close	226.2
Market Cap ( Millions)	80443
Volume	413367
Year High	309.4
Year Low	206.4
M A 50	230.71
M A 200	239.76

FCF Yield	4.35%
Dividend Yield	1.36%
ROE	15.36%
Debt / Equity	56.35%
Net Debt / EBIDTA	143.05%
Price To Book	4.7
Price Earnings Ratio	31.42
Price To FCF	22.98
Price To sales	2.5
EV / EBITDA	17.3

2. Indutrade's Q4 2025 Earnings: A Resilient Performance Amidst Market Uncertainty

Indutrade reported a net sales decrease of 1% in Q4 2025, with an organic decline of 0%. The EBITA margin came in at 13.3%, but excluding one-offs, the underlying margin was 14.9%. The company's EPS was €1.72, slightly below estimates of €1.82. Despite the challenging market conditions, Indutrade maintained a strong financial position, with a net debt/equity ratio of 44% and a net debt/EBITDA ratio of 1.4x. The company's cash flow remained high, and the gross margin was 35.4% in Q4, driven by good pricing, favorable mix effects, and currency benefits.

Publication Date: Feb -06

                                    📋 Highlights
                                    Order Intake Growth::
                                                Organic order intake increased by 2% in 2025, with Q4 showing a stronger 3% organic growth.
EBITA Margin Performance::
                                                Underlying EBITA margin reached 14.9% in Q4 (excluding one-offs), up from 13.3% reported margin, driven by controlled expenses and pricing.
Acquisition Activity::
                                                Acquired 13 companies in 2025 with a combined annual turnover of SEK 1.3 billion, maintaining a target size of EUR 15 million per acquisition.
Financial Position::
                                                Net debt/EBITDA ratio at 1.4x and net debt/equity at 44%, reflecting a strong balance sheet with high cash flow and disciplined cost management.
2026 Growth Strategy::
                                                Aiming for annual growth of at least 10% over a business cycle and sustaining an EBITA margin of 14%, supported by government infrastructure investments and M&A integration.

                                

Operational Highlights

Indutrade's order intake showed signs of improvement, with organic growth of 3% in Q4. The Energy sector, Water & Wastewater, and Infrastructure & Construction were the strongest demand drivers. The company's M&A strategy continued to bear fruit, with 13 acquisitions completed during the year, contributing to a total annual turnover of SEK 1.3 billion. As Bo Annvik noted, "We've seen two consecutive quarters of organic order intake growth, indicating a positive trend."

Outlook and Guidance

Indutrade is optimistic about 2026, expecting organic sales growth to improve driven by a better order backlog and increased government investments in infrastructure and defense. The company is focused on delivering annual growth of at least 10% per year over a business cycle and maintaining a stable EBITA margin of at least 14%. Analysts estimate revenue growth of 6.1% for next year, which appears achievable given the company's strong order intake and M&A pipeline.

Valuation and Metrics

Indutrade's current valuation metrics indicate a P/E Ratio of 32.08 and an EV/EBITDA of 17.63. The company's Return on Equity (ROE) stands at 15.36%, and the Return on Invested Capital (ROIC) is 10.15%. The dividend yield is 1.33%, which, while not exceptionally high, is a stable source of return for investors. Given the company's strong financial position and growth prospects, the current valuation appears reasonable, but investors should monitor the company's ability to deliver on its growth targets.

3. NewsRoom

Indutrade AB (IDTRY) Q4 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...

Jan -29

Source:

Indutrade (OM:INDT): Examining Valuation Following Recent Share Price Softness

Sep -24

Source:

Indutrade AB (IDDWF) Q1 2025 Earnings Call Highlights: Record Cash Flow and Strategic ...

Apr -26

Source:

Indutrade AB (FRA:I1M) Q4 2024 Earnings Call Highlights: Strong Cash Flow and Strategic ...

Jan -31

Source:

Indutrade AB (IDDWF) Q3 2024 Earnings Call Highlights: Strong EPS Growth Amidst Challenging ...

Oct -26

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Industrial Components

Expected Growth: 3%

Indutrade AB's Industrial Components segment growth is driven by increasing demand for automation and digitalization in manufacturing, rising need for energy-efficient solutions, and growing investments in Industry 4.0 technologies. Additionally, the company's strategic acquisitions and expansion into new markets contribute to its 3% growth.

Flow Technology

Expected Growth: 3%

Flow Technology from Indutrade AB (publ) achieves 3% growth driven by increasing demand for efficient fluid handling solutions, expansion into new geographies, and strategic acquisitions. Additionally, investments in R&D and digitalization enhance product offerings, while a strong distribution network and long-term customer relationships ensure steady revenue streams.

Benelux

Expected Growth: 3%

Indutrade AB's Benelux segment growth is driven by increasing demand for industrial automation and electrification solutions, particularly in the Netherlands and Belgium. Strong relationships with local OEMs and a focus on niche markets have enabled the company to capitalize on regional trends, such as the shift towards sustainable energy and Industry 4.0.

Fluids & Mechanical Solutions

Expected Growth: 3%

Indutrade AB's Fluids & Mechanical Solutions segment growth is driven by increasing demand for efficient fluid handling and mechanical systems in industries such as oil & gas, chemical processing, and power generation. Additionally, the segment benefits from a growing focus on sustainability and energy efficiency, as well as strategic acquisitions and organic growth initiatives.

Measurement & Sensor Technology

Expected Growth: 3%

Indutrade AB's Measurement & Sensor Technology segment growth is driven by increasing demand for industrial automation, IoT adoption, and quality control in manufacturing. Additionally, the need for precise measurement and sensing in industries such as healthcare, aerospace, and automotive contributes to the segment's 3% growth.

DACH

Expected Growth: 3%

Indutrade AB's DACH segment, with 3% growth, is driven by increasing demand for industrial automation and digitalization solutions, particularly in Germany and Switzerland. Stronger manufacturing activity, investments in Industry 4.0, and a growing need for energy-efficient solutions also contribute to this growth.

Finland

Expected Growth: 3%

Finland's growth is driven by increasing demand for industrial automation and digitalization solutions, supported by the country's strong manufacturing sector and government initiatives promoting innovation and R&D investments. Additionally, Indutrade AB's strategic acquisitions and expansion into new markets have contributed to the 3% growth.

United Kingdom

Expected Growth: 3%

In the UK, Indutrade AB's 3% growth is driven by increasing demand for industrial automation and digitalization, particularly in the manufacturing and process industries. Additionally, the country's focus on renewable energy and infrastructure development is boosting demand for specialized industrial components and services, further supporting growth.

Eliminations

Expected Growth: 3%

Indutrade AB's 3% growth is driven by strategic acquisitions, expanding into new markets, and organic growth from existing businesses. The company's diversified industrial technology portfolio and strong market positions in niche areas also contribute to its growth. Additionally, investments in digitalization and operational efficiency improvements support the company's ability to maintain a competitive edge and drive growth.

Parent Company & Group Items

Expected Growth: 3%

Indutrade AB's 3% growth is driven by its parent company's strategic acquisitions, expanding into new markets, and organic growth in its niche industrial technology segments. The group's diversified portfolio, strong market positions, and efficient operations also contribute to its growth. Additionally, the company's focus on innovation, digitalization, and sustainability initiatives further support its growth momentum.

7. Detailed Products

Flow Technology

Indutrade's Flow Technology segment offers a range of products and solutions for fluid handling, measurement, and control applications.

Measurement and Sensor Technology

This segment provides sensors, transmitters, and measurement systems for industrial automation, process control, and quality control applications.

Industrial Equipment

Indutrade's Industrial Equipment segment offers a range of products and solutions for industrial automation, material handling, and processing applications.

Components and Systems

This segment provides a range of components and systems for industrial automation, electrical engineering, and mechanical engineering applications.

Special Products

Indutrade's Special Products segment offers specialized products and solutions for niche markets such as aerospace, defense, and medical technology.

8. Indutrade AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Indutrade AB (publ) is medium due to the availability of alternative products and services in the industrial manufacturing industry.

Bargaining Power Of Customers

The bargaining power of customers for Indutrade AB (publ) is low due to the company's strong brand reputation and diversified customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Indutrade AB (publ) is medium due to the company's dependence on a few large suppliers for raw materials.

Threat Of New Entrants

The threat of new entrants for Indutrade AB (publ) is low due to the high barriers to entry in the industrial manufacturing industry, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry for Indutrade AB (publ) is high due to the competitive nature of the industrial manufacturing industry, with many established players competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	39.51%
Debt Cost	6.38%
Equity Weight	60.49%
Equity Cost	10.29%
WACC	8.74%
Leverage	65.32%

11. Quality Control: Indutrade AB (publ) passed 6 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Andritz

A-Score: 6.2/10

Value: 5.5

Growth: 5.4

Quality: 6.2

Yield: 7.5

Momentum: 6.5

Volatility: 6.3

1-Year Total Return ->

Toromont

A-Score: 6.0/10

Value: 2.6

Growth: 6.4

Quality: 6.3

Yield: 2.0

Momentum: 9.0

Volatility: 9.7

1-Year Total Return ->

SKF

A-Score: 5.7/10

Value: 4.3

Growth: 4.6

Quality: 5.2

Yield: 6.9

Momentum: 6.0

Volatility: 7.3

1-Year Total Return ->

Diploma

A-Score: 5.2/10

Value: 0.2

Growth: 7.8

Quality: 7.0

Yield: 1.9

Momentum: 6.5

Volatility: 7.7

1-Year Total Return ->

Indutrade

A-Score: 4.4/10

Value: 1.7

Growth: 7.4

Quality: 6.3

Yield: 1.9

Momentum: 2.5

Volatility: 6.3

1-Year Total Return ->

Dätwyler

A-Score: 3.3/10

Value: 1.5

Growth: 3.1

Quality: 3.7

Yield: 3.1

Momentum: 5.0

Volatility: 3.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

8.07%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.74%

Indutrade AB (publ) - SE0001515552

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on INDT

Unfortunately there is no news available at this time to explain the performance of INDT.ST

1.c. Company Highlights

Expensive

Higher Growth

Average Yield

Earnings Miss

Revenues Miss

Earnings Beats

Revenues Beats

Strong Momentum

Better Quality

Stable Momentum

Weak Momentum

2. Indutrade's Q4 2025 Earnings: A Resilient Performance Amidst Market Uncertainty

Operational Highlights

Outlook and Guidance

Valuation and Metrics

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Industrial Components

Expected Growth: 3%

Flow Technology

Expected Growth: 3%

Benelux

Expected Growth: 3%

Fluids & Mechanical Solutions

Expected Growth: 3%

Measurement & Sensor Technology

Expected Growth: 3%

DACH

Expected Growth: 3%

Finland

Expected Growth: 3%

United Kingdom

Expected Growth: 3%

Eliminations

Expected Growth: 3%

Parent Company & Group Items

Expected Growth: 3%

7. Detailed Products

Flow Technology

Measurement and Sensor Technology

Industrial Equipment

Components and Systems

Special Products

8. Indutrade AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Indutrade AB (publ) passed 6 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

12.e Scoring ^Insights

12.f DCF ^BETA