Instalco

In this report, analysts Isak Hardeberg and Beatrice Martinelle present
a comprehensive analysis of Instalco, a leading Nordic provider of
technical installation and services. Following a challenging construction
market, returning founder and CEO Per Sjöstrand is shifting the Group’s
focus from acquisition-led growth towards operational efficiency through
the Instalco 2.0 strategy. Margin recovery, structural demand from renovation
and defense, and renewed M&A potential through Fabri AG support a target
price of SEK 58.8, corresponding to an upside of 44.5%.

Key Takeaways
● Instalco 2.0 drives margin recovery: Normalising bad debt, centralised
procurement and improved labour utilisation are expected to lift the EBIT
margin by 340 bps, from 4.9% in 2025 to 8.3% by 2028.
● Structural tailwinds support organic growth: A recovering Nordic renovation
cycle and rising defence-related investment are expected to support organic revenue
growth of 6.8% by 2028.
● Germany re-establishes the acquisition-led growth story: The stepwise acquisition
of Fabri AG provides a platform in a fragmented market approximately five times larger
than the Nordics, creating renewed consolidation and re-rating potential.