Industrials · Industrial Distribution · Nasdaq Stockholm · Sweden
kr 247.60-4.25%
Market cap kr 90.2BNext earnings 2026-10-23Updated Oct 22, 2026
Our verdict
Trades 53% above our fair value
Price
kr 247.60
Model fair valueConfidence: good
kr 161
Model range
kr 86.01 to kr 237
Fair value kr 161
Price kr 248
4 models fit Indutrade AB (publ) and they partly agree: 2 of 4 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Bronze53
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionIndutrade AB (publ) (INDT.ST)
Fair value (4 models)
kr 161
ACCE price target
kr 256
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: kr 248 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
53.4% above
-34.8% to fair value
ACCE score
59
out of 100
P/E
33.6x
forward 25.0x
1-year return
-4.9%
Dividend yield
0.00%
Indutrade AB (publ) in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
Indutrade distributes and lightly manufactures niche industrial components, including valves, pumps, hydraulics, fluid handling and sensors, sold to thousands of small and mid-sized customers across Sweden, the rest of Europe and North America. Its edge is a decentralised model: roughly 60 operating companies run their own customer relationships and pricing, while group-level discipline in acquisitions and capital allocation keeps the portfolio compounding, and the company has a long record of buying small, specialised businesses at sensible multiples and integrating them. Growth is coming from bolt-on acquisitions and from organic gains in aftermarket and maintenance demand, which is less cyclical than original equipment. Revenue growth of 10.7% and a 15.7% return on equity sit well above what most European industrial distributors manage, and the 35.6% gross margin reflects the value-added, engineered nature of the product mix. The stock trades at 35.1x trailing and 28.9x forward earnings, so the investment case rests on sustaining high-single to low-double-digit growth and the acquisition engine rather than on any cheapness; the premium multiple is the main thing to test.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Rich valuation multiples
P/E of 36.3 and EV/EBITDA of 26.0 are demanding. The price trades 53.4% above the model fair value of kr 161.45, so the stock leaves little room for disappointment.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 10.7% year over year and has averaged 10.9% a year over five years, a steady compounding record.
Return on equity of 15.7% shows the business earns solid returns on shareholders' money, with debt at a moderate 0.56 times equity.
Free cash flow over the last twelve months reached SEK 3.5B, and the share count has barely changed, so owners keep their slice.
Why it could disappoint
The shares trade 53.4% above the model fair value of kr 161.45, so the price already assumes far more than the models do.
At a forward P/E of 26.0x against a sector median of 22.9x, the shares carry a premium to peers.
The price implies cash flow growth of 6.7% a year forever, while a free cash flow yield of 3.6% leaves little margin for error.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Walk me through this stock
Plain-English pros, cons, and what to watch. Pro feature.
PRO
Ask ACCE
Valuation
INVESTOR
Where INDT.ST's valuation models land
Price
kr 247.60
Model fair value
kr 161
Model range
kr 86.01 to kr 237
Fair value kr 161
Price kr 248
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
Create a free account: 5 full stock pages a month, no card.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores
+Score history: how each score moved over time
Analysts
Wall Street consensus
No analyst coverage yet.
Analyst intelligence INVESTOR FEATURE
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
+Price-target low / average / high vs the current price, with implied upside
+Forward revenue and EPS consensus by fiscal year
+ACCE fair-value models lined up against the Street
Smart Money
PRO
In one line
Trades are only made public after a delay. We show the delay so you know how old the news is.