Eltel AB (publ)

ELTEL.ST

Engineering & Construction · Industrials

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

Eltel AB is a Swedish infrastructure services company that builds and maintains networks for electricity, telecommunications, and railways. Its main customers are large utility companies, telecom operators, and government agencies across Northern and Central Europe. The company does not make products — it provides the skilled labor and engineering work needed to keep critical infrastructure running.

Eltel earns money by winning contracts to install, upgrade, and repair power lines, fiber-optic cables, and rail systems. It operates mainly in Sweden, Finland, Norway, Denmark, Poland, and Germany, generating roughly €1 billion in annual revenue. The business has a stable base of long-term service agreements with large national utilities, which provides some revenue predictability, but thin margins leave little room for error on project costs. The key risk is that cost overruns on fixed-price contracts can quickly erase profits, while the main growth opportunity lies in rising European demand for grid upgrades and fiber broadband expansion.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+64.8% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

66.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 45M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Eltel AB (publ)'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

12.4%

Thin — 12.4% gross margin

Profit after running costs

Operating Margin

2.1%

Thin — 2.1% operating margin

Return on the money invested

ROCE

7.9%

Weak — 7.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+4.4%

Slow sales growth (+4.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

206%

Turns 206% of profit into real cash

Spare cash per sale

FCF Margin

0.1%

Thin free cash flow (0.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.98

Moderate — manageable debt (0.98)

Covers its interest

Interest Cover

1.34x

Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

54.0x

no trend

Expensive — P/E 54.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+43.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (54.0 → 10.9)

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Dividends

Not applicable for this business.

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