Added to YB: 2026-08-06
Pitch date: 2026-08-03
TERNOR.ST [bullish]
Terranor Group AB (publ)
+1.39%
current return
Author Info
No bio for this author
Company Info
Terranor Group AB (publ) operates as infrastructure and road maintenance company in Sweden, Denmark, and Finland.
Market Cap
SEK 718.0M
Pitch Price
SEK 35.90
Price Target
80.00 (+120%)
Dividend
4.18%
EV/EBITDA
6.36
P/E
-45.46
EV/Sales
0.31
Sector
Transportation Infrastructure
Category
value
Terranor Group AB (TERNOR) - Betting on Boring (and Cheap)
TERNOR.ST: Nordic road O&M carve-out at sub-5x FY28e FCF vs peers (GREEN, NRC) at 10-15x. Post-Mutares exit, entering harvest phase; Sweden margin leader, Finland/Denmark recovery via indexed/better-term contracts. Gov't infra spend through 2035-37; 50%+ payout target. PT SEK80 (SEK100+ full rerate) by 2028, 21-64% IRR. Risks: FIN/DEN execution, Sweden re-tender concentration, weak insider alignment (2.6%), CEO's Serneke bankruptcy overhang.
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