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Qben Infra

Qben Infra

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Qben Infra is an acquisition-driven infrastructure group focused on acquiring niche B2B companies that benefit from secular growth trends in the Nordic region. The company has a diversified portfolio of companies across the infrastructure niches: construction, rail, power and inspection. Contracts can be as large as SEK 200m, but are often smaller, around SEK 0.5m-5m, and with both private and public customers.

M&A execution, project execution, weaker market conditions, below-expectation performance in acquired units post-acquisition, employee retention, debt refinancing

Financials

SEKm 2024 2025e 2026e
Sales 687 1411 1250
Sales growth (%) -2,5 105,3 -11,4
EBITDA -111 126 201
EBITDA margin (%) -16,2 8,9 16,1
EBIT adj. -14 16 62
EBIT adj. margin (%) -2,1 1,1 5
Pretax profit -124 -121 37
EPS -2,19 -1,61 0,34
EPS growth (%) N/A -26,6 N/A
EPS adj. -0,25 -1,41 0,55
DPS 0 0 -0,3
EV/EBITDA (x) -9,6 10,5 5,2
EV/EBIT adj. (x) -74,1 82,4 16,7
P/E (x) N/A N/A 29,1
P/E adj. (x) N/A N/A 18,3
EV/sales (x) 1,55 0,93 0,84
FCF yield (%) 35,7 36,7 93,9
Le. adj. FCF yld. (%) 33,6 28,4 85
Dividend yield (%) 0 0 -3
Net IB debt/EBITDA (x) -4,9 4,2 1,3
Le. adj. ND/EBITDA (x) -28,1 2,5 0,2
SEKm 2024 2025e 2026e
Sales 687 1411 1250
COGS -521 -819 -709
Gross profit 167 592 541
Other operating items -278 -466 -339
EBITDA -111 126 201
Depreciation and amortisation 0 -115 -119
of which leasing depreciation 0 0 0
EBITA -111 11 82
EO Items -97 -10 0
Impairment and PPA amortisation 0 -5 -20
EBIT -111 6 62
Net financial items -12 -127 -25
Pretax profit -124 -121 37
Tax 6 -5 -8
Net profit -118 -126 30
Minority interest 13 0 -3
Net profit discontinued N/A N/A N/A
Net profit to shareholders -104 -126 27
EPS -2,19 -1,61 0,34
EPS adj. -0,25 -1,41 0,55
Total extraordinary items after tax -92 -10 0
Leasing payments 0 0 0
Tax rate (%) 4,9 -4 21
Gross margin (%) 24,3 41,9 43,3
EBITDA margin (%) -16,2 8,9 16,1
EBITA margin (%) -16,2 0,8 6,6
EBIT margin (%) -16,2 0,4 5
Pre-tax margin (%) -18 -8,6 3
Net margin (%) -17,1 -9 2,4
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -2,5 105,3 -11,4
EBITDA growth (%) -278,6 -213,1 59,8
EBITA growth (%) -303,7 -109,9 649,1
EBIT growth (%) -303,7 -105,4 N/A
Net profit growth (%) -441,3 7,3 -123,4
EPS growth (%) N/A -26,6 N/A
Profitability N/A N/A N/A
ROE (%) -35,4 -32,4 6,5
ROE adj. (%) -4,1 -28,5 11,4
ROCE (%) -11 0,3 3,5
ROCE adj. (%) -1,4 1,2 4,6
ROIC (%) -15 1 6,4
ROIC adj. (%) -1,9 1,9 6,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -14 136 201
EBITDA adj. margin (%) -2,1 9,6 16,1
EBITDA lease adj. -14 136 201
EBITDA lease adj. margin (%) -2,1 9,6 16,1
EBITA adj. -14 21 82
EBITA adj. margin (%) -2,1 1,5 6,6
EBIT adj. -14 16 62
EBIT adj. margin (%) -2,1 1,1 5
Pretax profit Adj. -27 -106 57
Net profit Adj. -25 -111 50
Net profit to shareholders adj. -12 -111 47
Net adj. margin (%) -3,7 -7,9 4
SEKm 2024 2025e 2026e
EBITDA -111 126 201
Goodwill 639 639 639
Net financial items -12 -127 -25
Other intangible assets 73 68 48
Paid tax 3 6 -34
Tangible fixed assets 68 66 59
Non-cash items 57 -23 -15
Right-of-use asset 187 202 222
Cash flow before change in WC -64 -19 127
Total other fixed assets 151 151 151
Change in working capital 163 203 14
Fixed assets 1118 1126 1119
Operating cash flow 99 184 141
Inventories 282 141 125
Capex tangible fixed assets -5 -18 -15
Receivables 481 212 187
Capex intangible fixed assets 0 0 0
Other current assets 420 265 249
Acquisitions and Disposals 75 122 608
Cash and liquid assets 612 634 922
Free cash flow 170 287 734
Total assets 2913 2378 2602
Dividend paid 0 0 23
Shareholders equity 491 285 538
Share issues and buybacks 8 -200 -400
Minority 207 207 207
Leasing liability amortisation -10 -65 -70
Total equity 699 493 745
Other non-cash items -722 -10 -15
Long-term debt 671 671 671
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 188 198 213
Total other long-term liabilities 152 152 152
Short-term debt 300 300 300
Accounts payable 375 212 187
Other current liabilities 527 352 333
Total liabilities and equity 2912 2378 2602
Net IB debt 547 535 262
Net IB debt excl. pension debt 547 535 262
Net IB debt excl. leasing 359 337 49
Capital employed 1858 1662 1930
Capital invested 1246 1028 1007
Working capital 281 54 41
Market cap. diluted (m) 476 782 782
Net IB debt adj. 593 535 262
Market value of minority N/A N/A N/A
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1069 1317 1044
Total assets turnover (%) 40,2 53,3 50,2
Working capital/sales (%) 24,8 11,9 3,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 78,3 108,6 35,2
Net debt / market cap (%) 115,1 68,5 33,6
Equity ratio (%) 24 20,7 28,6
Net IB debt adj. / equity (%) 84,9 108,6 35,2
Current ratio 1,49 1,45 1,81
EBITDA/net interest 9 1 8,1
Net IB debt/EBITDA (x) -4,9 4,2 1,3
Net IB debt/EBITDA lease adj. (x) -28,1 2,5 0,2
Interest coverage 9 0,1 3,3
SEKm 2024 2025e 2026e
Shares outstanding adj. 48 78 78
Diluted shares adj. 48 78 78
EPS -2,19 -1,61 0,34
Dividend per share 0 0 -0,3
EPS adj. -0,25 -1,41 0,55
BVPS 10,33 3,65 6,87
BVPS adj. -4,63 -5,39 -1,91
Net IB debt/share 12,47 6,85 3,36
Share price 10 10 10
Market cap. (m) 476 782 782
P/E (x) N/A N/A 29,1
EV/sales (x) 1,6 0,9 0,8
EV/EBITDA (x) -9,6 10,5 5,2
EV/EBITA (x) -9,6 119,8 12,7
EV/EBIT (x) -9,6 219,8 16,7
Dividend yield (%) 0 0 -3
FCF yield (%) 35,7 36,7 93,9
Le. adj. FCF yld. (%) 33,6 28,4 85
P/BVPS (x) 0,97 2,74 1,45
P/BVPS adj. (x) -2,16 -1,86 -5,24
P/E adj. (x) N/A N/A 18,3
EV/EBITDA adj. (x) -74,1 9,7 5,2
EV/EBITA adj. (x) -74,1 62,7 12,7
EV/EBIT adj. (x) -74,1 82,4 16,7
EV/CE (x) 0,6 0,8 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 0,7 1,3 1,2
Capex/depreciation N/A 0,2 0,1
Capex tangibles / tangible fixed assets 6,7 27,6 25,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 0 173 200,1

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Qben Infra - Fireside chat with CEO Øivind Horpestad

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Per Robert Anderson 32.3 % 32.3 % 26 Nov 2025
Øivind Horpestad 9.8 % 9.8 % 26 Nov 2025
TB Industrier AS 7.5 % 7.5 % 26 Nov 2025
Gjermund Sogn 5.2 % 5.2 % 26 Nov 2025
Ketil Skaget 3.6 % 3.6 % 16 Jun 2025
Tigerstaden AS 3.3 % 3.3 % 26 Nov 2025
Martin Bernstén 2.3 % 2.3 % 27 May 2025
Kristian Lundkvist (Middelborg) 1.6 % 1.6 % 26 Nov 2025
Bård Myrstad 1.6 % 1.6 % 26 Nov 2025
Patrik Egeland 1.4 % 1.4 % 31 Dec 2024
Source: Holdings by Modular Finance AB