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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 2025 2026e 2027e
Sales 1411 1250 1355
Sales growth (%) 105,3 -11,4 8,4
EBITDA 126 201 228
EBITDA margin (%) 8,9 16,1 16,8
EBIT adj. 16 62 85
EBIT adj. margin (%) 1,1 5 6,3
Pretax profit -121 37 60
EPS -1,61 0,34 0,55
EPS growth (%) -26,6 N/A 59,8
EPS adj. -1,41 0,55 0,75
DPS 0 -0,3 0,11
EV/EBITDA (x) 10,5 5,2 5,8
EV/EBIT adj. (x) 82,4 16,7 15,5
P/E (x) N/A 29,1 18,2
P/E adj. (x) N/A 18,3 13,3
EV/sales (x) 0,93 0,84 0,97
FCF yield (%) 36,7 93,9 16,1
Le. adj. FCF yld. (%) 28,4 85 7,1
Dividend yield (%) 0 -3 1,1
Net IB debt/EBITDA (x) 4,2 1,3 2,3
Le. adj. ND/EBITDA (x) 2,5 0,2 1,3
SEKm 2025 2026e 2027e
Sales 1411 1250 1355
COGS -819 -709 -765
Gross profit 592 541 590
Other operating items -466 -339 -362
EBITDA 126 201 228
Depreciation and amortisation -115 -119 -123
of which leasing depreciation 0 0 0
EBITA 11 82 105
EO Items -10 0 0
Impairment and PPA amortisation -5 -20 -20
EBIT 6 62 85
Net financial items -127 -25 -25
Pretax profit -121 37 60
Tax -5 -8 -13
Net profit -126 30 47
Minority interest 0 -3 -4
Net profit discontinued N/A N/A N/A
Net profit to shareholders -126 27 43
EPS -1,61 0,34 0,55
EPS adj. -1,41 0,55 0,75
Total extraordinary items after tax -10 0 0
Leasing payments 0 0 0
Tax rate (%) -4 21 21
Gross margin (%) 41,9 43,3 43,5
EBITDA margin (%) 8,9 16,1 16,8
EBITA margin (%) 0,8 6,6 7,7
EBIT margin (%) 0,4 5 6,3
Pre-tax margin (%) -8,6 3 4,4
Net margin (%) -9 2,4 3,5
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 105,3 -11,4 8,4
EBITDA growth (%) -213,1 59,8 13,1
EBITA growth (%) -109,9 649,1 27,1
EBIT growth (%) -105,4 N/A 35,8
Net profit growth (%) 7,3 -123,4 59,8
EPS growth (%) -26,6 N/A 59,8
Profitability N/A N/A N/A
ROE (%) -32,4 6,5 10,7
ROE adj. (%) -28,5 11,4 15,6
ROCE (%) 0,3 3,5 4,7
ROCE adj. (%) 1,2 4,6 5,8
ROIC (%) 1 6,4 8,2
ROIC adj. (%) 1,9 6,4 8,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 136 201 228
EBITDA adj. margin (%) 9,6 16,1 16,8
EBITDA lease adj. 136 201 228
EBITDA lease adj. margin (%) 9,6 16,1 16,8
EBITA adj. 21 82 105
EBITA adj. margin (%) 1,5 6,6 7,7
EBIT adj. 16 62 85
EBIT adj. margin (%) 1,1 5 6,3
Pretax profit Adj. -106 57 80
Net profit Adj. -111 50 67
Net profit to shareholders adj. -111 47 63
Net adj. margin (%) -7,9 4 5
SEKm 2025 2026e 2027e
EBITDA 126 201 228
Goodwill 639 639 639
Net financial items -127 -25 -25
Other intangible assets 68 48 28
Paid tax 6 -34 -40
Tangible fixed assets 66 59 49
Non-cash items -23 -15 -15
Right-of-use asset 202 222 242
Cash flow before change in WC -19 127 148
Total other fixed assets 151 151 151
Change in working capital 203 14 -9
Fixed assets 1126 1119 1108
Operating cash flow 184 141 139
Inventories 141 125 135
Capex tangible fixed assets -18 -15 -14
Receivables 212 187 203
Capex intangible fixed assets 0 0 0
Other current assets 265 249 259
Acquisitions and Disposals 122 608 0
Cash and liquid assets 634 922 669
Free cash flow 287 734 126
Total assets 2378 2602 2375
Dividend paid 0 23 -9
Shareholders equity 285 538 268
Share issues and buybacks -200 -400 -300
Minority 207 207 207
Leasing liability amortisation -65 -70 -70
Total equity 493 745 475
Other non-cash items -10 -15 -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 198 213 228
Total other long-term liabilities 152 152 152
Short-term debt 300 300 300
Accounts payable 212 187 203
Other current liabilities 352 333 345
Total liabilities and equity 2378 2602 2375
Net IB debt 535 262 531
Net IB debt excl. pension debt 535 262 531
Net IB debt excl. leasing 337 49 303
Capital employed 1662 1930 1675
Capital invested 1028 1007 1006
Working capital 54 41 50
Market cap. diluted (m) 782 782 782
Net IB debt adj. 535 262 531
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 1317 1044 1313
Total assets turnover (%) 53,3 50,2 54,4
Working capital/sales (%) 11,9 3,8 3,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 108,6 35,2 111,7
Net debt / market cap (%) 68,5 33,6 67,9
Equity ratio (%) 20,7 28,6 20
Net IB debt adj. / equity (%) 108,6 35,2 111,7
Current ratio 1,45 1,81 1,49
EBITDA/net interest 1 8,1 9,1
Net IB debt/EBITDA (x) 4,2 1,3 2,3
Net IB debt/EBITDA lease adj. (x) 2,5 0,2 1,3
Interest coverage 0,1 3,3 4,2
SEKm 2025 2026e 2027e
Shares outstanding adj. 78 78 78
Diluted shares adj. 78 78 78
EPS -1,61 0,34 0,55
Dividend per share 0 -0,3 0,11
EPS adj. -1,41 0,55 0,75
BVPS 3,65 6,87 3,42
BVPS adj. -5,39 -1,91 -5,1
Net IB debt/share 6,85 3,36 6,79
Share price 10 10 10
Market cap. (m) 782 782 782
P/E (x) N/A 29,1 18,2
EV/sales (x) 0,9 0,8 1
EV/EBITDA (x) 10,5 5,2 5,8
EV/EBITA (x) 119,8 12,7 12,5
EV/EBIT (x) 219,8 16,7 15,5
Dividend yield (%) 0 -3 1,1
FCF yield (%) 36,7 93,9 16,1
Le. adj. FCF yld. (%) 28,4 85 7,1
P/BVPS (x) 2,74 1,45 2,92
P/BVPS adj. (x) -1,86 -5,24 -1,96
P/E adj. (x) N/A 18,3 13,3
EV/EBITDA adj. (x) 9,7 5,2 5,8
EV/EBITA adj. (x) 62,7 12,7 12,5
EV/EBIT adj. (x) 82,4 16,7 15,5
EV/CE (x) 0,8 0,5 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 1,3 1,2 1
Capex/depreciation 0,2 0,1 0,1
Capex tangibles / tangible fixed assets 27,6 25,2 27,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 173 200,1 251

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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
Øivind Horpestad 9.8 % 9.8 % 16 Dec 2025
TB Industrier AS 7.5 % 7.5 % 26 Nov 2025
Gjermund Sogn 5.2 % 5.2 % 26 Nov 2025
Per Robert Anderson 4.3 % 4.3 % 16 Dec 2025
Ketil Skaget 3.6 % 3.6 % 16 Jun 2025
Tigerstaden AS 3.3 % 3.3 % 26 Nov 2025
Bitco Invest AS 2.4 % 2.4 % 16 Dec 2025
Martin Bernstén 2.3 % 2.3 % 27 May 2025
Kristian Lundkvist (Middelborg) 1.6 % 1.6 % 16 Dec 2025
Bård Myrstad 1.6 % 1.6 % 26 Nov 2025
Source: Holdings by Modular Finance AB