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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 1032 1207 1339
Sales growth (%) 50,1 17 10,9
EBITDA -153 180 194
EBITDA margin (%) -14,8 14,9 14,5
EBIT adj. -88 41 55
EBIT adj. margin (%) -8,5 3,4 4,1
Pretax profit -334 16 30
EPS -3,92 0,14 0,28
EPS growth (%) 78,9 N/A 94,5
EPS adj. -3,12 0,35 0,48
DPS 0 -1,28 0,05
EV/EBITDA (x) -9,9 6,5 7,5
EV/EBIT adj. (x) -17,3 28,8 26,4
P/E (x) N/A 64,1 32,9
P/E adj. (x) N/A 26,6 19,1
EV/sales (x) 1,47 0,97 1,09
FCF yield (%) 9,4 101,4 13,5
Le. adj. FCF yld. (%) -5,4 91,7 3,8
Dividend yield (%) 0 -13,9 0,5
Net IB debt/EBITDA (x) -5,2 2,5 3,8
Le. adj. ND/EBITDA (x) -7,9 1,8 3,1
SEKm 2025 2026e 2027e
Sales 1032 1207 1339
COGS -520 -682 -754
Gross profit 512 525 586
Other operating items -665 -345 -391
EBITDA -153 180 194
Depreciation and amortisation 0 -119 -119
of which leasing depreciation 0 0 0
EBITA -153 61 75
EO Items -65 0 0
Impairment and PPA amortisation 0 -20 -20
EBIT -153 41 55
Net financial items -181 -25 -25
Pretax profit -334 16 30
Tax 11 -3 -6
Net profit -324 12 24
Minority interest 17 -1 -2
Net profit discontinued N/A N/A N/A
Net profit to shareholders -307 11 22
EPS -3,92 0,14 0,28
EPS adj. -3,12 0,35 0,48
Total extraordinary items after tax -63 0 0
Leasing payments 0 0 0
Tax rate (%) 3,2 21 21
Gross margin (%) 49,6 43,5 43,7
EBITDA margin (%) -14,8 14,9 14,5
EBITA margin (%) -14,8 5 5,6
EBIT margin (%) -14,8 3,4 4,1
Pre-tax margin (%) -32,4 1,3 2,3
Net margin (%) -31,4 1 1,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 50,1 17 10,9
EBITDA growth (%) 37,2 -217,5 8,2
EBITA growth (%) 37,2 -139,7 24,4
EBIT growth (%) 37,2 -126,6 36,4
Net profit growth (%) 174,9 -103,8 94,5
EPS growth (%) 78,9 N/A 94,5
Profitability N/A N/A N/A
ROE (%) -77,3 3,5 10,8
ROE adj. (%) -61,4 9,6 20,7
ROCE (%) -9,4 2,8 4,2
ROCE adj. (%) -5,4 4,2 5,7
ROIC (%) -12 4,5 6,5
ROIC adj. (%) -6,9 4,5 6,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -88 180 194
EBITDA adj. margin (%) -8,5 14,9 14,5
EBITDA lease adj. -88 180 194
EBITDA lease adj. margin (%) -8,5 14,9 14,5
EBITA adj. -88 61 75
EBITA adj. margin (%) -8,5 5 5,6
EBIT adj. -88 41 55
EBIT adj. margin (%) -8,5 3,4 4,1
Pretax profit Adj. -269 36 50
Net profit Adj. -261 32 44
Net profit to shareholders adj. -244 31 42
Net adj. margin (%) -25,3 2,7 3,3
SEKm 2025 2026e 2027e
EBITDA -153 180 194
Goodwill 449 449 449
Net financial items -181 -25 -25
Other intangible assets 53 33 13
Paid tax -2 -29 -33
Tangible fixed assets 29 22 13
Non-cash items 184 -15 -15
Right-of-use asset 104 124 144
Cash flow before change in WC -152 110 122
Total other fixed assets 178 178 178
Change in working capital 135 27 -11
Fixed assets 813 806 797
Operating cash flow -18 138 110
Inventories 352 121 134
Capex tangible fixed assets -6 -14 -13
Receivables 4 181 201
Capex intangible fixed assets 0 0 0
Other current assets 769 249 263
Acquisitions and Disposals 91 608 0
Cash and liquid assets 197 558 281
Free cash flow 68 731 97
Total assets 2135 1915 1676
Dividend paid 0 100 -4
Shareholders equity 303 347 57
Share issues and buybacks 0 -400 -300
Minority 116 116 116
Leasing liability amortisation -106 -70 -70
Total equity 418 462 173
Other non-cash items -85 -15 -15
Long-term debt 357 357 357
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 106 121 136
Total other long-term liabilities 26 26 26
Short-term debt 530 530 530
Accounts payable 105 181 201
Other current liabilities 593 237 253
Total liabilities and equity 2135 1915 1676
Net IB debt 797 450 742
Net IB debt excl. pension debt 797 450 742
Net IB debt excl. leasing 690 329 605
Capital employed 1411 1470 1196
Capital invested 1215 912 915
Working capital 428 133 144
Market cap. diluted (m) 721 721 721
Net IB debt adj. 797 450 742
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 1518 1171 1463
Total assets turnover (%) 40,9 59,6 74,6
Working capital/sales (%) 34,3 23,2 10,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 190,5 97,4 428,8
Net debt / market cap (%) 110,5 62,4 102,9
Equity ratio (%) 19,6 24,1 10,3
Net IB debt adj. / equity (%) 190,6 97,4 428,8
Current ratio 1,08 1,17 0,89
EBITDA/net interest 0,8 7,2 7,8
Net IB debt/EBITDA (x) -5,2 2,5 3,8
Net IB debt/EBITDA lease adj. (x) -7,9 1,8 3,1
Interest coverage 0,8 2,4 3
SEKm 2025 2026e 2027e
Shares outstanding adj. 78 78 78
Diluted shares adj. 78 78 78
EPS -3,92 0,14 0,28
Dividend per share 0 -1,28 0,05
EPS adj. -3,12 0,35 0,48
BVPS 3,87 4,43 0,73
BVPS adj. -2,55 -1,73 -5,17
Net IB debt/share 10,19 5,76 9,49
Share price 9,22 9,22 9,22
Market cap. (m) 721 721 721
P/E (x) N/A 64,1 32,9
EV/sales (x) 1,5 1 1,1
EV/EBITDA (x) -9,9 6,5 7,5
EV/EBITA (x) -9,9 19,3 19,4
EV/EBIT (x) -9,9 28,8 26,4
Dividend yield (%) 0 -13,9 0,5
FCF yield (%) 9,4 101,4 13,5
Le. adj. FCF yld. (%) -5,4 91,7 3,8
P/BVPS (x) 2,38 2,08 12,55
P/BVPS adj. (x) -3,61 -5,32 -1,78
P/E adj. (x) N/A 26,6 19,1
EV/EBITDA adj. (x) -17,3 6,5 7,5
EV/EBITA adj. (x) -17,3 19,3 19,4
EV/EBIT adj. (x) -17,3 28,8 26,4
EV/CE (x) 1,1 0,8 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 0,5 1,2 1
Capex/depreciation N/A 0,1 0,1
Capex tangibles / tangible fixed assets 19,4 67,1 103,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 0 550,9 915,9

Equity research

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Media

Qben Infra - Fireside chat with CEO Øivind Horpestad

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Arne Blystad 27.6 % 27.6 % 25 Feb 2026
Øivind Horpestad 9.8 % 9.8 % 6 Mar 2026
Tigerstaden AS 8.4 % 8.4 % 25 Feb 2026
TB Industrier AS 7.6 % 7.6 % 25 Feb 2026
Gjermund Sogn 5.2 % 5.2 % 25 Feb 2026
Ketil Skaget 3.6 % 3.6 % 16 Jun 2025
Bitco Invest AS 2.4 % 2.4 % 28 Jan 2026
Kristian Lundkvist (Middelborg) 1.6 % 1.6 % 25 Feb 2026
Bård Myrstad 1.6 % 1.6 % 25 Feb 2026
Patrik Egeland 1.4 % 1.4 % 31 Dec 2024
Source: Holdings by Modular Finance AB