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Qben Infra

Qben Infra

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

SEKm 2024 2025e 2026e
Sales 687 3065 3303
Sales growth (%) -2,5 345,8 7,8
EBITDA -111 302 360
EBITDA margin (%) -16,2 9,9 10,9
EBIT adj. -14 179 221
EBIT adj. margin (%) -2,1 5,8 6,7
Pretax profit -124 67 169
EPS -2,19 0,66 1,65
EPS growth (%) -453,1 -130 N/A
EPS adj. -0,25 0,89 1,87
DPS 0 0 0,22
EV/EBITDA (x) -9,8 4 3,2
EV/EBIT adj. (x) -75,6 6,8 5,1
P/E (x) N/A 15,9 6,3
P/E adj. (x) N/A 11,7 5,6
EV/sales (x) 1,59 0,4 0,34
FCF yield (%) 34,2 23,1 23
Le. adj. FCF yld. (%) 32,2 14,6 13,9
Dividend yield (%) 0 0 2,1
Net IB debt/EBITDA (x) -4,9 1,5 1
Le. adj. ND/EBITDA (x) -28,1 0,8 0,4
SEKm 2024 2025e 2026e
Sales 687 3065 3303
COGS -521 -1866 -1995
Gross profit 167 1199 1308
Other operating items -278 -897 -948
EBITDA -111 302 360
Depreciation and amortisation 0 -115 -119
of which leasing depreciation 0 0 0
EBITA -111 187 241
EO Items -97 -7 0
Impairment and PPA amortisation 0 -15 -20
EBIT -111 172 221
Net financial items -12 -105 -52
Pretax profit -124 67 169
Tax 6 -14 -35
Net profit -118 53 133
Minority interest 13 -5 -12
Net profit discontinued N/A N/A N/A
Net profit to shareholders -104 48 121
EPS -2,19 0,66 1,65
EPS adj. -0,25 0,89 1,87
Total extraordinary items after tax -92 -6 0
Leasing payments 0 0 0
Tax rate (%) 4,9 21 21
Gross margin (%) 24,3 39,1 39,6
EBITDA margin (%) -16,2 9,9 10,9
EBITA margin (%) -16,2 6,1 7,3
EBIT margin (%) -16,2 5,6 6,7
Pre-tax margin (%) -18 2,2 5,1
Net margin (%) -17,1 1,7 4
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -2,5 345,8 7,8
EBITDA growth (%) -278,6 -371 19,1
EBITA growth (%) -303,7 -267,8 28,7
EBIT growth (%) -303,7 -254,4 28,3
Net profit growth (%) -441,3 -145 151,7
EPS growth (%) -453,1 -130 N/A
Profitability N/A N/A N/A
ROE (%) -35,4 9,5 20,8
ROE adj. (%) -4,1 13,5 24,2
ROCE (%) -11 9,1 11,2
ROCE adj. (%) -1,4 10,3 12,2
ROIC (%) -15 12,2 15,9
ROIC adj. (%) -1,9 12,6 15,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -14 309 360
EBITDA adj. margin (%) -2,1 10,1 10,9
EBITDA lease adj. -14 309 360
EBITDA lease adj. margin (%) -2,1 10,1 10,9
EBITA adj. -14 194 241
EBITA adj. margin (%) -2,1 6,3 7,3
EBIT adj. -14 179 221
EBIT adj. margin (%) -2,1 5,8 6,7
Pretax profit Adj. -27 89 189
Net profit Adj. -25 73 153
Net profit to shareholders adj. -12 69 141
Net adj. margin (%) -3,7 2,4 4,6
SEKm 2024 2025e 2026e
EBITDA -111 302 360
Goodwill 639 639 639
Net financial items -12 -105 -52
Other intangible assets 73 58 38
Paid tax 3 -34 -56
Tangible fixed assets 68 88 106
Non-cash items 57 -8 -15
Right-of-use asset 187 202 222
Cash flow before change in WC -64 155 236
Total other fixed assets 151 151 151
Change in working capital 163 62 -20
Fixed assets 1118 1137 1155
Operating cash flow 99 217 216
Inventories 282 306 330
Capex tangible fixed assets -5 -40 -40
Receivables 481 460 495
Capex intangible fixed assets 0 0 0
Other current assets 420 430 454
Acquisitions and Disposals 75 0 0
Cash and liquid assets 612 724 815
Free cash flow 170 177 176
Total assets 2913 3058 3249
Dividend paid 0 0 -16
Shareholders equity 491 527 640
Share issues and buybacks 8 0 0
Minority 207 207 207
Leasing liability amortisation -10 -65 -70
Total equity 699 734 848
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 375 460 495
Other current liabilities 527 542 569
Total liabilities and equity 2912 3058 3249
Net IB debt 547 446 370
Net IB debt excl. pension debt 547 446 370
Net IB debt excl. leasing 359 248 157
Capital employed 1858 1904 2033
Capital invested 1246 1180 1218
Working capital 281 195 215
EV breakdown N/A N/A N/A
Market cap. diluted (m) 497 766 766
Net IB debt adj. 593 446 370
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 1090 1212 1136
Total assets turnover (%) 40,2 102,7 104,7
Working capital/sales (%) 24,8 7,8 6,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 78,3 60,7 43,6
Net debt / market cap (%) 110,1 58,2 48,3
Equity ratio (%) 24 24 26,1
Net IB debt adj. / equity (%) 84,9 60,7 43,6
Current ratio 1,49 1,48 1,53
EBITDA/net interest 9 2,9 6,9
Net IB debt/EBITDA (x) -4,9 1,5 1
Net IB debt/EBITDA lease adj. (x) -28,1 0,8 0,4
Interest coverage 9 1,8 4,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 48 73 73
Diluted shares adj. 48 73 73
EPS -2,19 0,66 1,65
Dividend per share 0 0 0,22
EPS adj. -0,25 0,89 1,87
BVPS 10,33 7,19 8,74
BVPS adj. -4,63 -2,32 -0,49
Net IB debt/share 12,47 6,08 5,05
Share price 10,45 10,45 10,45
Market cap. (m) 497 766 766
Valuation N/A N/A N/A
P/E (x) N/A 15,9 6,3
EV/sales (x) 1,59 0,4 0,34
EV/EBITDA (x) -9,8 4 3,2
EV/EBITA (x) -9,8 6,5 4,7
EV/EBIT (x) -9,8 7 5,1
Dividend yield (%) 0 0 2,1
FCF yield (%) 34,2 23,1 23
Le. adj. FCF yld. (%) 32,2 14,6 13,9
P/BVPS (x) 1,01 1,45 1,2
P/BVPS adj. (x) -2,26 -4,51 -21,15
P/E adj. (x) N/A 11,7 5,6
EV/EBITDA adj. (x) -75,6 3,9 3,2
EV/EBITA adj. (x) -75,6 6,2 4,7
EV/EBIT adj. (x) -75,6 6,8 5,1
EV/CE (x) 0,6 0,6 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 0,7 1,3 1,2
Capex/depreciation N/A 0,3 0,3
Capex tangibles / tangible fixed assets 6,7 45,3 37,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 0 130,73 112,69

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Media

Qben Infra - Fireside chat with CEO Øivind Horpestad

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Per Robert Anderson 29.1 % 29.1 % 31 Dec 2024
Øivind Horpestad 9.8 % 9.8 % 26 Jun 2025
Tigerstaden AS 7.6 % 7.6 % 26 Jun 2025
TB Industrier AS 5.2 % 5.2 % 26 Jun 2025
Ketil Skaget 3.6 % 3.6 % 16 Jun 2025
Martin Bernstén 2.3 % 2.3 % 27 May 2025
Kristian Lundkvist (Middelborg) 1.6 % 1.6 % 26 Jun 2025
Bård Myrstad 1.6 % 1.6 % 26 Jun 2025
Patrik Egeland 1.4 % 1.4 % 31 Dec 2024
Be-Ma Holding AS 1.4 % 1.4 % 26 Jun 2025
Source: Holdings by Modular Finance AB