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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 3026 3263
Sales growth (%) -2,5 340,1 7,9
EBITDA -111 291 352
EBITDA margin (%) -16,2 9,6 10,8
EBIT adj. -14 175 213
EBIT adj. margin (%) -2,1 5,8 6,5
Pretax profit -124 63 161
EPS -2,19 0,58 1,48
EPS growth (%) N/A N/A N/A
EPS adj. -0,25 0,77 1,69
DPS 0 0 0,19
EV/EBITDA (x) -9,9 4,4 3,5
EV/EBIT adj. (x) -76,7 7,4 5,7
P/E (x) N/A 18,7 7,3
P/E adj. (x) N/A 14 6,4
EV/sales (x) 1,61 0,43 0,37
FCF yield (%) 33,1 20,7 20,3
Le. adj. FCF yld. (%) 31,1 13 12
Dividend yield (%) 0 0 1,8
Net IB debt/EBITDA (x) -4,9 1,5 1,1
Le. adj. ND/EBITDA (x) -28,1 0,8 0,5
SEKm 2024 2025e 2026e
Sales 687 3026 3263
COGS -521 -1834 -1963
Gross profit 167 1191 1300
Other operating items -278 -900 -948
EBITDA -111 291 352
Depreciation and amortisation 0 -115 -119
of which leasing depreciation 0 0 0
EBITA -111 176 233
EO Items -97 -9 0
Impairment and PPA amortisation 0 -10 -20
EBIT -111 166 213
Net financial items -12 -103 -52
Pretax profit -124 63 161
Tax 6 -13 -34
Net profit -118 50 127
Minority interest 13 -4 -11
Net profit discontinued N/A N/A N/A
Net profit to shareholders -104 45 116
EPS -2,19 0,58 1,48
EPS adj. -0,25 0,77 1,69
Total extraordinary items after tax -92 -7 0
Leasing payments 0 0 0
Tax rate (%) 4,9 21 21
Gross margin (%) 24,3 39,4 39,8
EBITDA margin (%) -16,2 9,6 10,8
EBITA margin (%) -16,2 5,8 7,2
EBIT margin (%) -16,2 5,5 6,5
Pre-tax margin (%) -18 2,1 4,9
Net margin (%) -17,1 1,6 3,9
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -2,5 340,1 7,9
EBITDA growth (%) -278,6 -361,2 21,1
EBITA growth (%) -303,7 -258 32,6
EBIT growth (%) -303,7 -249 28,5
Net profit growth (%) -441,3 -142,2 156,4
EPS growth (%) N/A N/A N/A
Profitability N/A N/A N/A
ROE (%) -35,4 8,9 20
ROE adj. (%) -4,1 12,3 23,4
ROCE (%) -11 8,8 10,9
ROCE adj. (%) -1,4 9,8 11,9
ROIC (%) -15 11,5 15,4
ROIC adj. (%) -1,9 12 15,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -14 300 352
EBITDA adj. margin (%) -2,1 9,9 10,8
EBITDA lease adj. -14 300 352
EBITDA lease adj. margin (%) -2,1 9,9 10,8
EBITA adj. -14 185 233
EBITA adj. margin (%) -2,1 6,1 7,2
EBIT adj. -14 175 213
EBIT adj. margin (%) -2,1 5,8 6,5
Pretax profit Adj. -27 82 181
Net profit Adj. -25 67 147
Net profit to shareholders adj. -12 62 136
Net adj. margin (%) -3,7 2,2 4,5
SEKm 2024 2025e 2026e
EBITDA -111 291 352
Goodwill 639 639 639
Net financial items -12 -103 -52
Other intangible assets 73 63 43
Paid tax 3 -33 -55
Tangible fixed assets 68 87 105
Non-cash items 57 -6 -15
Right-of-use asset 187 202 222
Cash flow before change in WC -64 149 231
Total other fixed assets 151 151 151
Change in working capital 163 65 -20
Fixed assets 1118 1142 1159
Operating cash flow 99 214 210
Inventories 282 303 326
Capex tangible fixed assets -5 -39 -39
Receivables 481 454 489
Capex intangible fixed assets 0 0 0
Other current assets 420 426 450
Acquisitions and Disposals 75 0 0
Cash and liquid assets 612 722 808
Free cash flow 170 175 171
Total assets 2913 3047 3233
Dividend paid 0 0 -15
Shareholders equity 491 526 635
Share issues and buybacks 8 0 0
Minority 207 207 207
Leasing liability amortisation -10 -65 -70
Total equity 699 734 842
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 375 454 489
Other current liabilities 527 537 565
Total liabilities and equity 2912 3047 3233
Net IB debt 547 448 376
Net IB debt excl. pension debt 547 448 376
Net IB debt excl. leasing 359 249 163
Capital employed 1858 1903 2027
Capital invested 1246 1181 1219
Working capital 281 192 212
Market cap. diluted (m) 514 845 845
Net IB debt adj. 593 448 376
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 1107 1292 1221
Total assets turnover (%) 40,2 101,5 103,9
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 61 44,7
Net debt / market cap (%) 106,6 53 44,6
Equity ratio (%) 24 24,1 26,1
Net IB debt adj. / equity (%) 84,9 61 44,7
Current ratio 1,49 1,47 1,53
EBITDA/net interest 9 2,8 6,8
Net IB debt/EBITDA (x) -4,9 1,5 1,1
Net IB debt/EBITDA lease adj. (x) -28,1 0,8 0,5
Interest coverage 9 1,7 4,5
SEKm 2024 2025e 2026e
Shares outstanding adj. 48 78 78
Diluted shares adj. 48 78 78
EPS -2,19 0,58 1,48
Dividend per share 0 0 0,19
EPS adj. -0,25 0,77 1,69
BVPS 10,33 6,73 8,12
BVPS adj. -4,63 -2,24 -0,6
Net IB debt/share 12,47 5,72 4,81
Share price 10,8 10,8 10,8
Market cap. (m) 514 845 845
P/E (x) N/A 18,7 7,3
EV/sales (x) 1,6 0,4 0,4
EV/EBITDA (x) -9,9 4,4 3,5
EV/EBITA (x) -9,9 7,3 5,2
EV/EBIT (x) -9,9 7,8 5,7
Dividend yield (%) 0 0 1,8
FCF yield (%) 33,1 20,7 20,3
Le. adj. FCF yld. (%) 31,1 13 12
P/BVPS (x) 1,05 1,6 1,33
P/BVPS adj. (x) -2,33 -4,81 -18,05
P/E adj. (x) N/A 14 6,4
EV/EBITDA adj. (x) -76,7 4,3 3,5
EV/EBITA adj. (x) -76,7 7 5,2
EV/EBIT adj. (x) -76,7 7,4 5,7
EV/CE (x) 0,6 0,7 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 37,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 0 131,5 113,8

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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 29.1 % 29.1 % 31 Dec 2024
Øivind Horpestad 9.8 % 9.8 % 27 Aug 2025
Tigerstaden AS 7.6 % 7.6 % 27 Aug 2025
TB Industrier AS 5.2 % 5.2 % 27 Aug 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 % 27 Aug 2025
Bård Myrstad 1.6 % 1.6 % 27 Aug 2025
Patrik Egeland 1.4 % 1.4 % 31 Dec 2024
Be-Ma Holding AS 1.4 % 1.4 % 27 Aug 2025
Source: Holdings by Modular Finance AB