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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 (~30% of sales LTM Q2'24), Rail (31%), Power (36%) and Inspekt (6%). 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 942 3145 3386
Sales growth (%) 33,6 233,7 7,7
EBITDA 69 321 367
EBITDA margin (%) 7,3 10,2 10,8
EBIT adj. 66 186 228
EBIT adj. margin (%) 7 5,9 6,7
Pretax profit 40 125 176
EPS 0,45 1,23 1,72
EPS growth (%) -27,3 N/A 40,1
EPS adj. 0,64 1,45 1,94
DPS 0 0 0,41
EV/EBITDA (x) 17,7 4,7 3,9
EV/EBIT adj. (x) 18,4 8,1 6,3
P/E (x) 26,6 9,8 7
P/E adj. (x) 18,6 8,3 6,2
EV/sales (x) 1,29 0,48 0,42
FCF yield (%) 8,2 11,3 21,5
Le. adj. FCF yld. (%) 4,7 3,9 13,6
Dividend yield (%) 0 0 3,4
Net IB debt/EBITDA (x) 10,1 1,9 1,5
Le. adj. ND/EBITDA (x) 5,8 1,4 1
SEKm 2024 2025e 2026e
Sales 942 3145 3386
COGS -703 -1925 -2056
Gross profit 239 1220 1330
Other operating items -170 -899 -963
EBITDA 69 321 367
Depreciation and amortisation -16 -115 -119
of which leasing depreciation 0 0 0
EBITA 53 206 248
EO Items -14 0 0
Impairment and PPA amortisation -1 -20 -20
EBIT 52 186 228
Net financial items -12 -61 -52
Pretax profit 40 125 176
Tax -16 -26 -37
Net profit 24 99 139
Minority interest -2 -9 -13
Net profit discontinued N/A N/A N/A
Net profit to shareholders 21 90 126
EPS 0,45 1,23 1,72
EPS adj. 0,64 1,45 1,94
Total extraordinary items after tax -9 0 0
Leasing payments 0 0 0
Tax rate (%) 40,5 21 21
Gross margin (%) 25,4 38,8 39,3
EBITDA margin (%) 7,3 10,2 10,8
EBITA margin (%) 5,6 6,6 7,3
EBIT margin (%) 5,5 5,9 6,7
Pre-tax margin (%) 4,2 4 5,2
Net margin (%) 2,5 3,2 4,1
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 33,6 233,7 7,7
EBITDA growth (%) 10,3 367 14,1
EBITA growth (%) -3,4 290,8 20
EBIT growth (%) -5,2 N/A 22,2
Net profit growth (%) -31,6 320,3 40,1
EPS growth (%) -27,3 N/A 40,1
Profitability N/A N/A N/A
ROE (%) 8,1 18,7 21,7
ROE adj. (%) 11,7 22,9 25,2
ROCE (%) 5,9 11,6 13,4
ROCE adj. (%) 7,7 12,8 14,6
ROIC (%) 4,4 12,9 15,2
ROIC adj. (%) 5,6 12,9 15,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 83 321 367
EBITDA adj. margin (%) 8,8 10,2 10,8
EBITDA lease adj. 83 321 367
EBITDA lease adj. margin (%) 8,8 10,2 10,8
EBITA adj. 67 206 248
EBITA adj. margin (%) 7,1 6,6 7,3
EBIT adj. 66 186 228
EBIT adj. margin (%) 7 5,9 6,7
Pretax profit Adj. 55 145 196
Net profit Adj. 33 119 159
Net profit to shareholders adj. 31 110 146
Net adj. margin (%) 3,5 3,8 4,7
SEKm 2024 2025e 2026e
EBITDA 69 321 367
Goodwill 646 646 646
Net financial items -12 -61 -52
Other intangible assets 94 74 54
Paid tax -14 -49 -60
Tangible fixed assets 81 86 91
Non-cash items 4 -15 -15
Right-of-use asset 169 184 204
Cash flow before change in WC 47 196 239
Total other fixed assets 182 182 182
Change in working capital -25 -25 -23
Fixed assets 1171 1171 1176
Operating cash flow 23 171 217
Inventories 330 314 339
Capex tangible fixed assets -6 -25 -27
Receivables 424 472 508
Capex intangible fixed assets 0 0 0
Other current assets 218 281 300
Acquisitions and Disposals 30 -46 0
Cash and liquid assets 330 364 454
Free cash flow 47 99 189
Total assets 2472 2602 2777
Dividend paid 0 0 -30
Shareholders equity 434 530 633
Share issues and buybacks 0 0 0
Minority 124 124 124
Leasing liability amortisation -20 -65 -70
Total equity 558 654 757
Other non-cash items -684 36 -15
Long-term debt 722 722 722
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 168 178 193
Total other long-term liabilities 110 110 110
Short-term debt 133 87 87
Accounts payable 330 377 406
Other current liabilities 452 474 502
Total liabilities and equity 2472 2602 2777
Net IB debt 693 623 548
Net IB debt excl. pension debt 693 623 548
Net IB debt excl. leasing 526 445 355
Capital employed 1581 1641 1759
Capital invested 1251 1277 1305
Working capital 190 215 238
Market cap. diluted (m) 571 880 880
Net IB debt adj. 647 623 548
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 1218 1502 1428
Total assets turnover (%) 63,2 123,9 125,9
Working capital/sales (%) 13,3 6,4 6,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 124,2 95,2 72,4
Net debt / market cap (%) 121,4 70,8 62,3
Equity ratio (%) 22,6 25,1 27,3
Net IB debt adj. / equity (%) 116 95,2 72,4
Current ratio 1,42 1,52 1,61
EBITDA/net interest 5,6 5,3 7,1
Net IB debt/EBITDA (x) 10,1 1,9 1,5
Net IB debt/EBITDA lease adj. (x) 5,8 1,4 1
Interest coverage 4,3 3,4 4,8
SEKm 2024 2025e 2026e
Shares outstanding adj. 48 73 73
Diluted shares adj. 48 73 73
EPS 0,45 1,23 1,72
Dividend per share 0 0 0,41
EPS adj. 0,64 1,45 1,94
BVPS 9,13 7,23 8,63
BVPS adj. -6,42 -2,58 -0,91
Net IB debt/share 13,61 8,5 7,48
Share price 12 12 12
Market cap. (m) 571 880 880
P/E (x) 26,6 9,8 7
EV/sales (x) 1,29 0,48 0,42
EV/EBITDA (x) 17,7 4,7 3,9
EV/EBITA (x) 23,1 7,3 5,8
EV/EBIT (x) 23,5 8,1 6,3
Dividend yield (%) 0 0 3,4
FCF yield (%) 8,2 11,3 21,5
Le. adj. FCF yld. (%) 4,7 3,9 13,6
P/BVPS (x) 1,31 1,66 1,39
P/BVPS adj. (x) -1,87 -4,64 -13,17
P/E adj. (x) 18,6 8,3 6,2
EV/EBITDA adj. (x) 14,6 4,7 3,9
EV/EBITA adj. (x) 18,1 7,3 5,8
EV/EBIT adj. (x) 18,4 8,1 6,3
EV/CE (x) 0,8 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 0,6 0,8 0,8
Capex/depreciation 0,4 0,2 0,2
Capex tangibles / tangible fixed assets 7 29,3 29,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 19,85 134,07 130,97

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Per Robert Anderson 29.1 % 29.1 % 11 Dec 2024
Øivind Horpestad 9.7 % 9.7 % 30 Dec 2024
Gjermund Sogn 5.0 % 5.0 % 22 Nov 2024
Alundo Invest AS 4.1 % 4.1 % 23 Dec 2024
TB Industrier AS 4.1 % 4.1 % 23 Dec 2024
Ketil Skaget 4.0 % 4.0 % 23 Dec 2024
Martin Bernstén 2.5 % 2.5 % 23 Dec 2024
Bård Myrstad 2.0 % 2.0 % 23 Dec 2024
Kristian Lundkvist (Middelborg) 1.7 % 1.7 % 23 Dec 2024
Tigerstaden AS 1.7 % 1.7 % 23 Dec 2024
Source: Holdings by Modular Finance AB