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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 1031,96 1207,37 1339,15
Sales growth (%) 50,1 17 10,9
EBITDA -153 165 194
EBITDA margin (%) -14,8 13,6 14,5
EBIT adj. -88 46 55
EBIT adj. margin (%) -8,5 3,8 4,1
Pretax profit -334 7 30
EPS -3,92 0,07 0,28
EPS growth (%) 78,9 N/A N/A
EPS adj. -3,12 0,37 0,48
Dividend per share 0 0 0
EV/EBITDA (x) -9,7 7,5 7,2
EV/EBIT adj. (x) -16,9 27,2 25,1
P/E (x) N/A N/A 31,66
P/E adj. (x) N/A 23,9 18,4
EV/sales (x) 1,44 1,03 1,04
FCF yield (%) 9,8 105,8 33,9
Le. adj. FCF yld. (%) -5,6 95,7 23,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -5,2 3,3 3,6
Le. adj. ND/EBITDA (x) -7,9 2,4 2,9
SEKm 2025 2026e 2027e
Sales 1031,96 1207,37 1339,15
COGS -520 -682 -754
Gross profit 512 525 586
Other operating items -665 -360 -391
EBITDA -153 165 194
Depreciation and amortisation 0 -119 -119
Depreciation on leased assets 0 0 0
EBITA -152,91 45,66 75,44
Operating EO items -65 -15 0
Impairment and amortisation charges 0 -15 -20
EBIT -152,91 30,66 55,45
Net financial items -181 -23 -25
Pretax profit -334 7 30
Tax 11 -2 -6
Net profit -324 6 24
Minority interest 17 -1 -2
Net profit discontinued N/A N/A N/A
Net profit to shareholders -307 5 22
EPS -3,92 0,07 0,28
EPS adj. -3,12 0,37 0,48
Total extraordinary items after tax -63 -12 0
Leasing payments 0 0 0
Tax rate (%) 3,2 21 21
Gross margin (%) 49,6 43,5 43,7
EBITDA margin (%) -14,8 13,6 14,5
EBITA margin (%) -14,8 3,8 5,6
EBIT margin (%) -14,8 2,5 4,1
Pre-tax margin (%) -32,4 0,6 2,3
Net margin (%) -31,4 0,5 1,8
Growth Rates y-o-y N/A N/A N/A
Year N/A N/A N/A
Sales growth (%) 50,1 17 10,9
EBITDA growth (%) 37,2 -207,7 18,1
EBITA growth (%) 37,2 -129,9 65,2
EBIT growth (%) 37,2 -120 80,9
Net profit growth (%) 174,9 -101,8 310,8
EPS growth (%) 78,9 N/A N/A
Profitability N/A N/A N/A
ROE (%) -77,3 1,9 12,1
ROE adj. (%) -61,4 11,6 23,2
ROCE (%) -9,4 2,2 4,2
ROCE adj. (%) -5,4 4,4 5,8
ROIC (%) -12 3,4 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 46 55
EBIT adj. margin (%) -8,5 3,8 4,1
Pretax profit Adj. -269 37 50
Net profit Adj. -261 33 44
Net profit to shareholders adj. -244 32 42
Net adj. margin (%) -25,3 2,7 3,3
SEKm 2025 2026e 2027e
EBITDA -153 165 194
Goodwill 449 449 449
Net financial items -181 -23 -25
Other intangible assets 53 38 18
Paid tax -2 -30 -32
Tangible fixed assets 29 22 16
Non-cash items 184 0 -15
Right-of-use asset 104 124 144
Cash flow before change in WC -152 112 122
Other Fixed Assets All 178 178 178
Change in working capital 135 27 -11
Fixed assets 813 811 805
Operating cash flow -18 139 111
Inventories 352 121 134
Capex tangible fixed assets -6 -14 -16
Receivables 4 181 201
Capex intangible fixed assets 0 0 0
Other current assets 769 249 263
Acquisitions and Disposals 91 608 140
Cash and liquid assets 197 459 324
Free cash flow 68 733 235
Total assets 2135 1821 1727
Dividend paid 0 0 0
Shareholders equity 303 253 108
Share issues and buybacks 0 -400 -300
Minority 116 116 116
Leasing liability amortisation -106 -70 -70
Total equity 418 369 224
Other changes in net debt -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 1821 1727
Net IB debt 797 549 699
Net IB debt excl. pension debt 797 549 699
Net IB debt excl. leasing 690 427 562
Capital employed 1411 1377 1247
Capital invested 1215 917 923
Working capital 428 133 144
Market cap. diluted (m) 693 693 693
Net IB debt adj. 797 549 699
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 1490 1242 1392
Total assets turnover (%) 40,9 61 75,5
Working capital/sales (%) 34,3 23,2 10,3
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 190,5 148,9 312,3
Net debt / market cap (%) 115 79,2 100,9
Equity ratio (%) 19,6 20,2 13
Net IB debt adj. / equity (%) 190,6 148,9 312,3
Current ratio 1,08 1,07 0,94
EBITDA/net interest 0,8 7,1 7,8
Net IB debt/EBITDA (x) -5,2 3,3 3,6
Net IB debt/EBITDA lease adj. (x) -7,9 2,4 2,9
Interest coverage 0,8 2 3
SEKm 2025 2026e 2027e
Shares outstanding adj. 78 78 78
Diluted shares adj. 78 78 78
EPS -3,92 0,07 0,28
Dividend per share 0 0 0
EPS adj. -3,12 0,37 0,48
BVPS 3,87 3,23 1,38
BVPS adj. -2,55 -2,99 -4,59
Net IB debt/share 10,19 7,02 8,94
Share price 8,86 8,86 8,86
Market cap. (m) 693 693 693
P/E (x) N/A N/A 31,66
EV/sales (x) 1,44 1,03 1,04
EV/EBITDA (x) -9,7 7,5 7,2
EV/EBITA (x) -9,7 27,2 18,4
EV/EBIT (x) -9,7 40,5 25,1
Dividend yield (%) 0 0 0
FCF yield (%) 9,8 105,8 33,9
Le. adj. FCF yld. (%) -5,6 95,7 23,8
P/BVPS (x) 2,29 2,74 6,4
P/BVPS adj. (x) -3,47 -2,96 -1,93
P/E adj. (x) N/A 23,9 18,4
EV/EBITDA adj. (x) -16,9 6,9 7,2
EV/EBITA adj. (x) -16,9 20,5 18,4
EV/EBIT adj. (x) -16,9 27,2 25,1
EV/CE (x) 1,1 0,9 1,1
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -0,5 -1,2 -1,2
Capex/depreciation N/A 0,1 0,1
Capex tangibles / tangible fixed assets 19,4 67,1 102,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 0 550,89 759,36

Equity research

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Media

Qben Infra - Company presentation with Interim CFO & IR Patric Sjölund
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 % 27 May 2026
Øivind Horpestad 9.8 % 9.8 % 6 Mar 2026
Tigerstaden AS 8.4 % 8.4 % 27 May 2026
TB Industrier AS 7.6 % 7.6 % 27 May 2026
Per Robert Anderson 5.3 % 5.3 % 27 May 2026
Ketil Skaget 3.6 % 3.6 % 16 Jun 2025
Bitco Invest AS 2.4 % 2.4 % 27 May 2026
Kristian Lundkvist (Middelborg) 1.6 % 1.6 % 27 May 2026
Bård Myrstad 1.6 % 1.6 % 27 May 2026
Patrik Egeland 1.4 % 1.4 % 31 Dec 2024
Source: Holdings by Modular Finance AB