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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 3104 3343
Sales growth (%) -2,5 351,5 7,7
EBITDA -111 318 363
EBITDA margin (%) -16,2 10,3 10,9
EBIT adj. -14 183 224
EBIT adj. margin (%) -2,1 5,9 6,7
Pretax profit -124 122 172
EPS -2,19 1,2 1,69
EPS growth (%) -453,1 -154,7 40,9
EPS adj. -0,25 1,41 1,9
DPS 0 0 0,4
EV/EBITDA (x) -10,6 4,2 3,5
EV/EBIT adj. (x) -81,7 7,2 5,6
P/E (x) N/A 10,3 7,3
P/E adj. (x) N/A 8,7 6,5
EV/sales (x) 1,71 0,43 0,38
FCF yield (%) 29,1 21,8 20,7
Le. adj. FCF yld. (%) 27,3 14,6 13
Dividend yield (%) 0 0 3,2
Net IB debt/EBITDA (x) -4,9 1,3 1
Le. adj. ND/EBITDA (x) -28,1 0,7 0,4
SEKm 2024 2025e 2026e
Sales 687 3104 3343
COGS -521 -1897 -2027
Gross profit 167 1207 1316
Other operating items -278 -889 -953
EBITDA -111 318 363
Depreciation and amortisation 0 -115 -119
of which leasing depreciation 0 0 0
EBITA -111 203 244
EO Items -97 0 0
Impairment and PPA amortisation 0 -20 -20
EBIT -111 183 224
Net financial items -12 -61 -52
Pretax profit -124 122 172
Tax 6 -26 -36
Net profit -118 97 136
Minority interest 13 -9 -12
Net profit discontinued N/A N/A N/A
Net profit to shareholders -104 88 124
EPS -2,19 1,2 1,69
EPS adj. -0,25 1,41 1,9
Total extraordinary items after tax -92 0 0
Leasing payments 0 0 0
Tax rate (%) 4,9 21 21
Gross margin (%) 24,3 38,9 39,4
EBITDA margin (%) -16,2 10,3 10,9
EBITA margin (%) -16,2 6,5 7,3
EBIT margin (%) -16,2 5,9 6,7
Pre-tax margin (%) -18 3,9 5,2
Net margin (%) -17,1 3,1 4,1
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -2,5 351,5 7,7
EBITDA growth (%) -278,6 -385,6 14,2
EBITA growth (%) -303,7 -282,4 20,2
EBIT growth (%) -303,7 -264,4 22,4
Net profit growth (%) -441,3 -182 40,9
EPS growth (%) -453,1 -154,7 40,9
Profitability N/A N/A N/A
ROE (%) -35,4 16,7 20,3
ROE adj. (%) -4,1 20,5 23,5
ROCE (%) -11 9,7 11,2
ROCE adj. (%) -1,4 10,7 12,2
ROIC (%) -15 13,2 16
ROIC adj. (%) -1,9 13,2 16
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -14 318 363
EBITDA adj. margin (%) -2,1 10,3 10,9
EBITDA lease adj. -14 318 363
EBITDA lease adj. margin (%) -2,1 10,3 10,9
EBITA adj. -14 203 244
EBITA adj. margin (%) -2,1 6,5 7,3
EBIT adj. -14 183 224
EBIT adj. margin (%) -2,1 5,9 6,7
Pretax profit Adj. -27 142 192
Net profit Adj. -25 117 156
Net profit to shareholders adj. -12 108 144
Net adj. margin (%) -3,7 3,8 4,7
SEKm 2024 2025e 2026e
EBITDA -111 318 363
Goodwill 639 639 639
Net financial items -12 -61 -52
Other intangible assets 73 53 33
Paid tax 3 -49 -60
Tangible fixed assets 68 73 78
Non-cash items 57 -15 -15
Right-of-use asset 187 202 222
Cash flow before change in WC -64 193 236
Total other fixed assets 151 151 151
Change in working capital 163 28 -23
Fixed assets 1118 1117 1122
Operating cash flow 99 221 214
Inventories 282 310 334
Capex tangible fixed assets -5 -25 -27
Receivables 481 466 501
Capex intangible fixed assets 0 0 0
Other current assets 420 372 391
Acquisitions and Disposals 75 0 0
Cash and liquid assets 612 743 832
Free cash flow 170 196 187
Total assets 2913 3009 3181
Dividend paid 0 0 -29
Shareholders equity 491 561 661
Share issues and buybacks 8 0 0
Minority 207 207 207
Leasing liability amortisation -10 -65 -70
Total equity 699 768 869
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 375 372 401
Other current liabilities 527 546 574
Total liabilities and equity 2912 3009 3181
Net IB debt 547 426 353
Net IB debt excl. pension debt 547 426 353
Net IB debt excl. leasing 359 228 140
Capital employed 1858 1938 2053
Capital invested 1246 1194 1222
Working capital 281 229 252
Market cap. diluted (m) 585 902 902
Net IB debt adj. 593 426 353
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 1178 1328 1255
Total assets turnover (%) 40,2 104,8 108
Working capital/sales (%) 24,8 8,2 7,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 78,3 55,5 40,6
Net debt / market cap (%) 93,6 47,3 39,2
Equity ratio (%) 24 25,5 27,3
Net IB debt adj. / equity (%) 84,9 55,5 40,6
Current ratio 1,49 1,55 1,61
EBITDA/net interest 9 5,2 7
Net IB debt/EBITDA (x) -4,9 1,3 1
Net IB debt/EBITDA lease adj. (x) -28,1 0,7 0,4
Interest coverage 9 3,3 4,7
SEKm 2024 2025e 2026e
Shares outstanding adj. 48 73 73
Diluted shares adj. 48 73 73
EPS -2,19 1,2 1,69
Dividend per share 0 0 0,4
EPS adj. -0,25 1,41 1,9
BVPS 10,33 7,65 9,02
BVPS adj. -4,63 -1,78 -0,14
Net IB debt/share 12,47 5,81 4,82
Share price 12,3 12,3 12,3
Market cap. (m) 585 902 902
P/E (x) N/A 10,3 7,3
EV/sales (x) 1,71 0,43 0,38
EV/EBITDA (x) -10,6 4,2 3,5
EV/EBITA (x) -10,6 6,5 5,1
EV/EBIT (x) -10,6 7,2 5,6
Dividend yield (%) 0 0 3,2
FCF yield (%) 29,1 21,8 20,7
Le. adj. FCF yld. (%) 27,3 14,6 13
P/BVPS (x) 1,19 1,61 1,36
P/BVPS adj. (x) -2,66 -6,89 -87,53
P/E adj. (x) N/A 8,7 6,5
EV/EBITDA adj. (x) -81,7 4,2 3,5
EV/EBITA adj. (x) -81,7 6,5 5,1
EV/EBIT adj. (x) -81,7 7,2 5,6
EV/CE (x) 0,6 0,7 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 0,7 0,8 0,8
Capex/depreciation N/A 0,2 0,2
Capex tangibles / tangible fixed assets 6,7 34 34,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 0 157,63 153,16

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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
Per Robert Anderson 29.1 % 29.1 % 11 Dec 2024
Øivind Horpestad 10.4 % 10.4 % 3 Mar 2025
Alundo Invest AS 6.8 % 6.8 % 27 Mar 2025
TB Industrier AS 5.6 % 5.6 % 27 Mar 2025
Gjermund Sogn 5.0 % 5.0 % 22 Nov 2024
Sellers Of Trasé AS 3.0 % 3.0 % 31 Mar 2025
Martin Bernstén 2.5 % 2.5 % 27 Mar 2025
Treville Invest AB 2.3 % 2.3 % 27 Mar 2025
Bård Myrstad 1.9 % 1.9 % 27 Mar 2025
Kristian Lundkvist (Middelborg) 1.7 % 1.7 % 27 Mar 2025
Source: Holdings by Modular Finance AB