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Vestum

Vestum

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Vestum is a Nordic serial acquirer focused on companies within civil infrastructure. ~60% of EBITA is from product companies in niches such as water, irrigation and drainage systems, and security doors, and ~40% from installation, railway and groundwork services. The public sector and commercial property owners are its main customers. Vestum was founded in 2021 by serial entrepreneur Conny Ryk, who remains chairman and its largest owner.

Sustainability information

M&A execution, worsening construction market, financial leverage, below-expectation performance in acquired units post-acquisition, cost inflation, employee retention.

Financials

SEKm 2024 2025e 2026e
Sales 5041 3980 4471
Sales growth (%) -20,4 -21 12,3
EBITDA 723 567 703
EBITDA margin (%) 14,3 14,3 15,7
EBIT adj. 180 114 232
EBIT adj. margin (%) 3,6 2,9 5,2
Pretax profit 18 -35 146
EPS -0,52 -0,14 0,3
EPS growth (%) -48,2 -72,8 N/A
EPS adj. -1,21 0,92 0,89
DPS 0 0 0
EV/EBITDA (x) 7,3 9,7 7,4
EV/EBIT adj. (x) 29,5 48,1 22,3
P/E (x) N/A N/A 28,9
P/E adj. (x) N/A 9,5 9,7
EV/sales (x) 1,05 1,38 1,16
FCF yield (%) 3,1 5 11,6
Le. adj. FCF yld. (%) -0,8 1,1 7,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,7 3,8 2,6
Le. adj. ND/EBITDA (x) 2,8 4 2,5
SEKm 2024 2025e 2026e
Sales 5041 3980 4471
COGS -2588 -1973 -2225
Gross profit 2453 2007 2246
Other operating items -1730 -1439 -1542
EBITDA 723 567 703
Depreciation and amortisation -209 -179 -183
of which leasing depreciation -155 -156 -160
EBITA 514 388 520
EO Items 33 -10 0
Impairment and PPA amortisation -302 -284 -288
EBIT 213 105 232
Net financial items -195 -140 -86
Pretax profit 18 -35 146
Tax -36 -13 -32
Net profit -18 -48 114
Minority interest -177 -5 0
Net profit discontinued N/A N/A N/A
Net profit to shareholders -195 -53 114
EPS -0,52 -0,14 0,3
EPS adj. -1,21 0,92 0,89
Total extraordinary items after tax -32 -13 0
Leasing payments -155 -156 -160
Tax rate (%) 198,3 -36,8 22
Gross margin (%) 48,7 50,4 50,2
EBITDA margin (%) 14,3 14,3 15,7
EBITA margin (%) 10,2 9,8 11,6
EBIT margin (%) 4,2 2,6 5,2
Pre-tax margin (%) 0,4 -0,9 3,3
Net margin (%) -0,3 -1,2 2,6
Sales growth (%) -20,4 -21 12,3
EBITDA growth (%) -12,4 -21,6 24
EBITA growth (%) -12,1 -24,5 34
EBIT growth (%) -19 -50,8 N/A
Net profit growth (%) -136,4 172,8 -337,7
EPS growth (%) -48,2 -72,8 N/A
Profitability N/A N/A N/A
ROE (%) -4,9 -1,4 2,9
ROE adj. (%) 3,5 6,3 10,3
ROCE (%) 3,3 1,7 3,8
ROCE adj. (%) 7,5 6,5 8,6
ROIC (%) -8,2 8,9 6,8
ROIC adj. (%) -7,7 9,1 6,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 690 577 703
EBITDA adj. margin (%) 13,7 14,5 15,7
EBITDA lease adj. 535 421 543
EBITDA lease adj. margin (%) 10,6 10,6 12,2
EBITA adj. 482 398 520
EBITA adj. margin (%) 9,6 10 11,6
EBIT adj. 180 114 232
EBIT adj. margin (%) 3,6 2,9 5,2
Pretax profit Adj. 287 258 434
Net profit Adj. 316 249 402
Net profit to shareholders adj. 139 244 402
Net adj. margin (%) 6,3 6,2 9
SEKm 2024 2025e 2026e
EBITDA 723 567 703
Goodwill 3498 3769 3769
Net financial items -195 -140 -86
Other intangible assets 1521 1266 988
Paid tax -74 -51 -74
Tangible fixed assets 189 304 338
Non-cash items -195 -20 -20
Right-of-use asset 476 450 422
Cash flow before change in WC 259 356 523
Total other fixed assets 18 18 18
Change in working capital 118 -34 -73
Fixed assets 5702 5806 5534
Operating cash flow 377 322 450
Inventories 330 318 358
Capex tangible fixed assets -41 -48 -57
Receivables 624 637 715
Capex intangible fixed assets -3 -8 -10
Other current assets 795 698 714
Acquisitions and Disposals -230 -101 0
Cash and liquid assets 174 110 61
Free cash flow 103 165 383
Total assets 7626 7569 7382
Dividend paid 0 0 0
Shareholders equity 3907 3854 3968
Share issues and buybacks -1 0 0
Minority 22 27 27
Leasing liability amortisation -129 -130 -132
Total equity 3929 3881 3995
Other non-cash items 556 -221 62
Long-term debt 1669 1790 1428
Leasing liability 486 486 486
Total other long-term liabilities 465 465 465
Short-term debt 5 5 5
Accounts payable 311 246 276
Other current liabilities 761 697 726
Total liabilities and equity 7626 7569 7382
Net IB debt 1986 2171 1858
Net IB debt excl. pension debt 1986 2171 1858
Net IB debt excl. leasing 1500 1685 1372
Capital employed 6089 6162 5914
Capital invested 5914 6052 5854
Working capital 677 711 784
Market cap. diluted (m) 3293 3293 3293
Net IB debt adj. 1986 2171 1858
Market value of minority 22 27 27
EV 5301 5492 5179
Total assets turnover (%) 63 52,4 59,8
Working capital/sales (%) 11,7 17,4 16,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 50,5 56 46,5
Net debt / market cap (%) 60,3 65,9 56,4
Equity ratio (%) 51,5 51,3 54,1
Net IB debt adj. / equity (%) 50,5 56 46,5
Current ratio 1,79 1,86 1,83
EBITDA/net interest 3,7 4,1 8,2
Net IB debt/EBITDA (x) 2,7 3,8 2,6
Net IB debt/EBITDA lease adj. (x) 2,8 4 2,5
Interest coverage 2,6 2,8 6,1
SEKm 2024 2025e 2026e
Shares outstanding adj. 379 379 379
Diluted shares adj. 379 379 379
EPS -0,52 -0,14 0,3
Dividend per share 0 0 0
EPS adj. -1,21 0,92 0,89
BVPS 10,32 10,18 10,48
BVPS adj. -2,94 -3,12 -2,08
Net IB debt/share 5,25 5,74 4,91
Share price 8,7 8,7 8,7
Market cap. (m) 3293 3293 3293
P/E (x) N/A N/A 28,9
EV/sales (x) 1,1 1,4 1,2
EV/EBITDA (x) 7,3 9,7 7,4
EV/EBITA (x) 10,3 14,1 10
EV/EBIT (x) 24,9 52,5 22,3
Dividend yield (%) 0 0 0
FCF yield (%) 3,1 5 11,6
Le. adj. FCF yld. (%) -0,8 1,1 7,6
P/BVPS (x) 0,84 0,85 0,83
P/BVPS adj. (x) -2,96 -2,79 -4,18
P/E adj. (x) N/A 9,5 9,7
EV/EBITDA adj. (x) 7,7 9,5 7,4
EV/EBITA adj. (x) 11 13,8 10
EV/EBIT adj. (x) 29,5 48,1 22,3
EV/CE (x) 0,9 0,9 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 0,9 1,4 1,5
Capex/depreciation 0,8 2,4 2,9
Capex tangibles / tangible fixed assets 21,7 15,7 16,9
Capex intangibles / definite intangibles 0,2 0,6 1
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 28,5 7,6 6,8

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Media

Vestum - Company presentation with CEO Simon Göthberg
Vestum - Fireside chat with CEO Simon Göthberg

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Main shareholders - Vestum

Main shareholders Share capital % Voting shares % Verified
Conny Ryk 17.8 % 17.8 % 31 Dec 2024
Anders Rosenqvist 10.2 % 10.2 % 26 Sep 2025
Nordea Funds 6.4 % 6.4 % 26 Sep 2025
Per Åhlgren 3.9 % 3.9 % 26 Sep 2025
Simon Göthberg 3.7 % 3.7 % 26 Sep 2025
Avanza Pension 3.7 % 3.7 % 26 Sep 2025
Olle Nykvist 3.6 % 3.6 % 26 Sep 2025
Olof Andersson 3.6 % 3.6 % 26 Sep 2025
Swedbank Försäkring 3.2 % 3.2 % 26 Sep 2025
Handelsbanken Fonder 3.1 % 3.1 % 30 Sep 2025
Source: Holdings by Modular Finance AB