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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 4580 4928
Sales growth (%) -20,4 -9,1 7,6
EBITDA 723 714 811
EBITDA margin (%) 14,3 15,6 16,5
EBIT adj. 180 198 291
EBIT adj. margin (%) 3,6 4,3 5,9
Pretax profit 18 104 229
EPS -0,52 0,21 0,47
EPS growth (%) -48,2 -141,7 N/A
EPS adj. -1,21 0,84 1,1
DPS 0 0 0
EV/EBITDA (x) 8 6,9 5,5
EV/EBIT adj. (x) 32,2 24,9 15,5
P/E (x) N/A 46,6 21,2
P/E adj. (x) N/A 11,9 9,1
EV/sales (x) 1,15 1,08 0,91
FCF yield (%) 2,7 27,3 15
Le. adj. FCF yld. (%) -0,7 23,6 10,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,7 1,6 0,8
Le. adj. ND/EBITDA (x) 2,8 1,2 0,3
SEKm 2024 2025e 2026e
Sales 5041 4580 4928
COGS -2588 -2285 -2417
Gross profit 2453 2294 2511
Other operating items -1730 -1580 -1700
EBITDA 723 714 811
Depreciation and amortisation -209 -212 -216
of which leasing depreciation -155 -158 -162
EBITA 514 502 595
EO Items 33 0 0
Impairment and PPA amortisation -302 -304 -304
EBIT 213 198 291
Net financial items -195 -94 -62
Pretax profit 18 104 229
Tax -36 -23 -50
Net profit -18 81 178
Minority interest -177 0 0
Net profit discontinued N/A N/A N/A
Net profit to shareholders -195 81 178
EPS -0,52 0,21 0,47
EPS adj. -1,21 0,84 1,1
Total extraordinary items after tax -32 0 0
Leasing payments -155 -158 -162
Tax rate (%) 198,3 22 22
Gross margin (%) 48,7 50,1 51
EBITDA margin (%) 14,3 15,6 16,5
EBITA margin (%) 10,2 11 12,1
EBIT margin (%) 4,2 4,3 5,9
Pre-tax margin (%) 0,4 2,3 4,6
Net margin (%) -0,3 1,8 3,6
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -20,4 -9,1 7,6
EBITDA growth (%) -12,4 -1,2 13,5
EBITA growth (%) -12,1 -2,3 18,4
EBIT growth (%) -19 -6,9 46,6
Net profit growth (%) -136,4 -561,9 119,3
EPS growth (%) -48,2 -141,7 N/A
Profitability N/A N/A N/A
ROE (%) -4,9 2,1 4,4
ROE adj. (%) 3,5 9,8 11,8
ROCE (%) 3,3 3,4 5,3
ROCE adj. (%) 7,5 8,6 10,7
ROIC (%) -8,2 7,1 9,3
ROIC adj. (%) -7,7 7,1 9,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 690 714 811
EBITDA adj. margin (%) 13,7 15,6 16,5
EBITDA lease adj. 535 556 648
EBITDA lease adj. margin (%) 10,6 12,1 13,2
EBITA adj. 482 502 595
EBITA adj. margin (%) 9,6 11 12,1
EBIT adj. 180 198 291
EBIT adj. margin (%) 3,6 4,3 5,9
Pretax profit Adj. 287 408 533
Net profit Adj. 316 385 482
Net profit to shareholders adj. 139 385 482
Net adj. margin (%) 6,3 8,4 9,8
SEKm 2024 2025e 2026e
EBITDA 723 714 811
Goodwill 3498 3107 3107
Net financial items -195 -94 -62
Other intangible assets 1521 1110 811
Paid tax -74 -23 -50
Tangible fixed assets 189 205 200
Non-cash items -195 -40 -30
Right-of-use asset 476 458 451
Cash flow before change in WC 259 557 668
Total other fixed assets 18 18 18
Change in working capital 118 -32 -45
Fixed assets 5702 4898 4587
Operating cash flow 377 526 624
Inventories 330 321 345
Capex tangible fixed assets -41 -45 -49
Receivables 624 687 739
Capex intangible fixed assets -3 -5 -5
Other current assets 795 717 728
Acquisitions and Disposals -230 558 0
Cash and liquid assets 174 468 582
Free cash flow 103 1033 569
Total assets 7626 7090 6981
Dividend paid 0 0 0
Shareholders equity 3907 3988 4167
Share issues and buybacks -1 0 0
Minority 22 22 22
Leasing liability amortisation -129 -140 -155
Total equity 3929 4010 4189
Other non-cash items 556 -40 30
Long-term debt 1669 1109 779
Leasing liability 486 486 486
Total other long-term liabilities 465 465 465
Short-term debt 5 5 5
Accounts payable 311 283 304
Other current liabilities 761 733 754
Total liabilities and equity 7626 7090 6981
Net IB debt 1986 1132 688
Net IB debt excl. pension debt 1986 1132 688
Net IB debt excl. leasing 1500 646 202
Capital employed 6089 5610 5458
Capital invested 5914 5142 4876
Working capital 677 709 754
EV breakdown N/A N/A N/A
Market cap. diluted (m) 3786 3786 3786
Net IB debt adj. 1986 1132 688
Market value of minority 22 22 22
EV 5793 4940 4495
Total assets turnover (%) 63 62,2 70
Working capital/sales (%) 11,7 15,1 14,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 50,5 28,2 16,4
Net debt / market cap (%) 52,5 29,9 18,2
Equity ratio (%) 51,5 56,6 60
Net IB debt adj. / equity (%) 50,5 28,2 16,4
Current ratio 1,79 2,15 2,25
EBITDA/net interest 3,7 7,6 13,1
Net IB debt/EBITDA (x) 2,7 1,6 0,8
Net IB debt/EBITDA lease adj. (x) 2,8 1,2 0,3
Interest coverage 2,6 5,3 9,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 379 379 379
Diluted shares adj. 379 379 379
EPS -0,52 0,21 0,47
Dividend per share 0 0 0
EPS adj. -1,21 0,84 1,1
BVPS 10,32 10,54 11,01
BVPS adj. -2,94 -0,61 0,65
Net IB debt/share 5,25 2,99 1,82
Share price 10 10 10
Market cap. (m) 3786 3786 3786
Valuation N/A N/A N/A
P/E (x) N/A 46,6 21,2
EV/sales (x) 1,15 1,08 0,91
EV/EBITDA (x) 8 6,9 5,5
EV/EBITA (x) 11,3 9,8 7,6
EV/EBIT (x) 27,2 24,9 15,5
Dividend yield (%) 0 0 0
FCF yield (%) 2,7 27,3 15
Le. adj. FCF yld. (%) -0,7 23,6 10,9
P/BVPS (x) 0,97 0,95 0,91
P/BVPS adj. (x) -3,4 -16,49 15,28
P/E adj. (x) N/A 11,9 9,1
EV/EBITDA adj. (x) 8,4 6,9 5,5
EV/EBITA adj. (x) 12 9,8 7,6
EV/EBIT adj. (x) 32,2 24,9 15,5
EV/CE (x) 1 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 0,9 1,1 1,1
Capex/depreciation 0,8 0,9 1
Capex tangibles / tangible fixed assets 21,7 22,2 24,6
Capex intangibles / definite intangibles 0,2 0,5 0,6
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 28,52 26,33 26,95

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Media

Vestum - Fireside chat with CEO Simon Göthberg
Vestum - Company presentation 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 % 27 Mar 2025
Nordea Funds 6.4 % 6.4 % 27 Mar 2025
Handelsbanken Fonder 4.5 % 4.5 % 31 Mar 2025
Per Åhlgren 3.9 % 3.9 % 27 Mar 2025
Avanza Pension 3.8 % 3.8 % 27 Mar 2025
Simon Göthberg 3.7 % 3.7 % 27 Mar 2025
Olle Nykvist 3.6 % 3.6 % 27 Mar 2025
Olof Andersson 3.6 % 3.6 % 27 Mar 2025
Swedbank Försäkring 3.4 % 3.4 % 27 Mar 2025
Source: Holdings by Modular Finance AB