Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Vestum

Vestum

Vestum is a Nordic serial acquirer focused on companies with exposure to civil infrastructure. Around 60% of the group's EBITA come from groundwork, installation and railway services and around 40% from product companies in specific niches such as water pumps and irrigation systems, drainage systems and security doors. The public sector and commercial property owners are the primary customers. The company was founded in 2021 by the serial entrepreneur Conny Ryk who remain chairman and its largest owner.

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

SEKm 2023 2024e 2025e
Sales 6332 5892 6120
Sales growth (%) -8,6 -6,9 3,9
EBITDA 826 838 907
EBITDA margin (%) 13 14,2 14,8
EBIT adj. 261 317 382
EBIT adj. margin (%) 4,1 5,4 6,2
Pretax profit 82 146 270
EPS -0,99 0,3 0,56
EPS growth (%) -358,8 -130,5 84,5
EPS adj. -0,49 0,93 1,19
DPS 0 0 0
EV/EBITDA (x) 6,7 6 5,1
EV/EBIT adj. (x) 21,1 15,9 12,2
P/E (x) -8,6 28 15,2
P/E adj. (x) -17,4 9,1 7,2
EV/sales (x) 0,87 0,86 0,76
FCF yield (%) 18,4 17,4 18,3
Le. adj. FCF yld. (%) 13,8 11,3 12,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,8 2,2 1,6
Le. adj. ND/EBITDA (x) 2,8 1,9 1,2
SEKm 2023 2024e 2025e
Sales 6332 5892 6120
COGS -3446 -3148 -3285
Gross profit 2886 2744 2835
Other operating items -2060 -1906 -1928
EBITDA 826 838 907
Depreciation and amortisation -241 -217 -221
of which leasing depreciation -178 -155 -157
EBITA 585 621 686
EO Items 1 0 0
Impairment and PPA amortisation -322 -304 -304
EBIT 263 317 382
Net financial items -181 -171 -112
Pretax profit 82 146 270
Tax -34 -32 -59
Net profit 48 114 211
Minority interest -421 0 0
Net profit discontinued N/A N/A N/A
Net profit to shareholders -373 114 211
EPS -0,99 0,3 0,56
EPS adj. -0,49 0,93 1,19
Total extraordinary items after tax 1 0 0
Leasing payments -178 -155 -157
Tax rate (%) 41 22 22
Gross margin (%) 45,6 46,6 46,3
EBITDA margin (%) 13 14,2 14,8
EBITA margin (%) 9,2 10,5 11,2
EBIT margin (%) 4,2 5,4 6,2
Pre-tax margin (%) 1,3 2,5 4,4
Net margin (%) 0,8 1,9 3,4
Sales growth (%) -8,6 -6,9 3,9
EBITDA growth (%) -10,4 1,5 8,2
EBITA growth (%) -13,7 6,2 10,4
EBIT growth (%) -30,3 20,8 20,4
Net profit growth (%) -67,6 136,6 84,5
EPS growth (%) -358,8 -130,5 84,5
Profitability N/A N/A N/A
ROE (%) -8,9 2,8 4,9
ROE adj. (%) -1,2 10,2 12
ROCE (%) 3,5 4,8 6
ROCE adj. (%) 7,9 9,4 10,8
ROIC (%) 5 7,8 9
ROIC adj. (%) 4,9 7,8 9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 825 838 907
EBITDA adj. margin (%) 13 14,2 14,8
EBITDA lease adj. 647 683 750
EBITDA lease adj. margin (%) 10,2 11,6 12,3
EBITA adj. 584 621 686
EBITA adj. margin (%) 9,2 10,5 11,2
EBIT adj. 261 317 382
EBIT adj. margin (%) 4,1 5,4 6,2
Pretax profit Adj. 403 450 574
Net profit Adj. 370 418 515
Net profit to shareholders adj. -51 418 515
Net adj. margin (%) 5,8 7,1 8,4
SEKm 2023 2024e 2025e
EBITDA 826 838 907
Goodwill 4041 4003 4003
Net financial items -181 -171 -112
Other intangible assets 1481 1170 871
Paid tax -90 -32 -59
Tangible fixed assets 236 235 234
Non-cash items 23 0 0
Right-of-use asset 520 560 603
Cash flow before change in WC 578 635 736
Total other fixed assets 260 60 60
Change in working capital 56 -61 -82
Fixed assets 6538 6029 5771
Operating cash flow 634 574 654
Inventories 318 354 428
Capex tangible fixed assets -63 -67 -62
Receivables 867 854 887
Capex intangible fixed assets -6 -4 -5
Other current assets 311 294 297
Acquisitions and Disposals 23 54 0
Cash and liquid assets 345 457 394
Free cash flow 588 557 586
Total assets 8379 7987 7777
Dividend paid 0 0 0
Shareholders equity 4053 4167 4378
Share issues and buybacks 2 0 0
Minority 3 3 3
Leasing liability amortisation -146 -195 -200
Total equity 4056 4170 4381
Other non-cash items 433 200 0
Long-term debt 631 702 552
Leasing liability 527 527 527
Total other long-term liabilities 667 581 581
Short-term debt 1500 1066 766
Accounts payable 430 401 416
Other current liabilities 567 541 555
Total liabilities and equity 8379 7987 7777
Net IB debt 2313 1838 1451
Net IB debt excl. pension debt 2313 1838 1451
Net IB debt excl. leasing 1786 1310 924
Capital employed 6714 6465 6226
Capital invested 6370 6008 5832
Working capital 498 560 642
Market cap. diluted (m) 3193 3205 3205
Net IB debt adj. 2313 1838 1451
Market value of minority 3 3 3
EV 5509 5045 4659
Total assets turnover (%) 69,1 72 77,6
Working capital/sales (%) 10,5 9 9,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 57 44,1 33,1
Net debt / market cap (%) 72,5 57,3 45,3
Equity ratio (%) 48,4 52,2 56,3
Net IB debt adj. / equity (%) 57 44,1 33,1
Current ratio 0,74 0,98 1,16
EBITDA/net interest 4,6 4,9 8,1
Net IB debt/EBITDA (x) 2,8 2,2 1,6
Net IB debt/EBITDA lease adj. (x) 2,8 1,9 1,2
Interest coverage 3,2 3,6 6,1
SEKm 2023 2024e 2025e
Shares outstanding adj. 375 377 377
Diluted shares adj. 375 377 377
EPS -0,99 0,3 0,56
Dividend per share 0 0 0
EPS adj. -0,49 0,93 1,19
BVPS 10,8 11,07 11,63
BVPS adj. -3,92 -2,67 -1,32
Net IB debt/share 6,17 4,88 3,85
Share price 8,51 8,51 8,51
Market cap. (m) 3193 3205 3205
P/E (x) -8,6 28 15,2
EV/sales (x) 0,87 0,86 0,76
EV/EBITDA (x) 6,7 6 5,1
EV/EBITA (x) 9,4 8,1 6,8
EV/EBIT (x) 21 15,9 12,2
Dividend yield (%) 0 0 0
FCF yield (%) 18,4 17,4 18,3
Le. adj. FCF yld. (%) 13,8 11,3 12,1
P/BVPS (x) 0,79 0,77 0,73
P/BVPS adj. (x) -2,17 -3,19 -6,46
P/E adj. (x) -17,4 9,1 7,2
EV/EBITDA adj. (x) 6,7 6 5,1
EV/EBITA adj. (x) 9,4 8,1 6,8
EV/EBIT adj. (x) 21,1 15,9 12,2
EV/CE (x) 0,8 0,8 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 1,1 1,2 1,1
Capex/depreciation 1,1 1,1 1,1
Capex tangibles / tangible fixed assets 26,7 28,3 26,7
Capex intangibles / definite intangibles 0,4 0,3 0,6
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 26,61 26,35 27,39

Equity research

Read earlier research

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Conny Ryk 16.9 % 16.9 % 20 Feb 2024
Anders Rosenqvist 8.0 % 8.0 % 26 Mar 2024
Handelsbanken Fonder 6.5 % 6.5 % 31 Mar 2024
Per Åhlgren 6.4 % 6.4 % 31 Dec 2023
Nordea Funds 6.2 % 6.2 % 26 Mar 2024
Swedbank Försäkring 4.4 % 4.4 % 26 Mar 2024
Simon Göthberg 3.6 % 3.6 % 26 Mar 2024
Olle Nykvist 3.6 % 3.6 % 26 Mar 2024
Olof Andersson 3.6 % 3.6 % 26 Mar 2024
Erkan Sen 3.5 % 3.5 % 26 Mar 2024
Source: Holdings by Modular Finance AB