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Vestum

Vestum

Vestum is a Nordic serial acquirer focused on companies within civil infrastructure. ~60% of the group's EBITA comes from groundwork, installation and railway services and ~40% from product companies in niches such as water, irrigation and drainage systems, and security doors. 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.

SEKm 2023 2024e 2025e
Sales 6332 5825 6088
Sales growth (%) -8,6 -8 4,5
EBITDA 826 801 897
EBITDA margin (%) 13 13,8 14,7
EBIT adj. 261 297 374
EBIT adj. margin (%) 4,1 5,1 6,1
Pretax profit 82 123 270
EPS -0,99 -0,1 0,56
EPS growth (%) -358,8 -90,3 -678,3
EPS adj. -0,49 0,52 1,18
DPS 0 0 0
EV/EBITDA (x) 6,9 6,6 5,5
EV/EBIT adj. (x) 21,8 17,9 13,1
P/E (x) -9,1 -94 16,3
P/E adj. (x) -18,4 17,4 7,6
EV/sales (x) 0,9 0,91 0,81
FCF yield (%) 17,4 17,3 17,1
Le. adj. FCF yld. (%) 13 12,6 12
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,8 2,4 1,7
Le. adj. ND/EBITDA (x) 2,8 2 1,3
SEKm 2023 2024e 2025e
Sales 6332 5825 6088
COGS -3446 -3123 -3273
Gross profit 2886 2702 2815
Other operating items -2060 -1901 -1918
EBITDA 826 801 897
Depreciation and amortisation -241 -214 -220
of which leasing depreciation -178 -154 -157
EBITA 585 587 678
EO Items 1 -14 0
Impairment and PPA amortisation -322 -304 -304
EBIT 263 283 374
Net financial items -181 -160 -104
Pretax profit 82 123 270
Tax -34 -33 -59
Net profit 48 90 210
Minority interest -421 -126 0
Net profit discontinued N/A N/A N/A
Net profit to shareholders -373 -36 210
EPS -0,99 -0,1 0,56
EPS adj. -0,49 0,52 1,18
Total extraordinary items after tax 1 -10 0
Leasing payments -178 -154 -157
Tax rate (%) 41 26,6 22
Gross margin (%) 45,6 46,4 46,2
EBITDA margin (%) 13 13,8 14,7
EBITA margin (%) 9,2 10,1 11,1
EBIT margin (%) 4,2 4,9 6,1
Pre-tax margin (%) 1,3 2,1 4,4
Net margin (%) 0,8 1,5 3,5
Sales growth (%) -8,6 -8 4,5
EBITDA growth (%) -10,4 -3 12
EBITA growth (%) -13,7 0,3 15,4
EBIT growth (%) -30,3 7,7 32
Net profit growth (%) -67,6 86,2 133,8
EPS growth (%) -358,8 -90,3 -678,3
Profitability N/A N/A N/A
ROE (%) -8,9 -0,9 5,1
ROE adj. (%) -1,2 6,9 12,5
ROCE (%) 3,5 4,3 6
ROCE adj. (%) 7,9 9,2 10,9
ROIC (%) 5 7 9,1
ROIC adj. (%) 4,9 7,2 9,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 825 815 897
EBITDA adj. margin (%) 13 14 14,7
EBITDA lease adj. 647 661 740
EBITDA lease adj. margin (%) 10,2 11,4 12,2
EBITA adj. 584 601 678
EBITA adj. margin (%) 9,2 10,3 11,1
EBIT adj. 261 297 374
EBIT adj. margin (%) 4,1 5,1 6,1
Pretax profit Adj. 403 440 574
Net profit Adj. 370 404 514
Net profit to shareholders adj. -51 278 514
Net adj. margin (%) 5,8 6,9 8,4
SEKm 2023 2024e 2025e
EBITDA 826 801 897
Goodwill 3498 3463 3463
Net financial items -181 -160 -104
Other intangible assets 2024 1714 1415
Paid tax -90 -33 -59
Tangible fixed assets 236 236 236
Non-cash items 23 0 0
Right-of-use asset 520 526 544
Cash flow before change in WC 578 608 734
Total other fixed assets 260 16 16
Change in working capital 56 14 -82
Fixed assets 6538 5955 5674
Operating cash flow 634 622 652
Inventories 318 291 365
Capex tangible fixed assets -63 -66 -62
Receivables 867 874 913
Capex intangible fixed assets -6 -4 -5
Other current assets 311 314 316
Acquisitions and Disposals 23 39 0
Cash and liquid assets 345 426 386
Free cash flow 588 591 585
Total assets 8379 7861 7654
Dividend paid 0 0 0
Shareholders equity 4053 4017 4227
Share issues and buybacks 2 0 0
Minority 3 3 3
Leasing liability amortisation -146 -160 -175
Total equity 4056 4020 4230
Other non-cash items 433 128 0
Long-term debt 631 719 569
Leasing liability 527 545 545
Total other long-term liabilities 667 528 528
Short-term debt 1500 1055 755
Accounts payable 430 396 414
Other current liabilities 567 598 614
Total liabilities and equity 8379 7861 7654
Net IB debt 2313 1892 1483
Net IB debt excl. pension debt 2313 1892 1483
Net IB debt excl. leasing 1786 1347 938
Capital employed 6714 6338 6099
Capital invested 6370 5912 5713
Working capital 498 484 567
Market cap. diluted (m) 3388 3418 3418
Net IB debt adj. 2313 1892 1483
Market value of minority 3 3 3
EV 5704 5314 4904
Total assets turnover (%) 69,1 71,7 78,5
Working capital/sales (%) 10,5 8,4 8,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 57 47,1 35,1
Net debt / market cap (%) 68,3 55,4 43,4
Equity ratio (%) 48,4 51,1 55,3
Net IB debt adj. / equity (%) 57 47,1 35,1
Current ratio 0,74 0,93 1,11
EBITDA/net interest 4,6 5 8,6
Net IB debt/EBITDA (x) 2,8 2,4 1,7
Net IB debt/EBITDA lease adj. (x) 2,8 2 1,3
Interest coverage 3,2 3,7 6,5
SEKm 2023 2024e 2025e
Shares outstanding adj. 375 379 379
Diluted shares adj. 375 379 379
EPS -0,99 -0,1 0,56
Dividend per share 0 0 0
EPS adj. -0,49 0,52 1,18
BVPS 10,8 10,61 11,17
BVPS adj. -3,92 -3,07 -1,72
Net IB debt/share 6,17 5 3,92
Share price 9,03 9,03 9,03
Market cap. (m) 3388 3418 3418
P/E (x) -9,1 -94 16,3
EV/sales (x) 0,9 0,91 0,81
EV/EBITDA (x) 6,9 6,6 5,5
EV/EBITA (x) 9,7 9,1 7,2
EV/EBIT (x) 21,7 18,8 13,1
Dividend yield (%) 0 0 0
FCF yield (%) 17,4 17,3 17,1
Le. adj. FCF yld. (%) 13 12,6 12
P/BVPS (x) 0,84 0,85 0,81
P/BVPS adj. (x) -2,31 -2,95 -5,25
P/E adj. (x) -18,4 17,4 7,6
EV/EBITDA adj. (x) 6,9 6,5 5,5
EV/EBITA adj. (x) 9,8 8,8 7,2
EV/EBIT adj. (x) 21,8 17,9 13,1
EV/CE (x) 0,8 0,8 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 1,1 1,2 1,1
Capex/depreciation 1,1 1,2 1,1
Capex tangibles / tangible fixed assets 26,7 27,9 26,3
Capex intangibles / definite intangibles 0,3 0,2 0,4
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 26,61 25,67 26,6

Equity research

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Media

Vestum - Company presentation with CEO Simon Göthberg

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 Apr 2024
Per Åhlgren 6.4 % 6.4 % 31 Dec 2023
Nordea Funds 6.2 % 6.2 % 26 Apr 2024
Handelsbanken Fonder 6.1 % 6.1 % 30 Apr 2024
Swedbank Försäkring 4.4 % 4.4 % 26 Apr 2024
Simon Göthberg 3.7 % 3.7 % 10 May 2024
Olle Nykvist 3.6 % 3.6 % 26 Apr 2024
Olof Andersson 3.6 % 3.6 % 26 Apr 2024
Erkan Sen 3.5 % 3.5 % 26 Apr 2024
Source: Holdings by Modular Finance AB