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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 2025 2026e 2027e
Sales 1031,96 1195,75 1327,53
Sales growth (%) 50,1 15,9 11
EBITDA -153 -35 85
EBITDA margin (%) -14,8 -2,9 6,4
EBIT adj. -88 -64 -7
EBIT adj. margin (%) -8,5 -5,4 -0,5
Pretax profit -334 -173 -32
EPS -3,92 -1,59 -0,29
EPS growth (%) 78,9 -59,5 -81,6
EPS adj. -3,12 -1,03 -0,09
Dividend per share 0 0 0
EV/EBITDA (x) -8 -26,9 13,8
EV/EBIT adj. (x) -13,9 -14,6 -173,1
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 1,19 0,79 0,89
FCF yield (%) 15,8 133,3 34,8
Le. adj. FCF yld. (%) -9,1 116,9 18,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -5,2 -14,7 8,8
Le. adj. ND/EBITDA (x) -7,9 36,3 7,2
SEKm 2025 2026e 2027e
Sales 1031,96 1195,75 1327,53
COGS -520 -675 -746
Gross profit 512 521 582
Other operating items -665 -556 -497
EBITDA -153 -35 85
Depreciation and amortisation 0 -65 -72
Depreciation on leased assets 0 0 0
EBITA -152,91 -99,94 13,21
Operating EO items -65 -46 0
Impairment and amortisation charges 0 -10 -20
EBIT -152,91 -109,94 -6,79
Net financial items -181 -63 -25
Pretax profit -334 -173 -32
Tax 11 36 7
Net profit -324 -136 -25
Minority interest 17 12 2
Net profit discontinued N/A N/A N/A
Net profit to shareholders -307 -124 -23
EPS -3,92 -1,59 -0,29
EPS adj. -3,12 -1,03 -0,09
Total extraordinary items after tax -63 -36 0
Leasing payments 0 0 0
Tax rate (%) 3,2 21 21
Gross margin (%) 49,6 43,6 43,8
EBITDA margin (%) -14,8 -2,9 6,4
EBITA margin (%) -14,8 -8,4 1
EBIT margin (%) -14,8 -9,2 -0,5
Pre-tax margin (%) -32,4 -14,4 -2,4
Net margin (%) -31,4 -11,4 -1,9
Growth Rates y-o-y N/A N/A N/A
Year N/A N/A N/A
Sales growth (%) 50,1 15,9 11
EBITDA growth (%) 37,2 -77,1 -343,8
EBITA growth (%) 37,2 -34,6 -113,2
EBIT growth (%) 37,2 -28,1 -93,8
Net profit growth (%) 174,9 -57,8 -81,6
EPS growth (%) 78,9 -59,5 -81,6
Profitability N/A N/A N/A
ROE (%) -77,3 -41,2 -12,4
ROE adj. (%) -61,4 -25,9 -1,5
ROCE (%) -9,4 -7,8 -0,5
ROCE adj. (%) -5,4 -3,8 1
ROIC (%) -12 -7,4 1,1
ROIC adj. (%) -6,9 -4 1,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -88 11 85
EBITDA adj. margin (%) -8,5 0,9 6,4
EBITDA lease adj. -88 11 85
EBITDA lease adj. margin (%) -8,5 0,9 6,4
EBITA adj. -88 -54 13
EBITA adj. margin (%) -8,5 -4,5 1
EBIT adj. -88 -64 -7
EBIT adj. margin (%) -8,5 -5,4 -0,5
Pretax profit Adj. -269 -117 -12
Net profit Adj. -261 -90 -5
Net profit to shareholders adj. -244 -78 -3
Net adj. margin (%) -25,3 -7,6 -0,4
SEKm 2025 2026e 2027e
EBITDA -153 -35 85
Goodwill 449 449 449
Net financial items -181 -63 -25
Other intangible assets 53 43 23
Paid tax -2 14 -9
Tangible fixed assets 29 28 22
Non-cash items 184 31 -15
Right-of-use asset 104 124 144
Cash flow before change in WC -152 -53 36
Other Fixed Assets All 178 178 178
Change in working capital 135 28 -11
Fixed assets 813 823 817
Operating cash flow -18 -25 25
Inventories 352 120 133
Capex tangible fixed assets -6 -14 -16
Receivables 4 179 199
Capex intangible fixed assets 0 0 0
Other current assets 769 248 261
Acquisitions and Disposals 91 608 140
Cash and liquid assets 197 496 275
Free cash flow 68 569 149
Total assets 2135 1866 1684
Dividend paid 0 0 0
Shareholders equity 303 300 69
Share issues and buybacks 0 -200 -300
Minority 116 116 116
Leasing liability amortisation -106 -70 -70
Total equity 418 416 185
Other changes in net debt -85 -15 -15
Long-term debt 357 357 357
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 106 121 136
Total other long-term liabilities 26 26 26
Short-term debt 530 530 530
Accounts payable 105 179 199
Other current liabilities 593 236 251
Total liabilities and equity 2135 1866 1684
Net IB debt 797 512 749
Net IB debt excl. pension debt 797 512 749
Net IB debt excl. leasing 690 391 612
Capital employed 1411 1424 1208
Capital invested 1215 928 933
Working capital 428 132 143
Market cap. diluted (m) 427 427 427
Net IB debt adj. 797 512 749
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 1224 939 1176
Total assets turnover (%) 40,9 59,8 74,8
Working capital/sales (%) 34,3 23,4 10,3
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 190,5 123,2 405,3
Net debt / market cap (%) 186,6 120 175,3
Equity ratio (%) 19,6 22,3 11
Net IB debt adj. / equity (%) 190,6 123,2 405,3
Current ratio 1,08 1,1 0,89
EBITDA/net interest 0,8 0,6 3,4
Net IB debt/EBITDA (x) -5,2 -14,7 8,8
Net IB debt/EBITDA lease adj. (x) -7,9 36,3 7,2
Interest coverage 0,8 1,6 0,5
SEKm 2025 2026e 2027e
Shares outstanding adj. 78 78 78
Diluted shares adj. 78 78 78
EPS -3,92 -1,59 -0,29
Dividend per share 0 0 0
EPS adj. -3,12 -1,03 -0,09
BVPS 3,87 3,84 0,88
BVPS adj. -2,55 -2,45 -5,15
Net IB debt/share 10,19 6,55 9,57
Share price 5,46 5,46 5,46
Market cap. (m) 427 427 427
P/E (x) N/A N/A N/A
EV/sales (x) 1,19 0,79 0,89
EV/EBITDA (x) -8 -26,9 13,8
EV/EBITA (x) -8 -9,4 89
EV/EBIT (x) -8 -8,5 -173,1
Dividend yield (%) 0 0 0
FCF yield (%) 15,8 133,3 34,8
Le. adj. FCF yld. (%) -9,1 116,9 18,5
P/BVPS (x) 1,41 1,42 6,17
P/BVPS adj. (x) -2,14 -2,23 -1,06
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) -13,9 87,3 13,8
EV/EBITA adj. (x) -13,9 -17,3 89
EV/EBIT adj. (x) -13,9 -14,6 -173,1
EV/CE (x) 0,9 0,7 1
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -0,5 -1,2 -1,2
Capex/depreciation N/A 0,2 0,2
Capex tangibles / tangible fixed assets 19,4 50,4 71,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 0 228,37 321,54

Equity research

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Media

Qben Infra - Company presentation with Interim CFO & IR Patric Sjölund
Qben Infra - Fireside chat with CEO Øivind Horpestad

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Arne Blystad 27.6 % 27.6 % 27 Aug 2026
Øivind Horpestad 9.8 % 9.8 % 6 Mar 2026
Tigerstaden AS 8.4 % 8.4 % 27 Aug 2026
TB Industrier AS 7.6 % 7.6 % 27 Aug 2026
Per Robert Anderson 7.3 % 7.3 % 27 Aug 2026
Ketil Skaget 3.6 % 3.6 % 16 Jun 2025
Bitco Invest AS 2.4 % 2.4 % 29 Jul 2026
Nowo Fund Management AB 2.3 % 2.3 % 27 Aug 2026
Kristian Lundkvist (Middelborg) 1.6 % 1.6 % 31 Aug 2026
Bård Myrstad 1.6 % 1.6 % 27 Aug 2026
Source: Holdings by Modular Finance AB