* Rail and Kvalitetsbygg sold, while we see... * ...strong price indications on Power... * ...and potential acquisitions should grow Inspect Q3 highlights Qben Infra reported Q3 sales of SEK 253m (SEK 793m inc. Rail and Kvalitetsbygg) vs. ABGSCe of SEK 793m (incl. Rail and Kvalitetsbygg). Rail and Kvalitetsbygg are now in the process of being divested. Rail is ~20% divested and the remaining part is expected to be sold in January in a second tranche. Kvalitetsbygg, a part of Construction, has been sold in a management buyout during Q4. The transaction still has to be approved by Swedish authorities, but management say this is proceeding as planned. Adj. EBITA was SEK -48m (ex. Rail and Kvalitetsbygg), corresponding to a -19% adj. EBITA margin, held back by a SEK 58m amortisation on properties and PPA in the remaining part of Construction. Outlook and estimate changes The remaining parts of Qben: Power, Inspect and Construction (Team Bygg) have good demand. According to Qben, Power has received indicative offers at the same level as Rail was sold at. Rail was sold at a EV/EBITA of 8.8x, indicating an EV of SEK ~300m on our '25 estimates. Qben guides that both Power and Inspect will have 10% EBITA margins in '26 and that sales will be about SEK 1.6bn, leaving EBITA at ~SEK 153m in '26. Qben also expects a net cash position of SEK 390m when the payments from the divestments are in (approx. during '27e). This will enable Qben to continue its focus on value-adding acquisitions. Looking forward Qben Infra is to be seen as an investment company. According to management, the transactions will free up resources that can be better utilised in the other fast-growing infrastructure business areas (Inspect, Residential development and Power), which are benefiting from healthy market activity and a growing order backlog. Following completion of the divestment, the Construction business area will consist of an operation that develops residential properties in Norway.
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