Qben Infra: Bricks, mortar and M&A - ABG

Exposure to fast-growing and non-cyclical infrastructure
We forecast 23% EBITA CAGR in '23-'26e, ~40% if targets are met
ABGSC FVR of SEK 9-22, or 6-11x 2025e EBITA


An acquisition company with high org. growth potential

Qben Infra is an acquisition-driven infrastructure group focused on acquiring niche B2B companies benefiting from secular growth trends in the Nordics. We believe that the company is well-positioned to capitalise on expectations of strong growth in infrastructure spending in the Nordics primarily related to railway and energy infrastructure, a market expected to grow by 9% p.a. between 2023 and 2026. Operations are primarily based in Norway (~60% of sales) and Sweden (~40%). The group consists of 26 units (three units comprise ~80% of pro forma sales). The units are divided into four decentralised operating platforms: Construction (30%), Rail (31%), Power (36%), and Inspekt (3%). The group generated SEK 2.6bn pro forma sales and SEK 164m adj. EBITA as of LTM Q2’24.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/qben-infra/Equity-research/2025/1/qben-infra---bricks-mortar-and-ma/