contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


qben-infra-qben-rail-sold-at-pre-announced-level-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Qben Infra is a group specialized in the acquisition and development of platforms within infrastructure services in the Nordic region. The company has a diversified portfolio of companies across the infrastructure niches: Construction, Rail, Power and Testing, Inspection &amp; Certification. The focus is on identifying investment opportunities within niches with potential for development, consolidation and growth. Qben Infra was founded in 2001 and has its headquarters in Hägersten.

Qben Infra

* Qben Infra, MCap of SEK 846m, selling 100% of Rail...* ...to Eleda Norge AS for ~SEK 800m (ex. ~SEK 61m earn-out)...* ...corresponding to EBITA multiple of 8.8xRail has been a good investmentQben...

* Qben Infra, MCap of SEK 846m, selling 100% of Rail...* ...to Eleda Norge AS for ~SEK 800m (ex. ~SEK 61m earn-out)...* ...corresponding to EBITA multiple of 8.8xRail has been a good investmentQben Infra has sold Qben Rail (Rail) to Eleda Norge AS for ~SEK 800m, a level already stated in the LOI, announced in May '25. As an investment company, is reasonable to sell Rail. Qben Infra has owned Rail for three years, during which time it has realised a 2.3x ROIC, corresponding to an annual return of approximately 65%. Rail is being sold at a r12m EBITA multiple of 8.8x. Qben Infra is trading at 7x based on our estimates for '25.Cash-in in Q4'25 and Q1'26Qben Infra owns 81% of Rail. The transaction will be completed in two stages: first, an initial tranche of 19.5% of the equity value - generating cash of ~SEK 123m for Qben. This is expected to follow regulatory approvals in November 2025. Second, a tranche of 80.5% generating ~SEK 401m for Qben Infra and other minority owners. This is planned for January 2026. The full earn-out will be paid if Rail exceeds an EBITA of SEK 88m and a margin of 8.7%. Qben Rail's r12m sales have totalled ~SEK 1.2bn with adj. EBITA of ~SEK 91m, giving a 7.6% adj. EBITA margin. The total value for Qben Infra will exceed SEK 610m, including repayment of group debt.What is left then?The transaction requires approval in both Norway and Sweden, and the company is confident that this will be granted. The transaction will generate SEK 610m to Qben, to be put in relation to net debt of SEK 986m in Q2'25. Clauses in the bond make a substantial repayment of debt seem unlikely, and, as an investment company, we believe it is more likely that Qben will continue its M&amp;A journey with a focus on add-on acquisitions in the Power and Inspect segments. Based on H1 reporting, we conclude that divesting Rail will remove ~50% of sales and 60% of EBITA. Adjusted for Rail, Qben Infra sales in H1 totalled SEK 614m, with EBITA at SEK 26m for a margin of 4.2% (5.1% including Rail). However, H1 is impacted by seasonality, and earnings in the Construction segment are uneven due to the timing of divestments.